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

9 Months Ended

Sep. 30, 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 September 30,				Nine Months Ended September 30,
In millions of dollars	2023		2022		2023		2022
Total revenues, net of interest expense	$	—	$	—	$	—	$	(262)
Income (loss) from discontinued operations	$	2	$	(6)	$	—	$	(270)
Benefit for income taxes	—		—		—		(41)
Income (loss) from discontinued operations, net of taxes	$	2	$	(6)	$	—	$	(229)

			Income (loss) before taxes(6)
In millions of dollars			Three Months Ended September 30,				Nine Months Ended September 30,
Consumer banking business in	Sale agreement date	Closing date	2023		2022		2023		2022
Australia(1)	8/9/2021	6/1/2022	$	—	$	—	$	—	$	193
Philippines(2)	12/23/2021	8/1/2022	—		7		—		72
Thailand(3)	1/14/2022	11/1/2022	—		28		—		106
India(4)	3/30/2022	3/1/2023	—		37		2		161
Taiwan(5)	1/28/2022	8/12/2023	(1)		15		91		111

(1)    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), 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.

(2)    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), recorded in Other revenue. The income before taxes shown in the above table for the Philippines reflects Citi’s ownership through August 1, 2022.

(3)    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), recorded in Other revenue. The income before taxes shown in the above table for Thailand reflects Citi’s ownership through November 1, 2022.

(4)    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), recorded in Other revenue. The income before taxes shown in the above table for India reflects Citi’s ownership through March 1, 2023.

(5)    On August 12, 2023, Citi completed the sale of its Taiwan consumer banking business, which was part of Legacy Franchises. The business had approximately $11.6 billion in assets, including $7.2 billion of loans (net of allowance of $92 million) and excluding goodwill. The total amount of liabilities was $9.2 billion, including $9.0 billion in deposits. The sale resulted in a pretax gain on sale of approximately $403 million ($284 million after-tax), subject to closing adjustments, recorded in Other revenue. The income before taxes shown in the above table for Taiwan reflects Citi’s ownership through August 12, 2023.

(6)    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, India and Taiwan, 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 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	$	—

Note: There were no additional charges after June 30, 2022.

The following tables provide details on Citi’s Russia wind-down charges:

	Three Months Ended September 30, 2023
In millions of dollars	ICG		Legacy Franchises		Corporate/Other		Total
Severance(1)	$	(2)	$	(3)	$	1	$	(4)
Vendor termination and other costs(2)	—		1		—		1
Total	$	(2)	$	(2)	$	1	$	(3)

	Program-to-date September 30, 2023
In millions of dollars	ICG		Legacy Franchises		Corporate/Other		Total
Severance(1)	$	8	$	26	$	3	$	37
Vendor termination and other costs(2)	—		18		—		18
Total	$	8	$	44	$	3	$	55

	Estimated additional charges as of September 30, 2023
In millions of dollars	ICG		Legacy Franchises		Corporate/Other		Total
Severance(1)	$	10	$	17	$	10	$	37
Vendor termination and other costs(2)	—		48		—		48
Total	$	10	$	65	$	10	$	85

(1)    Recorded in Compensation and benefits.

(2)    Recorded in Other operating expenses.