Arm to shed 15% of its global workforce

1 min read

Arm has announced that it plans to cut up to 15% of its workforce.

The news has emerged just a month after the collapse of the firm's $40bn sale to US chipmaker Nvidia.

Still just a proposal, if these job losses happen its most likely they will impact the company’s operations in the UK and the US.

Arm, whose chip designs are licensed to brands including Apple and Samsung, employs close to 6,400 people worldwide.

In a statement released by the company it said: "Like any business, Arm is continually reviewing its business plan to ensure the company has the right balance between opportunities and cost discipline. Unfortunately, this process includes proposed redundancies across Arm's global workforce."

Arm's owner Softbank, which bought the UK company in 2016 for $32bn, had planned to sell the firm to Nvidia for $40bn. Last month, however, in the face of growing regulatory hurdles it pulled out of the sale with a view to listing the company.

In the blow to the UK, Softbank has said that it will be looking to list Arm on the Nasdaq stock exchange in the US.