Citigroup places restrictions on gun sales by business customers: ‘We want to do our part’

Citigroup announced Thursday that it’s placing new restrictions on gun sales by business partners as a way to do its part in preventing firearms “from getting into the wrong hands.”

The company said it will prohibit corporate clients from selling bump stocks and high-capacity magazines, as well as ban them from selling guns to people under the age of 21 or to those who haven’t passed a background check.

Citigroup’s executive vice president, Edward Skyler, said the new policy “is not centered on an ideological mission to rid the world of firearms.”

“There are millions of American who use firearms for recreational and other legitimate purposes, and we respect their constitutional right to do so,” he said. “But we want to do our part as a company to prevent firearms from getting into the wrong hands. So our new policy centers around current firearms sales best practices that will guide those we do business with as a firm.”

The policy will apply to Citigroup clients “across the firm, including to small business, commercial and institutional clients, as well as credit card partners, whether co-brand or private label,” the company said.

It will not prevent Citi cardholders from using their credit cards to buy firearms or ammunition.

Mr. Skyler said the company is prepared to lose clients due to the new rules.

“We know our clients also care about these issues and we have begun to engage with them in the hope that they will adopt these best practices over the coming months,” he said. “If they opt not to, we will respect their decision and work with them to transition their business away from Citi.

“We have few relationships with companies that manufacture firearms. For those that do, we will be initiating due diligence conversations on the subject to better understand what products they make, what markets and retailers they sell to and what sales practices those retailers follow to ensure adherence to the best practices outlined above. This same due diligence screening will apply to potential clients going forward.”