Barclays Bank is calling time on a technology centre it set up in McKinney, Texas less than two years after opening the site.
The Barclays Technology Centre was opened in September 2014, specialising solely in digital technology products and services for the bank's global operations.
This work will now be relocated to technology hubs in the UK, India and other sites in the US, according to the Community Impact Newspaper. The Texas-based centre currently employs almost 200 full-time employees and more than 70 contractors and managed service employees, all of which will be laid off.
Development agencies in McKinney had offered the bank more than $4m in incentives should it hire more than 500 full-time employees by 2017 and keep them until 2022 but Barclays has decided to pass up these options.
The work will be migrated to other Barclays sites during June, August and early September, when the Texas centre will close. In the meantime, the bank is looking to sublet the property, says the Community Impact.
Update:
In a statement to Finextra, a Barclays spokesperson says: "As Barclays focuses on accelerating the delivery of our strategy, we are continually seeking ways to improve the efficiency of our operating model and meet our commitment on costs and returns for shareholders.
"Regrettably, as a consequence of this, we have decided to close the Barclays Technology Centre in Dallas. This will mean that a number of roles will fall away and so we are working closely with the colleagues impacted."