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A month after the 2018 mass school shooting in Parkland, Florida, Citigroup enacted restrictions for its clients that sold firearms — the first major bank on Wall Street to do so.
On Tuesday, the bank rolled back that policy.
“We also will no longer have a specific policy as it relates to firearms,” the company said in a statement Tuesday. “The policy was intended to promote the adoption of best sales practices as prudent risk management and didn’t address the manufacturing of firearms.”
| by Anonymous | reply 4 | June 4, 2025 5:36 AM |
The decision comes as the Trump administration alleges that Wall Street is biased against conservatives — a right-wing talking point since more than a dozen state auditors accused Bank of America of “politicized de-banking” in an open letter last year (de-banking is when a bank closes an account for a customer it deems high risk). At the time, Bank of America said it has “no political litmus test.”
On Tuesday, Citi said it was “following regulatory developments, recent Executive Orders and federal legislation.”
| by Anonymous | reply 1 | June 4, 2025 5:23 AM |
In 2018, Citi said it would ban banking services to businesses that sold firearms to those under 21, those who didn’t pass a background check, or sold bump stocks (used by the gunman in the 2017 mass shooting in Las Vegas) or high-capacity magazines. The policy applied to small businesses, commercial and institutional clients, and credit card partners, but did not restrict how individual customers used their cards.
Big banks have recently caught the ire of the president as well as the crypto industry. In January at the annual World Economic Forum, President Donald Trump scolded Brian Moynihan, the CEO of Bank of America.
| by Anonymous | reply 2 | June 4, 2025 5:24 AM |
People who cave to him are such cowards
| by Anonymous | reply 3 | June 4, 2025 5:24 AM |
Appeasement never works.
Trump is a bottomless pit. He will only ask for more. He will degrade and humiliate all those who he pressure--and it will still never be enough.
Shame on Citigroup.
| by Anonymous | reply 4 | June 4, 2025 5:36 AM |
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