Executives involved in the rebranding process have told the New York Times that the bank is likely to shorten its name from 'Citigroup' to just 'Citi', and will get rid of the now-familiar red umbrella logo in favor of a more modern arc design.
The new image is due to be presented to the Citigroup board later this week and follows an extensive 14-month review of the bank's branding, the newspaper reports.
Although the board could feasibly reject the plans or request changes, it is believed that full-scale rebranding could begin as early as next month.
Citigroup's business will be unified under the single brand name, according to the plans, with Associated Press also reporting that different color schemes will be used to distinguish the different business areas.
Corporate and investment banking will have a black arc symbol, while Citigroup's consumer banking will sport a blue arc, according to the news agency.