[1][2] Educated at Girton College, Cambridge, and Harvard Business School, she worked at McKinsey & Company for 10 years, rising to partner prior to joining Citigroup in 2004.

[4][5] She was included on Fortune's "Most Powerful Women in Business" list in 2014 and 2015 and has been called the "Number 1 Woman to Watch" for two consecutive years by American Banker.

[13] Her tenure as Global Head coincided with the financial crisis of 2007–2009, and she was part of the executive team that was "charged with restructuring the group, leading its re-engineering effort, making divestments and raising new capital.

[16] At the time of her promotion, the bank was running an annual deficit of approximately $250 million; it returned to the black during her four-year tenure.

[18] Less than a year later, in March 2014, Fraser was promoted to CEO of US Consumer and Commercial Banking, succeeding Cecelia Stewart, who announced her retirement.

[23] While based in Miami,[22][23] Fraser has been tasked with, among other things, "instilling a more U.S.-like culture" at Banamex (Banco Nacional de México), owned and operated by Citigroup since 2001.

Fraser was appointed to succeed Corbat, becoming the first female CEO of a top-tier Wall Street Investment Bank,[26][27] leading the third-largest bank in the U.S.[4] Fraser has taken an approach to work during the COVID-19 pandemic that differs from peer CEOs, instituting permanent plans to allow staff to work from home some days of the week and granting staff greater flexibility in their schedules than other Wall Street firms.

[28] She has cited differentiating Citigroup from other bulge bracket banks such as Goldman Sachs and JPMorgan Chase during recruiting as a motivation for this approach.

[16][12] Her husband Alberto Piedra,[37] a former banker and native of Cuba,[8] left his job as a bank manager in Europe during the financial crisis of 2008 to spend more time caring for their young children.

[38] In June 2015, Fraser appeared on a CBS Local report about Citi Global Community Day, in which she and other volunteers spruced up the Liberty Square public housing project in Miami.

[39] In April 2021, during her first televised interview as CEO of Citigroup (on CNBC), Fraser disclosed that despite the [British] accent, she had "been a proud American [citizen] for the last 20 years".