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Arm to slash hundreds of jobs after Nvidia $40bn takeover falls through

Technology titan Arm has announced it will be slashing hundreds of jobs after a $40bn sale to a US tech firm collapsed.

The Cambridge based chipmaker has informed staff it will cut up to 15 per cent of roles, following the collapse of a sale to rival Nvidia last month.

ARM CEO, Rene Haas, told staff on Monday that some 12-15 per cent of the firm’s global workforce would be affected by the redundancy plans.

The majority of the job losses will be in the UK and US, staff were advised. The firm employs some 3,000 people in the UK.

A spokesperson 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.”

The Nvidia takeover fell through last month after SoftBank blamed regulatory issues. The Japanese conglomerate said it would look to list Arm on New York’s Nasdaq instead, in a disappointing blow for the UK tech industry.

The government is keen to entice more tech companies to make debuts on the London Stock Exchange.

“If we could get Arm to stay and list in the UK that would be a very significant win, and would show the London Stock Exchange can be a real anchor for more tech businesses that want to list here,” said Russ Shaw, Boss of Tech London Advocates. “But this is going to be a hard slog over the coming years.”

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