Softbank is reorganizing subsidiary Arm and plans to take the chip technology specialist public. The move will lead to job losses of 12 to 15 percent.

According to The Telegraph, Softbank wants to take Arm public. To make it happen, Softbank has to reorganize. CEO Rene Haas announced that employees will be affected worldwide.

Job losses

The reorganization will cost the jobs of 12 to 15 percent of all employees. Most of the layoffs will take place in the United Kingdom and in the United States.

Acquisition off the table

Earlier, ex-CEO Simon Segars, announced that Softank’s future would be uncertain if the Nvidia deal failed to go through. Market regulators opposed the acquisition because they feared that all Nvidia would monopolize key technologies. The deal was scrapped in February of this year.