Sallie Krawcheck, chairman and chief executive of Citi Global Wealth Management, has provided advisors from Smith Barney and Citi Private Bank with a letter designed to reassure clients about the "credit issues affecting Citi and others in our industry." The letter focuses on Citi's efforts to raise capital and strengthen its financial position, according to Dow Jones. It also seeks to address clients' concerns about the current market turmoil. Ms Krawcheck described the firm's efforts to raise additional $15.4 billion in capital, saying it would give Citi significant flexibility "to continue to serve its clients by protecting against future market shocks". She also detailed the group's plans to divest non-core assets and build a strong balance sheet to counter downgrades by ratings agencies. "Citi CEO Vikram Pandit is firmly committed to putting Citi back on its 'front foot'," wrote Ms Krawcheck. "I, along with other leaders of Citi, am confident that we will navigate through this turbulent market period." Citigroup's wealth management business posted record revenue of $3.4 billion in the fourth quarter, up 27 per cent from the year-earlier period. The unit had 18 per cent growth in fee-based and net interest revenue and a 43 per cent increase in transactional revenue. This performance was in stark contrast to Citi's group results. It reported a fourth quarter net loss of $9.83 billion on the back of $18.1 billion in write-downs on subprime mortgages and related securities.