Arm Loses 40% of UK Staff Despite SoftBank Pledge To Grow Domestic Workforce (seekingalpha.com) 18
An anonymous reader quotes a report from Seeking Alpha: Arm, the chip design firm owned by SoftBank, has seen more than 40% of its U.K. workforce that it gained in recent years leave the company, the Financial Times reported (paywalled). SoftBank purchased Arm in 2016 for $32 billion and made a commitment to the U.K. government that it would double the company's British staff in five years, then at a level of 1,770 employees, the news outlet reported. By September 2021, U.K.-based staff had reached more than 3,500, accounting for slightly more than half of Arm's 6,950 global employees, accomplishing the goal.
Since then, however, SoftBank has cut a significant portion of Arm's staff, totaling some 18%, as it readies for an initial public offering, with the U.K. taking a larger proportional hit on worries over the company's future, the news outlet reported, citing former Arm employees. Currently, Arm has 2,800 U.K.-based employees, meaning 700 U.K. employees have left the company. Led by Masayoshi Son, SoftBank is intent on listing Arm via an initial public offering and has been lobbied by British lawmakers to list it in London, as well as New York. However, SoftBank reportedly scrapped its plans for a London listing in July.
Since then, however, SoftBank has cut a significant portion of Arm's staff, totaling some 18%, as it readies for an initial public offering, with the U.K. taking a larger proportional hit on worries over the company's future, the news outlet reported, citing former Arm employees. Currently, Arm has 2,800 U.K.-based employees, meaning 700 U.K. employees have left the company. Led by Masayoshi Son, SoftBank is intent on listing Arm via an initial public offering and has been lobbied by British lawmakers to list it in London, as well as New York. However, SoftBank reportedly scrapped its plans for a London listing in July.
Can hardly blame them... (Score:2)
Luckily for Softbank it's not like basically all of ARM's value beyond the immediate term depends on their continued reputation as a particularly well supported embedded ecosystem worth paying the premium for rather than doing more DIY with one of the free bu
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Re: Can hardly blame them... (Score:2)
Elbow, thumb (Score:1)
It would cost them (Score:1)
Life's cruel. Join the Dark Side, and we'll conquer the economy with Affiliate Links.
I invested in Crypto so Leg stocks dont bother me (Score:2)
Not sure what IP is made by Leg either but unless it has something to with crypto, my friend tells to ignore it as we will all get filthy rich with out crypto and ICOs.
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Not sure what IP is made by Leg .
Cryptobros will convert their limbs into NFTs, and literally each other. Cryptocannibalism, it's the future.
Scariest prospects would be (Score:2)
A lot happened sence 2016 (Score:2)
Brexit, and in general world wide nationalism. A pandemic, supply issues. Also major vendor like Apple, moving to make their own chips, and increase vertical integration.
Any one of these issues, would not be a big deal, but it is just kinda a perfect storm that would be tough for a company like Arm.
Re: A lot happened sence 2016 (Score:2)
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A few years ago they asked me to interview. The guy didn't call at the agreed time and I declined to re-schedule. In prep for the interview I had pretty much come to the conclusion that I wasn't going to accept it anyway. ARM seemed to have a very strong corporate culture and structure, something I strongly dislike. Pay was pretty average, and most of the job seemed to be helping noob programmers trying to develop embedded ARM systems, which sounds awful.
Corporations can't lie (Score:2)
Actual Figure is 58% Growth in UK Staff (Score:5, Informative)
SoftBank purchased Arm in 2016 for $32 billion and made a commitment to the U.K. government that it would double the company's British staff in five years, then at a level of 1,770 employees, the news outlet reported. By September 2021, U.K.-based staff had reached more than 3,500, accounting for slightly more than half of Arm's 6,950 global employees, accomplishing the goal.
Currently, Arm has 2,800 U.K.-based employees, meaning 700 U.K. employees have left the company.
So UK staff started at 1770 employees in 2016, grew to 3500+ a year ago, and then shrank to 2800 today.
The 40% is the percentage of employees gained since the pledge in 2016 that were lost over the last year:
-700 / (3500-1770)
The headline as written sounds like 40% of employees have been lost since the acquisition, but that figure is actually a 58% increase:
(2800-1770) / 1770
Re: Actual Figure is 58% Growth in UK Staff (Score:2)
I spotted that too. 3500/700 is 20%, which is close to the 18% global headcount reduction TFS mentioned. The writers were looking for a sensational angle. Either way, sounds like itâ(TM)s not been a nice place to work recently.
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ARM switched to SAP after the takeover.
Everyone in the industry knows SAP is horrible - it's UI is famously incomprehensible, it's hideously expensive, it's a straight jacket (you have to change your business practices to the SAP way), and if those technical reasons aren't your thing, there is a long history multi-billion dollar failures (most of these failures [cio.com] are SAP installations).
If technical reasons are your thing, it has it'
Son? (Score:2)
Brexit... and the Iron Weathercock (Score:2)
I notice they don't want to list in London..maybe because everyone's moving out.
Wonder how much was "just" Brexit, and how much Truss' speech, and her idiot Chancellor....