Citi sets restrictions on gun sales by retail clients

| March 23, 2018

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Citigroup Inc (C.N) added restrictions on firearms sales for new retail-sector clients, the Wall Street bank said on Thursday, the strongest move to date by a major U.S. lender following last month’s high school shooting in Florida. In an emailed statement Citi said it will require those clients only sell firearms to customers who have passed a background check, restrict firearms sales for buyers under 21, and not sell so-called “bump stocks” or high-capacity magazines. The new rules could be seen as somewhat symbolic since they are unlikely to directly affect a large share of business at the bank, which had total assets of $1.8 trillion at Dec. 31. They come weeks after a shooting at a Florida high school that killed 17 people, the second-deadliest shooting at a public school in U.S. history. Major retailers and at least one online lender have taken similar steps since the shooting brought new calls for gun safety measures and tighter restrictions.

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