NPR logo Morning Report: Citigroup Losses, Cadbury Accepts Kraft

Morning Report: Citigroup Losses, Cadbury Accepts Kraft

Citigroup reported a loss of $7.58 billion in the the fourth quarter, after repaying $20 billion of government bailout funds in December. The bank is currently working to sell or unwind businesses that detract from its core of investment banking and consumer and business banking. A group of these businesses, Citi Holdings, had a $2.44 billion loss in the fourth quarter. Citi's loss was significantly less than the record $17.3 billion loss it reported in the fourth quarter of last year, but the bank is struggling to keep up with competitors like JPMorgan Chase & Co., which said last week that profit more than quadrupled from a year earlier.

Cadbury and Kraft Foods have struck a deal to create the world's largest confectioner. Kraft increased its original bid for the company by about 9 percent after Cadbury referred to its first offer as "derisory." The planned purchase will displace Mars Inc, as the world's biggest candy maker and create a company with nearly $50 billion in annual sales.

We no longer support commenting on stories, but you can find us every day on Facebook, Twitter, email, and many other platforms. Learn more or contact us.