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DISCONTINUED OPERATIONS, SIGNIFICANT DISPOSALS AND OTHER BUSINESS EXITS
 3 Months Ended
Mar. 31, 2022
Discontinued Operations and Disposal Groups [Abstract]  
DISCONTINUED OPERATIONS, SIGNIFICANT DISPOSALS AND OTHER BUSINESS EXITS DISCONTINUED OPERATIONS, SIGNIFICANT DISPOSALS AND OTHER BUSINESS EXITS
Discontinued Operations
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 table summarizes financial information for all Discontinued operations:

Three Months Ended March 31,
In millions of dollars20222021
Total revenues, net of interest expense$— $— 
Income (loss) from discontinued operations(1)
$(2)$(2)
Benefit for income taxes— — 
Income (loss) from discontinued operations, net of taxes$(2)$(2)

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

Cash flows from Discontinued operations were not material for the periods presented.
Significant Disposals
The following five consumer banking business sale agreements (of nine total) were identified as significant disposals that are recorded within the Legacy Franchises segment, including the assets and liabilities that were reclassified to HFS within Other assets and Other liabilities on the Consolidated Balance Sheet and the Income (loss) before taxes (benefits) related to each business. All sales agreements in the table below are subject to regulatory approvals and other closing conditions:

Three Months Ended
March 31,		March 31, 2022
In millions of dollars
Income (loss) before taxes(1)
AssetsLiabilities
Consumer banking business inSale agreement dateExpected close2022
2021
Cash and deposits with banks
Loans(2)
Goodwill(3)
Other assets, advances to/from subsidiariesOther assetsTotal assetsDepositsLong-term debtOther liabilitiesTotal liabilities
Australia(4)
8/9/21first half 2022$164 $73 $18 $9,370 $257 $— $105 $9,750 $7,098 $451 $147 $7,696 
Philippines(5)
12/23/21second half 202240 36 30 1,161 244 570 35 2,040 1,386 — 82 1,468 
Thailand(5)
1/14/22second half 2022$(11)$48 $17 $2,545 $157 $223 $71 $3,013 $945 $— $224 $1,169 
Taiwan(5)
1/28/22second half 202346 85 103 8,170 212 5,199 223 13,907 10,733 — 220 10,953 
India(5)
3/30/22first half 202372 69 33 3,669 346 2,984 129 7,161 6,579 — 185 6,764 

(1)    Income before taxes for the period in which the individually significant component was classified as HFS for all prior periods presented. For Australia, excludes the pretax loss on sale.
(2)    Loans, net of allowance as of March 31, 2022: Australia $145 million, Philippines $71 million, Thailand $71 million, Taiwan $66 million and India $69 million.
(3)    For Australia, includes intangible assets.
(4)    Beginning in the third quarter of 2021, Citi reported the business as HFS. In the third and fourth quarters of 2021, Citi recognized an aggregate pretax loss on sale of approximately $700 million ($600 million after-tax), subject to closing adjustments. The loss on sale primarily reflects the impact of a pretax $625 million currency translation adjustment (CTA) loss (net of hedges) ($475 million after-tax) already reflected in the Accumulated other comprehensive income (AOCI) component of equity. Upon closing, the CTA-related balance will be removed from the AOCI component of equity, resulting in a neutral CTA impact to Citi’s Common Equity Tier 1 Capital. In the first quarter of 2022, Citi recorded an additional pretax loss on sale of approximately $118 million recorded in Other revenue ($81 million after-tax), primarily reflecting the impact of a pretax ACL release of $104 million and contractual adjustments of $14 million.
(5)    These sales are expected to result in an after-tax gain upon closing.
Citi did not have any other significant disposals to report as of March 31, 2022. As of May 9, 2022, Citi had not entered into any other definitive sales agreements related to its recently announced intention to pursue exits of its consumer franchises in 13 markets across Asia and EMEA.
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 2021 Form 10-K.

Other Business Exits

Wind-Down of Korea Consumer Banking Business
On October 25, 2021, Citi announced its decision to wind down and close its Korea consumer banking business, which is reported in the Legacy Franchises operating segment. In connection with the announcement, Citibank Korea Inc. (CKI) commenced a voluntary early termination program (Korea VERP). Due to the voluntary nature of this termination program, no liabilities for termination benefits are recorded until CKI makes formal offers to employees that are then irrevocably accepted by those employees. Related charges are recorded as Compensation and benefits.
For the quarter ended March 31, 2022, Citigroup recorded an additional pretax charge of $31 million, composed of gross charges connected to the Korea VERP.
The following table summarizes the reserve charges related to the Korea VERP and other initiatives reported in the Legacy Franchises operating segment and Corporate/Other:

In millions of dollarsEmployee termination costs
Total Citigroup (pretax)
Original charges$1,052 
Utilization(1)
Foreign exchange3 
Balance at December 31, 2021$1,054 
Additional charges$31 
Utilization(347)
Foreign exchange(24)
Balance at March 31, 2022$714 

The total estimated cash charges for the wind-down are $1.1 billion, most of which were recognized in 2021. Citi will recognize the remaining charges through 2022, as voluntary retirements are phased in and irrevocably accepted in order to minimize business and operational impacts.