The Company’s results from Discontinued operations consisted of residual activities related to the sales of the Egg Banking plc credit card business in 2011 and the German retail banking business in 2008. All Discontinued operations results are recorded within Corporate/Other.


	Three Months Ended March 31,
In millions of dollars	2023		2022
Total revenues, net of interest expense	$	—	$	—
Income (loss) from discontinued operations	$	(1)	$	(2)

Benefit for income taxes	—		—
Income (loss) from discontinued operations, net of taxes	$	(1)	$	(2)

As of March 31, 2023, Citi had entered into sale agreements for nine consumer banking businesses within Legacy Franchises. Australia closed in the second quarter of 2022, the Philippines closed in the third quarter of 2022, Bahrain, Malaysia and Thailand closed in the fourth quarter of 2022, and India and Vietnam closed in the first quarter of 2023. Entry of sale agreements for the Taiwan and Indonesia consumer banking businesses has resulted in the reclassification to HFS on the Consolidated Balance Sheet of approximately $14 billion in assets within Other assets, including approximately $8 billion of loans (net of allowance of $66 million), and approximately $11 billion in liabilities within Other liabilities, including approximately $11 billion in deposits. Of the nine sale agreements, the five below were identified as significant disposals as of March 31, 2023. The Taiwan sale has yet to close and is subject to regulatory approvals and other closing conditions.


			March 31, 2023
In millions of dollars			Assets												Liabilities
Consumer banking business in	Sale agreement date	Closing date	Cash and deposits with banks		Loans(1)		Goodwill		Other assets, advances to/from subsidiaries		Other assets		Total assets		Deposits		Long-term debt		Other liabilities		Total liabilities
Australia(2)	8/9/2021	6/1/2022	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Philippines(3)	12/23/2021	8/1/2022	—		—		—		—		—		—		—		—		—		—
Thailand(4)	1/14/2022	11/1/2022	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
India(5)	3/30/2022	3/1/2023	—		—		—		—		—		—		—		—		—		—
Taiwan(6)	1/28/2022	second half 2023	$	102	$	7,845	$	196	$	4,654	$	198	$	12,995	$	10,046	$	—	$	238	$	10,284

(2) On June 1, 2022, Citi completed the sale of its Australia consumer banking business, which was part of Legacy Franchises. The 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 $760 million ($640 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 CTA loss (net of hedges) ($470 million after-tax) already reflected in the AOCI component of equity. The sale closed on June 1, 2022, and the CTA-related balance was removed from AOCI, resulting in a neutral CTA impact to Citi’s CET1 Capital. The income before taxes shown in the above table for Australia reflects Citi’s ownership through June 1, 2022.

(3) On August 1, 2022, Citi completed the sale of its Philippines consumer banking business, which was part of Legacy Franchises. The business had approximately $1.8 billion in assets, including $1.2 billion of loans (net of allowance of $80 million) and excluding goodwill. The total amount of liabilities was $1.3 billion, including $1.2 billion in deposits. The sale resulted in a pretax gain on sale of approximately $618 million ($290 million after-tax), subject to closing adjustments, recorded in Other revenue. The income before taxes shown in the above table for the Philippines reflects Citi’s ownership through August 1, 2022.

(4) On November 1, 2022, Citi completed the sale of its Thailand consumer banking business, which was part of Legacy Franchises. The business had approximately $2.7 billion in assets, including $2.4 billion of loans (net of allowance of $67 million) and excluding goodwill. The total amount of liabilities was $1.0 billion, including $0.8 billion in deposits. The sale resulted in a pretax gain on sale of approximately $209 million ($115 million after-tax), subject to closing adjustments, recorded in Other revenue. The income before taxes shown in the above table for Thailand reflects Citi’s ownership through November 1, 2022.

(5) On March 1, 2023, Citi completed the sale of its India consumer banking business, which was part of Legacy Franchises. The business had approximately $5.2 billion in assets, including $3.4 billion of loans (net of allowance of $32 million) and excluding goodwill. The total amount of liabilities was $5.2 billion, including $5.1 billion in deposits. The sale resulted in a pretax gain on sale of approximately $1.1 billion ($727 million after-tax), subject to closing adjustments, recorded in Other revenue. The income before taxes shown in the above table for India reflects Citi’s ownership through March 1, 2023.

(7) 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. For the Philippines, Thailand and India, excludes the pretax gain on sale.

Citi did not have any other significant disposals as of March 31, 2023. As of May 5, 2023, Citi had not entered into sale agreements for the remaining Legacy Franchises businesses to be sold, specifically the Poland consumer banking business and the Mexico Consumer/SBMM businesses.

On October 25, 2021, Citi disclosed 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.


In millions of dollars	Employee termination costs
Total Citigroup (pretax)
Original charges in fourth quarter 2021	$	1,052
Utilization	(1)
Foreign exchange	3
Balance at December 31, 2021	$	1,054
Additional charges in first quarter 2022	$	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	$	—
Additional charges (releases)	$	—
Utilization	—
Foreign exchange	—
Balance at September 30, 2022	$	—

The total cash charges for the wind-down were $1.1 billion through 2022, most of which were recognized in 2021. Citi does not expect to record any additional charges in connection with the Korea VERP.

On August 25, 2022, Citi announced its decision to wind down its consumer banking and local commercial banking operations in Russia. As part of the wind-down, Citi is also actively pursuing sales of certain Russian consumer banking portfolios.

On October 14, 2022, Citi disclosed that it will be ending nearly all of the institutional banking services it offers in Russia by the end of the first quarter of 2023. Going forward, Citi’s only operations in Russia will be those necessary to fulfill its remaining legal and regulatory obligations.

On December 12, 2022, Citi completed the sale of a portfolio of ruble-denominated personal installment loans, totaling approximately $240 million in outstanding loan balances, to Uralsib, a Russian commercial bank, resulting in a pretax net loss of approximately $12 million. The net loss on sale of the loan portfolio included a $32 million adjustment to record the loans at lower of cost or fair value recognized in Other revenue. In addition, the sale of the loans resulted in a release in the allowance for credit losses on loans of approximately $20 million recognized in the Provision for credit losses on loans.

Citi’s referral agreement with a Russian bank for a portfolio of ruble-denominated credit card loans, subject to customer consents, can be terminated under certain circumstances and is being reevaluated as Citi reviews other alternatives. As a result, the credit card loans will remain held-for-investment and are not transferred to held-for-sale.

During the first quarter of 2023, Citi recorded a pretax charge of approximately $7 million and $5 million (approximately $30 million and $10 million program-to-date) as Compensation and benefits composed of severance costs, reported in Legacy Franchises and Institutional Clients Group, respectively. Citi also recorded a pretax charge of approximately $6 million (approximately $13 million program-to-date) as Other operating expenses composed of vendor termination and other costs, reported in Legacy Franchises.

In connection with this wind-down, Citi expects to incur approximately $210 million in total estimated charges ($60 million in ICG and $150 million in Legacy Franchises, excluding the impact from any portfolio sales), largely driven by restructuring, vendor termination fees and other related charges.