Citigroup's board said on Tuesday that Vikram S. Pandit had stepped down as chief executive, effective immediately, and would be succeeded by the head of the bank's European and Middle Eastern division, Michael L. Corbat. His resignation comes after long-simmering tensions with the bank's board. In particular, the board's chairman, Michael E. O'Neill, had been increasingly critical of Mr. Pandit's management of the sprawling global bank, according to several people close to the bank.

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