Just a quick one as I am traveling and in an airport but just saw this posted on LinkedIn:
Citigroup holds up gun sales
Citigroup says it will set new restrictions on the sale of firearms by its business customers — prohibiting a sale without a background check or to anyone under 21, according to The New York Times. It is the first major bank to thrust itself into the polarizing nationwide gun debate that has stalled in Congress since the school shooting last month in Parkland, Florida. Its new restrictions also prohibit the sale of bump stocks and high-capacity magazines like those used in the Las Vegas shooting last year. If a customer declines Citigroup’s restrictions, the bank said it would work to “transition their business away.”
Link to this is here:
As expected, outrage over age discrimination and people intending to cut up their credit cards follows.
This is actually a big thing if the banks are starting to look at the reputational risk of being the person enabling the purchase of a gun that goes to a bad place.
The push back against the NRA is gaining more and more momentum. The Parkland survivors are to thank for this and #NeverAgain
Thursday, Mar 22, 2018 · 8:08:22 PM +00:00 · tjlord
As requested, here is the link to the original NYT story here. The quote from the CEO is interesting:
Citigroup’s gun policy has “been a while coming,” its chief executive, Michael L. Corbat, told The New York Times Thursday. Mr. Corbat, who called himself “an avid outdoorsman and responsible gun owner,” acknowledged that “some will find our policy too strict while others will find it too lenient.”
“We don’t pretend that these answers are perfect, but as we looked at the things we thought we could influence, we felt that, working with our clients, we could make a difference,” he said. “Banks serve a societal purpose — we believe our investors want us to do this and be responsible corporate citizens.”