Arm to cut up to 1,000 jobs after canceling $40 billion Nvidia acquisition | business news


Arm, the British chip designer, has announced plans to cut between 12% and 15% of its global workforce – up to 1,000 employees.

The company said the bulk of the proposed losses would be felt in the UK and US, but did not give a geographical breakdown.

Arm said in a statement, “Like any company, Arm continually reviews its business plan to ensure the company has the right balance of opportunity and cost discipline.

“Unfortunately, this process involves planned layoffs among Arm’s global workforce.”

Please use Chrome browser for a more accessible video player

Arm co-founder: Nvidia acquisition was doomed

The move comes on the heels of US tech giant Nvidia’s abandoned $40 billion acquisition of Arm.

Arms owners, the Japanese conglomerate SoftBank, and the US firm pulled the plug last month after regulators on both sides of the Atlantic launched investigations.

The US Federal Trade Commission has even taken legal action to block the deal.

The Times reported that Arm employees would have split a $1.5 billion acquisition payout and a retention bonus if the acquisition went through.

However, co-founder Hermann Hauser, who is no longer with the company, claimed that by moving the headquarters to the US, the deal would have resulted in the loss of thousands of jobs in the UK.

Source link

Leave a Comment