DISCONTINUED OPERATIONS, SIGNIFICANT DISPOSALS AND OTHER BUSINESS EXITS (Tables)

12 Months Ended

Dec. 31, 2021

Discontinued Operations and Disposal Groups [Abstract]

Summarized financial information disposal groups including discontinued operations

The following table summarizes financial information for all Discontinued operations:

In millions of dollars	2021		2020		2019
Total revenues, net of interest expense	$	—	$	—	$	—
Income (loss) from discontinued operations	$	7	$	(20)	$	(31)
Benefit for income taxes	—		—		(27)
Income (loss) from discontinued operations, net of taxes	$	7	$	(20)	$	(4)

Income before taxes, excluding the above referenced pretax loss on sale, for the Australia consumer banking business was as follows:

In millions of dollars	2021		2020		2019
Income before taxes	$	306	$	181	$	302

The following assets and liabilities for the Australia consumer banking business were identified and reclassified to held-for-sale within Other assets and Other liabilities on the Consolidated Balance Sheet at December 31, 2021:

In millions of dollars	December 31, 2021
Assets
Cash and deposits with banks	$	24
Loans (net of allowance of $242 million at December 31, 2021)	8,813
Goodwill and intangible assets	257
Other assets	81
Total assets	$	9,175
Liabilities
Deposits	$	7,034
Long-term debt	479
Other liabilities	171
Total liabilities	$	7,684

Income before taxes for the period in which the individually significant component was classified as held-for-sale and for all prior periods was as follows:

In millions of dollars	2021		2020		2019
Income before taxes	$	145	$	42	$	196

The following assets and liabilities for the Philippines consumer banking business were identified and reclassified to held-for-sale within Other assets and Other liabilities on the Consolidated Balance Sheet at December 31, 2021:

In millions of dollars	December 31, 2021
Assets
Cash and deposits with banks	$	20
Loans (net of allowance of $96 million at December 31, 2021)	1,132
Goodwill	244
Other assets, advances to/from subs	588
Other assets	63
Total assets	$	2,047
Liabilities
Deposits	$	1,373
Other liabilities	76
Total liabilities	$	1,449

Income before taxes for the divested business, excluding the pretax gain on sale, was as follows:

In millions of dollars	2021		2020		2019
Income before taxes	$	—	$	—	$	123

Summarized reserve charges

The following table summarizes the reserve charges related to the voluntary termination program and other initiatives reported in the GCB business segment:

In millions of dollars	2021
Employee termination costs (pretax)
Original reserve charges	$	1,052
Utilization	(1)
Foreign exchange	3
Balance at December 31, 2021	$	1,054