Citigroup is imposing restrictions on corporate clients that sell or manufacture guns, the first major bank to impose limits on gun sellers following a national outcry for gun control.
Citi is requiring that corporate and small business clients restrict sales to people under 21 and pass background checks, and not sell high capacity magazines or bump stocks, Michael Corbat, the CEO, said in an internal memo obtained by The Post.
“It makes a good headline, but we don’t have any way to see the numbers around it,” Brian Kleinhanzl, a bank analyst at KBW, told The Post.
Corbat, in the memo, conceded that the company had “few” clients who manufacture guns.
“As an avid outdoorsman and responsible gun owner, I know that some will find our policy too strict while others will find it too lenient,” Corbat wrote. “We don’t have the perfect solution to supporting our Constitution while keeping our children and grandchildren safe.”
The bank’s new restrictions come weeks after 17 students were killed at a high school in Parkland, Fla., prompting student walkouts and more gun control laws.
The bank will cease doing business with, and having co-branded credit cards with, companies that violate the new rules.
“We know a solution may not come quickly, but we are committed to the conversation,” he added.