Citibank requires clients to restrict firearm sales

Citibank requires clients to restrict firearm sales
Posted at 6:50 PM, Mar 22, 2018
and last updated 2018-03-22 18:52:47-04

Citibank, one of the largest banks in the United States, announced Thursday it would begin requiring retail clients to implement "common-sense measures" restricting the sale of firearms.

"It is not centered on an ideological mission to rid the world of firearms," according to a blog post by Citigroup executive vice president Ed Skyler. "That is not what we seek. … But we want to do our part as a company to prevent firearms from getting into the wrong hands."

Under the new policy, Citibank's retail clients are required to end the sale of bump stocks and high-capacity magazines as well as ensure they do not sell firearms to people who are under 21 or who have not passed a background check.

All new clients must adhere to this policy, Skyler said, adding that the bank was meeting with existing clients that manufactured and sold firearms to determine next steps. If those in the latter group decide not to comply with the new policy, the company will "work with them to transition their business away from Citi."

"For too many years, in too many places, our country has seen acts of gun violence that have resulting in heartbreaking losses," Skyler wrote. "As a society, we all know that something needs to change. And as a company, we feel we must do our part."

The post ends by acknowledging "the actions were are taking today will invite passion on both sides" and urging financial leaders to seek effective industry-wide best practices to limit gun violence. 

Citibank is the largest bank to make such a commitment in the wake of the Valentine's Day shooting in Parkland, Florida, but major retail chains such as Kroger and Dick's Sporting Goods have already adjusted their policies to make some of the same changes.

Dick's announced in February is would restrict the minimum age of gun purchase to 21 in addition to discontinuing the sale of assault-style weapons and high-capacity magazines. 

Kroger announced it would stop selling guns and ammunition at its Fred Meyer stores and end the sale of some magazines focused on "assault rifles."