Executives at financial giant Citigroup are preparing to rebrand the company with a shorter name -- "Citi" -- and a new logo without the signature red umbrella, according to a published report.
The new name and look will be presented to Citigroup's board this week following a 14-month review of the bank's brand, The New York Times reported Monday, citing several executives close to the process. The plan still could undergo changes before a rollout that could begin as early as next month, the report said.
The plan to unify the identity of Citigroup's businesses is part of an effort by Chairman and Chief Executive Charles Prince to better integrate the bank's sprawling parts after years of acquisitions.
"We continue to work on our branding effort and will announce our decisions when it is completed," spokeswoman, Leah Johnson, said.
The new design is similar to the "citi" logo with an arc that now appears on much of Citigroup's consumer advertising, office buildings and credit cards.
Each operating business would use a different color arc for a distinct look: black for Citi's corporate and investment bank; red for the wealth management division; and blue for its consumer businesses.
The plan would eliminate the umbrella logo that has represented the Travelers Group well before it merged with Citicorp in 1998. The symbol has been around for 137 years, but Citigroup executives said market research showed the umbrella did not resonate for bank customers in the U.S..