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DISCONTINUED OPERATIONS, SIGNIFICANT DISPOSALS AND OTHER BUSINESS EXITS (Tables)
 9 Months Ended
Sep. 30, 2024
Discontinued Operations and Disposal Groups [Abstract]  
Summarized financial information disposal groups including discontinued operations As of September 30, 2024, there were no remaining assets or liabilities included on Citi’s Consolidated Balance Sheet related to the significant disposals:
Income (loss)
before taxes(6)
In millions of dollarsThree Months Ended
September 30,		Nine Months Ended September 30,
Consumer banking business inSale agreement dateClosing date2024202320242023
Australia(1)
8/9/20216/1/2022$— $— $— $— 
Philippines(2)
12/23/20218/1/2022— — — — 
Thailand(3)
1/14/202211/1/2022— — — — 
India(4)
3/30/20223/1/2023— — — 2 
Taiwan(5)
1/28/20228/12/2023— (1)— 91 

(1)    On June 1, 2022, Citi completed the sale of its Australia consumer banking business, which was part of All Other—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 $768 million ($644 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 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 All Other—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 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 All Other—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 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 All Other—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 $1.0 billion ($718 million after-tax), subject to closing adjustments, recorded in Other revenue. The income before taxes 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 All Other—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 $405 million ($286 million after-tax), subject to closing adjustments, recorded in Other revenue. The income before taxes 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 All 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$— 

Note: There were no additional charges after June 30, 2022.
Schedule of wind down charges
The following tables provide details on Citi’s Russia wind-down charges:

Three Months Ended
September 30, 2024
In millions of dollarsAll OtherServices, Markets and BankingTotal
Severance(1)
$3 $— $3 
Vendor termination and other costs(2)
1 — 1 
Total$4 $— $4 

Program-to-date
September 30, 2024
In millions of dollarsAll OtherServices, Markets and BankingTotal
Severance(1)
$41 $10 $51 
Vendor termination and other costs(2)
20 — 20 
Total$61 $10 $71 

Estimated additional charges
as of September 30, 2024
In millions of dollarsAll OtherServices, Markets and BankingTotal
Severance(1)
$19 $1 $20 
Vendor termination and other costs(2)
22 — 22 
Total$41 $1 $42 

(1)    Recorded in Compensation and benefits.
(2)    Recorded in Other operating expenses.