• The New York Times, Monday, January 15, 2007 11 AM

Citigroup is folding up its iconic red umbrella and shrinking its name to "Citi" in order unify the company's businesses under a new, single brand after years of acquisitions. The design, similar to the "citi" logo on consumer advertising, office buildings and credit cards, could roll out next month.

The move follows Apple Computer's change, made just last week, to simply Apple. And several years ago, Morgan Stanley snipped Dean Witter off its name, while Federal Express became just FedEx.

By shedding the suffix "group" as well as the red umbrella, CEO Charles O. Prince III is also severing the bank's most tangible ties to Mr. Weill, Citigroup's patriarch.

Although Citigroup managers were divided over the fate of the red umbrella, the company's brand committee decided to drop the 137-year-old symbol.

Read the whole story at The New York Times »