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Benzinga

Business

Anusuya Lahiri

SoftBank-Owned Arm Ltd Looks To Prune ~1K Jobs As It Prepares For IPO

SoftBank Arm Ltd Nvidia NVDA United States European Union Nasdaq Nvidia Corp

SoftBank Group Corp(OTC:SFTBY) (OTC:SFTBF)-owned Arm Ltd looks to slash 15% of its workforce as it prepares for its initial public offering, Bloomberg reports.
Arm aims to trim 12% - 15% of U.K. staff to control spending and focus on fewer projects.
Also Read: SoftBank Aims For Arm IPO After Nvidia Dumps Takeover Plans, US Joins UK, EU In Opposing Nvidia-Arm Deal, SoftBank-Owned Arm Faces China Roadblock After Nvidia
The British semiconductor designer could prune up to 1,000 jobs. However, most of the layoffs will not affect engineers.
Rene Haas became Arm's CEO in 2021 as its proposed deal with NVIDIA Corp (NASDAQ:NVDA) fell flat following global regulatory opposition.
Price Action: NVDA shares closed lower by 3.48% at $213.30 on Monday.

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