Open your image in Photoshop.
Go to Layer > Smart Objects > Convert to Smart Object.
Note: We only do this just in case you want to go back and change some settings after the effect has been applied.
Go to Filter > Camera Raw Filter.
In the Basic tab, apply the following values.
Go to the Tone Curve tab, and under Parametric apply the following settings.
Go to the HSL Adjustments tab and under Hue apply the following values.
Now, click on the Saturation tab under the HSL Adjustments and apply the following values.
Still in the HSL Adjustments tab, go to Luminance and apply the following values.
Go to the Split Toning tab and apply the following values.
Go to the Calibration tab and set the Saturation of the Red Primary to -10 and the Saturation of the Blue Primary to -40.
Lastly, and if you plan to use this effect on various pictures, a good idea is to save it as a preset. To do that, simply go to the Presets tab and click on the “New Preset” icon. Give the preset a name, be sure to check the modified values and click OK.
The next time you want to use this effect on a picture, simply open the image, go to the Camera Raw Filter, go to the Presets tab, and under “User Presets” click on the new created preset to apply it like I did in the following one.