Citigroup said to be ready to shorten name, change logo

Executives at financial giant Citigroup Inc. are preparing to re-brand 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 after a 14-month review of the bank’s brand, the New York Times reported Monday, citing 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.

“We continue to work on our branding effort and will announce our decisions when it is completed,” Citigroup spokeswoman Leah Johnson said.

The new design is similar to the “citi” logo with an arc that 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 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 units after years of acquisitions.

It would eliminate the umbrella logo that represented the Travelers Group before it merged with Citicorp in 1998. The symbol has been around for 137 years, but Citigroup executives said market research showed the umbrella didn’t resonate for U.S. bank customers.