Capital One has used a red boomerang/swoosh as part of its identity since 2008. In addition to mimicking the O in One or a backward C, the swish was meant to signify forward, confident movement.
In the first redesign since 2016, Capital One has released a new mark that is currently only being used an app icon, but which may well be rolled out as part of a new identity in time.
The old boomerang is now more arrow-like, an effect that is emphasized by a partial red circle. The design could also be a backward C inside of a partial O, although that seems like a curious message, even if that is an unintentional read.
