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

• 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.