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Citigroup has been fighting with one hand behind its back, Mike Corbat, chief executive, said in March. One big reason is Citi Holdings – the bank’s pool of troubled assets left over from the financial crisis. For the first quarter, Citigroup reported better than expected revenues (up 6 per cent year on year, to $21-billion (U.S.) ) and earnings per share (up 29 per cent year on year, to $1.23). The driver was the securities and investment banking division. But signs of improvement in Citi Holdings should not be overlooked.