Ms Krawcheck, who has been with the financial giant since October 2002, is due to replace the current global wealth management chief, Todd Thomson.
She will take charge of Citigroup Private Bank, Smith Barney and Citigroup Investment Research.
Commenting on the move, Citigroup's chairman and chief executive Charles Prince said that Ms Krawcheck's appointment was an important part of the future growth of the bank's wealth management business.
"Sallie takes leadership of our Global Wealth Management division at a time when one of our most important strategic priorities is to grow this business and have it work more closely with our other businesses to enhance our products, service and convenience to our clients," Mr Prince said.
"[She] will help assure our success in that effort, and in driving even stronger performance from what is already one of the worldâs leading wealth management businesses."