HSBC has dropped plans to build a new £300 million data centre in York.
First flagged in November last year, the 325,000sqft development was expected to take two years to build and generate up to 2000 construction and 100 permanent software engineering and IT support staff.
At the time, HSBC said the York site would be paired with another data centre in Yorkshire and would be "the largest and most important HSBC data centre facility in the world".
Planning permission for the facility was granted in February, but HSBC has since cooled on the project after a review found the bank could meet its current needs through its existing data centre network.
HSBC chief technology and services officer Ken Harvey comments: "We have determined that we can meet our foreseeable short and medium-term European business needs with this expanded capacity and through better utilisation of our global data centre network."
News of the rethink comes just weeks after HSBC announced plans to shutter seven regional offices and cut 1700 support jobs in its retail banking network.
In March, the banking giant undertook a cull of 1200 UK staff, with the cuts affecting back office processing, IT, human resources and finance roles.