SoftBank's Arm to lays off up to 15% staff members as it readies for IPO

Arm, the SoftBank Group unit preparing for an initial public offering, will cut as much as 15 per cent of its workforce, part of an effort to rein in spending and focus on fewer projects.  

The British company will shed 12 per cent to 15 per cent of staff in the UK and the US, Chief Executive Officer Rene Haas said in a memo to staff, according to a person familiar with the matter. 

The high end of that range would involve close to 1,000 jobs, but most of the cuts won’t affect engineers, the person said. 

Haas took the top job last month following the collapse of a proposed sale to Nvidia for $40 billion.