DISCONTINUED OPERATIONS AND SIGNIFICANT DISPOSALS

9 Months Ended

Sep. 30, 2020

Discontinued Operations and Disposal Groups [Abstract]

DISCONTINUED OPERATIONS AND SIGNIFICANT DISPOSALS

The Company’s results from Discontinued operations consisted of residual activities related to previously divested operations. All Discontinued operations results are recorded within Corporate/Other.

The following summarizes financial information for all Discontinued operations:


	Three Months Ended September 30,				Nine Months Ended September 30,
In millions of dollars	2020		2019		2020		2019
Total revenues, net of interest expense	$	—	$	—	$	—	$	—
Loss from discontinued operations(1)	$	(7)	$	(15)	$	(26)	$	(27)

Benefit for income taxes(2)	—		—		—		(27)
Income (loss) from discontinued operations, net of taxes	$	(7)	$	(15)	$	(26)	$	—

(1)Amounts in each period relate to the sale of the Egg Banking business in 2011.

(2)The benefit for income taxes, recorded in 2019, includes a settlement for a tax audit related to the German retail banking operations, which were divested in 2008.

Cash flows from Discontinued operations were not material for the periods presented and there were no significant disposals during these periods. For a description of the Company’s significant disposal transactions in prior periods and financial impact, see Note 2 to the Consolidated Financial Statements in Citi’s 2019 Annual Report on Form 10-K.