LONDON — British chip designer Arm is planning to cut up to 1,000 jobs, or 15% of its workforce, just weeks after its $40 billion deal with Nvidia collapsed.

Arm is widely regarded as the U.K.’s tech sector jewel. It employs approximately 6,400 people around the world, and about half are in the U.K.

Arm spokesperson said Tuesday that Arm, like any other business, is constantly revising its business plan in an effort to maintain the correct balance between opportunity and cost discipline.

“Unfortunately this includes redundancies across Arm’s global workforce.”

The authors added that “if the proposals are approved, we expect that approximately 12-15% of Arm’s population would be affected worldwide.”

Arm, a British tech company, is located in Cambridge. SoftBankThe firm was purchased by, for $32 billion in 2016.

SoftBank announced in Sept. 2020It had announced that Arm would be sold to the U.S. chip company giant NvidiaFor $40 billion, but the deal was scrappedIn February, after a period under intense scrutiny by competition regulators in America, China, Europe, China and Britain, the agreement was signed.

Although there were many issues with the deal, Arm was the clear winner.

Arm grants licenses to its “architecture” for hundreds of companies all over the globe. Apple uses them in iPhones and iPads, Amazon uses them in Kindles, and car manufacturers use them in vehicles. Analysts said that Nvidia could have had huge implications if it stopped Arm from using its chip designs in semiconductors.

Some critics of the deal suggested that Arm may lose jobs once Nvidia takes over the business. Nvidia has repeatedly stated that it wants to make investments in Arm.

Former Arm CEO Simon Segars told The TelegraphLast July, the company was told that it may have to lay off employees if Nvidia’s deal is blocked.

SoftBank intends to go public with Arm’s Nvidia sale off the table. SoftBank’s CEO Masayoshi Son said that it is most likely that the company will list on New York’s Nasdaq Stock Exchange.

However, pressure is mounting on SoftBank to dual-list the company.

CNBC spoke with Julian Rowe from Latitude as general partner of the tech investment firm Latitude. He said that the U.K. government must do everything it can to ensure successful homegrown tech companies like Arm don’t get sold to foreign buyers too soon or too cheaply, and instead take valuable listings abroad.

Rowe stated that while history will show that NYSE or Nasdaq might seem like a better home for a chip design such as Arm, it underestimates how much Arm is arguably Britain’s least-known success story and what special place it could occupy by listing in London.

It has “the potential to be a standard bearer on the U.K. high-growth tech scene.”