DISCONTINUED OPERATIONS

6 Months Ended

Jun. 30, 2012

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 was 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. An after-tax gain on sale of $126 million was recognized in the second quarter of 2011. Egg operations had total assets and total liabilities of approximately $2.7 billion and $39 million, respectively, at the time of sale.

        Summarized financial information for Discontinued operations, including cash flows, for the credit card operations related to Egg follows:

	Three Months Ended June 30,					Six Months Ended June 30,
In millions of dollars	2012		2011			2012			2011
Total revenues, net of interest expense	$	—	$	167		$	1		$	293
Income (loss) from discontinued operations	$	—	$	(17	)	$	(3	)	$	44
Gain on sale		—		126			(1	)		126
Provision for income taxes		—		38			(1	)		59
Income from discontinued operations, net of taxes	$	—	$	71		$	(3	)	$	111

	Six Months Ended June 30,
In millions of dollars	2012		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 and previous discontinued operations, for which Citi continues to have minimal residual costs associated with the sales.

	Three Months Ended June 30,						Six Months Ended June 30,
In millions of dollars	2012			2011			2012			2011
Total revenues, net of interest expense	$	—		$	167		$	1		$	297
Income (loss) from discontinued operations	$	—		$	(17	)	$	(3	)	$	43
Gain (loss) on sale		—			126			(1	)		130
Provision (benefit) for income taxes and noncontrolling interest, net of taxes		1			38			2			62
Income (loss) from discontinued operations, net of taxes	$	(1	)	$	71		$	(6	)	$	111

Cash flows from discontinued operations

	Six Months Ended June 30,
In millions of dollars	2012		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