Barclays says it is relocating some 500 financial services jobs in Delaware to a new business campus in Whippany.

Officials with the U.K.-based bank said Wednesday job transitions from Wilmington to the Whippany campus will begin this fall and will be completed by year's end.

According to the company, the move is consistent with its focus on developing large-scale regional hubs that enable operations and technology teams to work more efficiently.

Wilmington employees who do not relocate will be offered severance pay and job search assistance.

Gov. John Carney described the loss of Delaware jobs as "disappointing.”

The company said Wilmington will continue to be the strategic headquarters for its U.S. consumer banking division.