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DISCONTINUED OPERATIONS, SIGNIFICANT DISPOSALS AND OTHER BUSINESS EXITS (Tables)
 6 Months Ended
Jun. 30, 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 June 30,Six Months Ended June 30,
In millions of dollars2022202120222021
Total revenues, net of interest expense$— $— $— $— 
Income (loss) from discontinued operations(1)
$(262)$10 $(264)$8 
Benefit for income taxes(41)— (41)— 
Income (loss) from discontinued operations,
net of taxes		$(221)$10 $(223)$8 

(1)Amounts in each period relate to the sale of the Egg Banking business in 2011.
All open sales agreements in the table below are subject to regulatory approvals and other closing conditions.
June 30, 2022
In millions of dollarsAssetsLiabilities
Consumer banking business inSale agreement dateExpected closeCash and deposits with banks
Loans(1)
Goodwill(2)
Other assets, advances to/from subsidiariesOther assetsTotal assetsDepositsLong-term debtOther liabilitiesTotal liabilities
Australia(3)
8/9/21closed on 6/1/2022$— $— $— $— $— $— $— $— $— $— 
Philippines(4)
12/23/21closed on 8/1/202231 1,170 244 511 37 1,993 1,208 — 78 1,286 
Thailand(4)
1/14/22second half 2022$15 $2,485 $160 $215 $84 $2,959 $925 $— $133 $1,058 
Taiwan(4)
1/28/22second half 2023104 7,878 212 4,855 199 13,248 10,350 — 214 10,564 
India(4)
3/30/22first half 202329 3,515 346 2,482 102 6,474 5,916 — 184 6,100 
Income (loss) before taxes(5)
Three Months Ended June 30,Six Months Ended June 30,
In millions of dollars2022
2021
20222021
Australia(3)
$28 $69 $193 $142 
Philippines14 31 65 67 
Thailand90 43 78 91 
Taiwan50 65 96 150 
India52 29 125 98 

(1)    Loans, net of allowance as of June 30, 2022: Philippines $80 million, Thailand $80 million, Taiwan $57 million and India $51 million.
(2)    For Thailand, includes intangible assets.
(3)    On June 1, 2022, Citi completed the sale of its Australia consumer banking business, which was a part of Legacy Franchises. The Australia consumer banking business had approximately $9.4 billion in assets, including $9.3 billion of loans (net of allowance of $140 million) and excluding goodwill. The total amount of liabilities was $7.3 billion including $6.8 billion in deposits. The transaction generated a pretax loss on sale of approximately $800 million ($665 million after-tax), subject to closing adjustments, recorded in Other revenue. The loss on sale primarily reflected the impact of an approximate pretax $620 million currency translation adjustment (CTA) loss (net of hedges) ($470 million after-tax) already reflected in the Accumulated other comprehensive income (AOCI) component of equity. The sale closed on June 1, 2022, and the CTA-related balance was removed from the AOCI component of equity, resulting in a neutral CTA impact to Citi’s Common Equity Tier 1 Capital. The income before taxes shown in the above table for Australia reflects the two months of Citi’s ownership through June 1, 2022.
(4)    These sales are expected to result in an after-tax gain upon closing.
(5)    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.
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 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$714 
Additional charges (releases)$(3)
Utilization(670)
Foreign exchange(41)
Balance at June 30, 2022$—