Tuesday, Nov 29, 2022
International Finance
Banking

Citigroup levies restrictions on its customers dealing in guns

Citigroup, gun law, US, firearms, Michael Corbat
The restriction has been introduced as an attempt to keep a check on the growing gun violence in the US

Citigroup, an investment bank in the US announced on 22nd March it is about to introduce new limitations on customers dealing in guns.

The bank said it won’t be associated with such companies that don’t carry out background checks on their customers or sell guns to anyone younger than 21. The bank is also putting a stop on organisations dealing in bump stocks and high-capacity magazines. These restrictions are to be introduced pertaining to the recent rise in gun violence in the US.                                                                                                                                                                                                                                                    The restrictions are meant for customers who use Citigroup credit cards, or loan money or use banking services through Citigroup. 

As an outcome to the new regulation, Citigroup has lost several customers who deal in firearms. Highlighting the issue, CEO of Citigroup Michael Corbat wrote to bank employees on Thursday: “If they opt not to, we will respect their decision and work with them to transition their business away from Citi.”

“As an avid outdoorsman and responsible gun owner, I know that some will find out policy too strict while others will find it too lenient,” reasoned Corbat for implementing the limitations, “We don’t have the perfect solution to supporting our Constitution while keeping our children and grandchildren safe. Best practices are going to continue to change, and we understand the limitations of our efforts. But we shouldn’t let that stop us from doing our part.”

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