DISCONTINUED OPERATIONS

6 Months Ended

Jun. 30, 2011

DISCONTINUED OPERATIONS

DISCONTINUED OPERATIONS

2.    DISCONTINUED OPERATIONS

Sale of Egg Banking PLC Credit Card Business

        On March 1, 2011, the Company announced that Egg Banking PLC (Egg), an indirect subsidiary which is part of the Citi Holdings segment, entered into a definitive agreement to sell its credit card business to Barclays PLC. The sale closed on April 28, 2011.

        This sale is reported as discontinued operations for the six months of 2011 only. Prior periods were not reclassified due to the immateriality of the impact in those periods. The total gain on sale of $126 million was recognized upon closing.

        The following is a summary, as of June 30, 2011, of the income from Discontinued operations for the credit card operations related to Egg:

In millions of dollars	Three Months June 30, 2011			Six Months Ended June 30, 2011
Total revenues, net of interest expense	$	167		$	293
Income (loss) from discontinued operations	$	(17	)	$	44
Gain on sale		126			126
Provision for income taxes and noncontrolling interest, net of taxes		38			59
Income from discontinued operations, net of taxes	$	71		$	111

In millions of dollars	Six Months Ended June 30, 2011
Cash flows from operating activities	$	(146	)
Cash flows from investing activities		2,827
Cash flows from financing activities		(12	)
Net cash provided by discontinued operations	$	2,669

Combined Results for Discontinued Operations

        The following is summarized financial information for the Egg credit card business, Nikko Cordial business, German retail banking operations and CitiCapital business. The SLC business, which was sold on December 31, 2010, is not included as this sale was reported as discontinued operations for the third and fourth quarters of 2010 only due to the immateriality of the impact of that presentation in other periods. The Nikko Cordial business, which was sold on October 1, 2009, the German retail banking operations, which was sold on December 5, 2008, and the CitiCapital business, which was sold on July 31, 2008, continue to have minimal residual costs associated with the sales.

	Three Month Ended June 30,						Six Months Ended June 30,
In millions of dollars	2011			2010			2011		2010
Total revenues, net of interest expense	$	167		$	18		$	297	$	135
Income (loss) from discontinued operations	$	(17	)	$	(3	)	$	43	$	(8	)
Gain on sale		126			—			130		94
Provision (benefit) for income taxes and noncontrolling interest, net of taxes		38			—			62		(122	)
Income (loss) from discontinued operations, net of taxes	$	71		$	(3	)	$	111	$	208

Cash flows from discontinued operations

	Six Months Ended June 30,
In millions of dollars	2011			2010
Cash flows from operating activities	$	(146	)	$	(132	)
Cash flows from investing activities		2,827			186
Cash flows from financing activities		(12	)		(3	)
Net cash provided by discontinued operations	$	2,669		$	51