Fraser will be the first woman to lead one of Wall Street's big six banks. JPMorgan Chase's Jamie Dimon has had women as his second-in-command for years, but shows no signs of stepping down from the CEO role.
The federal government had to step in to buy a stake in Citi to keep it afloat, and the New York bank had some of the most toxic assets of all the major banks during this time.
Corbat turned Citi into a much smaller and stable entity, focusing on its credit card businesses and its international banking franchise.
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