Citigroup could get new name and look

NEW YORK (CNNMoney.com) -- Citigroup management is considering a major shake-up to its brand, including dropping the red umbrella that's long been featured in the company's logo, according to a report Monday.

The company is discussing rebranding itself as "Citi" and using a stylized arc instead of the umbrella, reported the New York Times.

The suggested change follows a 14-month-long review of the bank's branding, said the Times.

The new design could appear as soon as February, said the paper.

Citigroup's (Charts) CEO Charles Prince is trying to unify the huge company after years of acquisitions, according to the report.

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