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SoftBank’s Arm to Lay Off Up to 15% as It Prepares IPO After Nvidia Deal Collapse

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

The British company will shed 12% to 15% of staff in the U.K. and the U.S., 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.