Citigroup Reverses Firearm Policy
On Tuesday, Citigroup announced it has lifted its seven-year-old restrictions on providing banking services to firearm manufacturers and sellers.
This policy was first introduced in March 2018, following the tragic mass shooting at Marjorie Stoneman Douglas High School in Parkland, Florida, where 17 individuals lost their lives. At that time, Citigroup communicated to its clients the need for best practices, which included not selling firearms to those who hadn’t passed background checks and restricting firearm sales to individuals under 21.
The bank’s policy specifically applied to business clients of various sizes, but did not affect how personal bank customers used their services. Citigroup has banking relationships with over 19,000 companies globally.
Ed Skyler, Executive Vice President of Citigroup, reflected on the need for societal change, stating the company must contribute positively. However, he pointed out that the circumstances have evolved since the initial policy was set. He noted that the goal was to encourage best sales practices as a means of risk management, but it did not directly tackle firearm production.
“Many retailers comply with these best practices,” Skyler mentioned.
The decision to end the policy was met with criticism from March for Our Lives, a gun control advocacy group formed by Parkland survivors. Their executive director, Jackie Collin, expressed disappointment, emphasizing that Citigroup once had the resolve to stand against gun sales to minors but has now shifted its stance, prioritizing politics over lives.
A spokesman for Citigroup chose not to add further comments beyond Skyler’s statements.
Meanwhile, White House spokesman Harrison Fields lauded the move, claiming it reflects a wave of common sense under President Trump’s leadership, and criticized what he termed discriminatory policies against lawful gun owners.
This change at Citigroup occurs amid broader political discussions about banking access, with some right-wing leaders asserting that the Biden administration has unduly restricted access for certain groups, including cryptocurrency advocates and conservatives.
The ongoing debate has persisted since Trump’s return to the forefront of political discourse. Recently, the CEOs of major banks, including Bank of America and JPMorgan Chase, voiced similar grievances at the World Economic Forum, stating they wouldn’t end accounts motivated by political reasons.
On Tuesday, Citigroup reaffirmed its commitment to inclusivity, promising not to discriminate against clients based on characteristics like race or religion. Bank executives have consistently maintained that they would only terminate banking services in compliance with anti-money laundering regulations and not based on political orientation.
Brian Moynihan, CEO of Bank of America, emphasized their open-door policy for all American consumers, confirming their banking services are accessible to everyone.
