DISCONTINUED OPERATIONS AND SIGNIFICANT DISPOSALS

Summary of Discontinued Operations

Citi sold its German retail banking operations and Egg Banking plc credit card business in 2008 and 2011, respectively. Residual items from these disposals are summarized below. All Discontinued operations results are recorded within Corporate/Other.



	Three Months Ended September 30,						Nine Months Ended September 30,
In millions of dollars	2018			2017			2018			2017
Total revenues, net of interest expense	$	—		$	—		$	—		$	—
Loss from discontinued operations	$	(8	)	$	(9	)	$	(17	)	$	(4	)
Benefit for income taxes	—			(4		)	(17		)	(2		)
Loss from discontinued operations, net of taxes	$	(8	)	$	(5	)	$	—		$	(2	)

Cash flows for discontinued operations were not material for the periods presented.

Significant Disposals

During the third quarter of 2018, one previously disclosed significant disposal transaction was completed as summarized below. There were no new significant disposal transactions during the three and nine months ended September 30, 2018. For a description of the Company’s significant disposal transactions and financial impact, see Note 2 to the Consolidated Financial Statements in Citi’s 2017 Annual Report on Form 10-K.

Sale of Mexico Asset Management Business

On September 21, 2018, Citi completed the sale of its Mexico asset management business, which was part of Latin America Global Consumer Banking (GCB). As part of the sale, Citi derecognized net assets of $96 million, including goodwill of $32 million, already classified as held-for-sale beginning in the fourth quarter of 2017. The transaction resulted in a pretax gain on sale of approximately $250 million (approximately $150 million after-tax) recorded in Other revenue in the third quarter of 2018.

Income before taxes, excluding the pretax gain on sale, of the divested business was immaterial for the periods presented. Going forward, revenues in Latin America GCB will reflect the loss of ongoing operating revenues from the Mexico asset management business. However, this impact should be partially offset by lower operating expenses related to the asset management business, as well as expected growth in distribution revenues resulting from the transaction over time.