Barclays Bank has decided to close its technology site in McKinney and relocate work to its technology hubs in the United Kingdom, India and some of its other sites in the U.S.
Barclays Bank came to the McKinney Corporate Center at Craig Ranch in 2014 after looking at sites in Plano and Frisco. McKinney was selected after the McKinney Economic Development Corp. and McKinney Community Development Corp. promised roughly $4 million in incentives should the employer hire 500 permanent, full-time employees by 2017 and keep them until 2022.
However, Barclays officials said the bank has not taken any of the incentives available under the terms of the packages provided. Interim City Manager Tom Muehlenbeck said those incentives would be used for future opportunities with other developments.
According to Barclays officials, there are approximately 270 employees at the site. Of the total, 196 are permanent Barclays employees, all of which are being laid off. The remainder of the employees include contractors and managed service employees who provide facility support.
Work is migrating to other Barclays sites in phases, with three key migrations in June, August and early September, Barclays officials said. The site will close at the end of September.
At this time, Barclays officials said the company is looking at a number of options for the site, including sub-letting.
The Barclays Technology Center is a three-story, 120,000-square-foot building at 6800 Weiskopf Ave. The building is part of the 137-acre McKinney Corporate Center at Craig Ranch that was created in 2012 as a public/private partnership between the city of McKinney and Craig Ranch.