Citigroup becomes first U.S. financial institution to impose gun restrictions on commercial partners

by WorldTribune Staff, March 26, 2018

Citigroup is now requiring its business partners to ban the sale of firearms to any customers under the age of 21 and to those who have not passed a background check.

In becoming the first major U.S. bank to impose the restrictions, Citigroup said the new policy applies to all small business, commercial and institutional clients which borrow funds, use banking services or raise capital through the New York-based financial institution, USA Today reported on March 22.

Citigroup is also prohibiting clients from selling high-capacity ammunition magazines and so-called bump stocks.

“We have waited for our grief to turn into action and see our nation adopt common-sense measures that would help prevent firearms from getting into the wrong hands,” Edward Skyler, a Citigroup executive vice president, wrote in a corporate blog post.

“As a society, we all know that something needs to change. And as a company we feel we must do our part,” added Skyler, who previously was a deputy to former New York City Mayor Michael Bloomberg.

Citigroup CEO Michael Corbat, in a message to bank employees, said of partners who “opt not to” respect the new policy “we will respect their decision and work with them to transition their business away from Citi.”

“As an avid outdoorsman and responsible gun owner, I know that some will find our  policy too strict while others will find it too lenient,” Corbat wrote. “We don’t have the perfect solution to supporting our Constitution while keeping our children and grandchildren safe. Best practices are going to continue to change, and we understand the limitations of our efforts. But we shouldn’t let that stop us from doing our part.”

Walmart, Dick’s Sporting Goods and L.L. Bean also have announced new restrictions on some gun sales in recent weeks.

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