SFTBY - SoftBank's Arm to cut 12%-15% of workforce ahead of IPO

Arm, a UK-based semiconductor company owned by SoftBank (OTCPK:SFTBY) intends to trim up to 12% to 15% of its workforce in the U.S. and the U.K. as it prepares for an IPO - Bloomberg. The high end of that range would involve close to 1,000 jobs, but most of the cuts will not affect engineers. CEO Rene Haas sent an email to staff saying: “To stay competitive, we need to remove duplication of work now that we are one Arm; stop work that is no longer critical to our future success; and think about how we get work done. It’s essential that we focus on activities that will move our strategy forward at pace.” Last month, SoftBank (OTCPK:SFTBY) halted its sale of Arm to Nvidia, valued at up to $40B.

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SoftBank's Arm to cut 12%-15% of workforce ahead of IPO