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Citigroup policy prohibits business clients from selling firearms to customers under 21 & those not passing a background check

Author: Tiffany Hsu, The New York Times, Published on: 25 March 2018

"Citigroup sets restrictions on gun sales by business partners," 22 March 2018

Citigroup is setting restrictions on the sale of firearms by its business customers, making it the first Wall Street bank to take a stance in the divisive nationwide gun control debate. The new policy prohibits the sale of firearms to customers who have not passed a background check or who are younger than 21. It also bars the sale of bump stocks and high-capacity magazines. It would apply to clients who offer credit cards backed by Citigroup or borrow money, use banking services or raise capital through the company... Citigroup’s gun policy has “been a while coming,” [said] its chief executive, Michael L. Corbat... “We don’t pretend that these answers are perfect, but as we looked at the things we thought we could influence, we felt that, working with our clients, we could make a difference,” he said. “Banks serve a societal purpose — we believe our investors want us to do this and be responsible corporate citizens.”

... If business customers decline Citigroup’s restrictions, the bank said it would work with them to “transition their business away.” The company declined to name clients or describe the extent of affected partnerships but said that “real revenue is at risk” if relationships fall through and customers protest. Some of Citigroup’s clients, like Walmart, already adhere to the new policies... Goldman Sachs, JPMorgan Chase, U.S. Bank and Bank of America declined to comment on whether they had similar plans in the works. [also refers to American Outdoor Brands, BlackRock, First National Bank of Omaha, PNC Financial Services Group, Sturm Ruger, Wells Fargo, YouTube]

Read the full post here

Related companies: Alphabet American Outdoor Brands Corporation Bank of America BlackRock First National of Nebraska Goldman Sachs JPMorgan Chase PNC Financial Services Sturm, Ruger & Co, Inc. Wells Fargo YouTube (part of Alphabet)