About a month after the 2018 mass school shooting in Parkland, Florida, Citigroup became the first major Wall Street bank to impose restrictions on clients involved in selling firearms.
However, on Tuesday, the bank reversed that stance.
In a statement, Citigroup said it would no longer maintain a specific firearms-related policy. The bank explained that the original policy was designed to encourage best sales practices as part of prudent risk management but did not apply to firearm manufacturing.
This move comes amid claims from the Trump administration that Wall Street shows bias against conservatives—a talking point that gained traction last year when more than a dozen state auditors accused Bank of America of “politicized de-banking,” a practice where banks close accounts of customers they view as high risk. Bank of America had denied any political discrimination.
Citigroup said its decision was influenced by ongoing regulatory developments, recent Executive Orders, and federal legislation.
Back in 2018, Citigroup had banned banking services for businesses selling firearms to individuals under 21, those failing background checks, or selling bump stocks and high-capacity magazines, which were linked to previous mass shootings. The policy affected small businesses, commercial and institutional clients, and credit card partners, but did not restrict individual cardholders.
Big banks have faced criticism from President Trump and the crypto industry alike. During the World Economic Forum in January, Trump criticized Bank of America’s CEO Brian Moynihan, urging banks to open their doors to conservatives, implying that many conservatives felt excluded from banking services. Trump also called out JPMorgan Chase’s Jamie Dimon.
On Tuesday, Citigroup also announced updates to its employee Code of Conduct and its external Global Financial Access Policy to explicitly state that political affiliation will not be a basis for discrimination, just as the bank prohibits discrimination based on race, religion, or other traits.
