Arm has just revealed that it might have to downsize its total workforce by around 12 to 15 percent across the globe. In other words, it might have to cut up to 1,000 jobs following the Nvidia acquisition deal falling through.
According to a SkyNews report, the UK based chip designer stated that most of the proposed downsizing will be felt in the UK and US, although, it did not reveal any finer details regarding other regions. In a statement, the company said that “Like any business, Arm is continually reviewing its business plan to ensure the company has the right balance between opportunities and cost discipline.”
The chip designer further added that “Unfortunately, this process includes proposed redundancies across Arm’s global workforce.” The news follows after Nvidia failed to acquire Arm. For those unaware, the known graphics card maker was set to takeover the chip designer for a 40 billion US Dollar deal. But, opposition from various rival firms and anti-competition regulators from various nations stopped this deal. The deal would have Team Green buy the chip designer from Japanese conglomerate SoftBank.
Notably, the Arm employees would have shared a 1.5 billion US Dollars acquisition payout and retention bonus if the takeover actually took place. But now, former Arm’s co founder, Hermann Hauser, who has since left the company claims that the deal have resulted in thousands of job being cut in the UK, as the headquarters was planned to shift to the US.
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