Citi Becomes First Major Bank to Place Gun Restrictions on Clients

| MAR 22, 2018 | 8:10 PM

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Citigroup this week became the first major lender to place restrictions on clients selling guns.

The decision by Citi comes just two days before thousands will descend on Washington, D.C., and other locations around the country on Saturday to call for sweeping gun control measures.

Moving forward, Citi will require all its clients to only sell firearms to purchasers who have passed a background check, restrict sales to customers under the age of 21, as well as stop the sale of bump stocks and “high-capacity magazines.”

It’s important to note, however, Citi does not specify what qualifies as a “high-capacity” magazine.

Ed Skyler, Citi’s executive vice president for global public affairs, said the new policy “is not centered on an ideological mission to rid the world of firearms” because the company’s leaders “respect” Americans’ constitutional right to “use firearms for recreational and other legitimate purposes.”

“But we want to do our part as a company to prevent firearms from getting into the wrong hands,” he added.

And any client who does not comply with Citi’s new policy will not be permitted to continue its relationship with the bank. Those who refuse to adhere to the new rules, Skyler said, will need to “transition their business away from Citi.”

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Dick’s Sporting Goods’ sales started to dip following the brand’s decision to no longer sell “assault-style” weapons at any of its stores, including its subsidiary Field & Stream.

Edward Stack, CEO of Dick’s, said in mid-March there will be “some people who just don’t shop us anymore for anything.”

These major policy changes at places like Dick’s and Citi comes roughly one month after a 19-year-old gunman opened fire at Marjory Stoneman Douglas High School in Parkland, Florida, killing 17 people and injuring more than a dozen others.