Semiconductor designer Arm has cut 700 jobs in the UK -five years after promising to double the workforce in the country.
Softbank, which is a Japanese conglomerate, promised to double the 1,770 British jobs at Arm after acquiring the company in 2016.
The promise was successful, as staff numbers reached more than 3,500 people in 2021.
However, the company’s UK operations have been severely impacted by the recent job cuts by SoftBank.
After a deal fell through, Arm announced hundreds of job cuts in March, which were also likely after it was bought by American Nvidia.
At the time, most of the positions eliminated were located in the US and UK.
550 employees have been cut from the rest of the Arm workforce globally, but 700 jobs in the UK have been eliminated.
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It was revealed in September 30 percent of positions at SoftBank’s Vision Fund, the business’ venture capital arm, would be eliminated.
The Cambridge-based company creates and licenses the processor technology that powers many of the world’s smartphones and computers.