Intrinsic has made almost half of Mint’s back-office staff redundant, Money Marketing understands.
Twelve out of 25 people lost their jobs, including almost all the compliance team, half the IT team and admin staff. A source says: “Intrinsic called a meeting on May 30 and the Mint staff were given their marching orders a few days later.”
Multi-tie firm Intrinsic bought IFA firm Mint in February, stressing Mint would continue to be run as a separate entity. Mint advisers contacted Money Marketing at the time feared that specialist Mint IFA compliance staff would be replaced by Intrinsic staff.
Money Marketing questioned Intrinsic in May about the possibility of Mint redundancies after concerns from Mint advisers but Intrinsic denied that any job losses were imminent.
No one at Intrinsic was available to comment on the cuts.