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DISCONTINUED OPERATIONS, SIGNIFICANT DISPOSALS AND OTHER BUSINESS EXITS (Tables)
 3 Months Ended
Mar. 31, 2023
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 dollars20232022
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)$(2)
March 31, 2023
In millions of dollarsAssetsLiabilities
Consumer banking business inSale agreement dateClosing dateCash and deposits with banks
Loans(1)
GoodwillOther assets, advances to/from subsidiariesOther assetsTotal assetsDepositsLong-term debtOther liabilitiesTotal liabilities
Australia(2)
8/9/20216/1/2022$— $— $— $— $— $— $— $— $— $— 
Philippines(3)
12/23/20218/1/2022— — — — — — — — — — 
Thailand(4)
1/14/202211/1/2022$— $— $— $— $— $— $— $— $— $— 
India(5)
3/30/20223/1/2023— — — — — — — — — — 
Taiwan(6)
1/28/2022second half 2023$102 $7,845 $196 $4,654 $198 $12,995 $10,046 $— $238 $10,284 
Income (loss) before taxes(7)
Three Months Ended
March 31,
In millions of dollars20232022
Australia(2)
$— $164 
Philippines(3)
— 40 
Thailand(4)
— (11)
India(5)
2 72 
Taiwan(6)
57 46 

(1)    Loans, net of allowance as of March 31, 2023 includes $24 million for Taiwan.
(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.
(6)    This sale is expected to result in an after-tax gain upon closing.
(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.
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 in fourth quarter 2021$1,052 
Utilization(1)
Foreign exchange3 
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$—