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

3 Months Ended

Mar. 31, 2022

Discontinued Operations and Disposal Groups [Abstract]

Summarized financial information disposal groups including discontinued operations

The following table summarizes financial information for all Discontinued operations:

	Three Months Ended March 31,
In millions of dollars	2022		2021
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.

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)				Assets												Liabilities
Consumer banking business in	Sale agreement date	Expected close	2022		2021		Cash and deposits with banks		Loans(2)		Goodwill(3)		Other assets, advances to/from subsidiaries		Other assets		Total assets		Deposits		Long-term debt		Other liabilities		Total liabilities
Australia(4)	8/9/21	first half 2022	$	164	$	73	$	18	$	9,370	$	257	$	—	$	105	$	9,750	$	7,098	$	451	$	147	$	7,696
Philippines(5)	12/23/21	second half 2022	40		36		30		1,161		244		570		35		2,040		1,386		—		82		1,468
Thailand(5)	1/14/22	second half 2022	$	(11)	$	48	$	17	$	2,545	$	157	$	223	$	71	$	3,013	$	945	$	—	$	224	$	1,169
Taiwan(5)	1/28/22	second half 2023	46		85		103		8,170		212		5,199		223		13,907		10,733		—		220		10,953
India(5)	3/30/22	first half 2023	72		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.

Schedule of Reserve Charges

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 dollars	Employee termination costs
Total Citigroup (pretax)
Original charges	$	1,052
Utilization	(1)
Foreign exchange	3
Balance at December 31, 2021	$	1,054
Additional charges	$	31
Utilization	(347)
Foreign exchange	(24)
Balance at March 31, 2022	$	714