Citigroup sets new policy restricting gun sales by its clients. Setting itself apart from other major Wall Street banks, Citigroup took a pose in America’s renewed debate on gun control.
Citi is now requires that the bank’s new retail sector clients or partners restrict the sale of firearms for people younger than 21. And not sell semiautomatic weapons. The policy also requires those clients not to sell firearms to someone who has not passed a background check.
Ed Skyler, Citi’s executive vice president for global public affairs, said that clients that choose not to adhere to the policy will have their businesses transitioned away from Citi.
“We know our clients also care about these issues, and we have begun to engage with them in the hope that they will adopt these best practices over the coming months,” Skyler’s statement read.
Citi noted that the bank has limited relationships with firearm manufacturers. But for those few clients, the bank will look at what products those companies make, what markets and retailers they sell to and what sales practices those manufacturers follow.
The new policy also follows expanding announcements from corporations in the weeks after the mass shooting at a high school in Parkland. As shooting survivors and others demanded action from companies with ties to the gun industry.
Citi’s move is remarkable within Wall Street. Last month, BlackRock asset management firm said it had contacted firearms manufacturers and distributors to gauge their strategies.