The US banking giant Citigroup is requiring its clients to impose stricter standards for gun sales — and says it will stop doing business with those that don’t.
Citigroup CEO Michael Corbat announced in a memo Thursday that the bank was instituting a new commercial firearms policy “designed to respect the rights of responsible gun owners while helping to keep firearms out of the wrong hands.”
“Over the last several weeks, I have had many conversations with clients, colleagues and friends who hold a range of opinions on the regulation of firearms in the US,” Corbat said in the memo. “It is clear to me that most people believe there are areas of agreement and practical changes we can make to find common ground.”
The new policy requires clients to adopt these “best practices,” Corbat said:
- Not selling firearms to someone who hasn’t passed a background check.
- Not selling firearms to anyone under 21.
- Not selling bump stocks or high-capacity magazines.
The policy applies across the firm, Citi said, including “small business, commercial and institutional clients, as well as credit card partners, whether co-brand or private label.”