Raistone Blames Mass Layoffs on 80% Exposure to First Brands

Raistone, the trade-finance specialist that has laid off dozens of employees in the wake of First Brands Group’s bankruptcy, told employees it relied on the auto-parts supplier for more than 80% of its revenue, according to people with knowledge of the matter.

A Raistone executive disclosed the scope of the relationship between the two firms during a staff meeting on Tuesday, in which the company announced job cuts affecting roughly half of its workforce, said the people, who asked not to be identified describing internal company deliberations.