Citigroup to put restrictions on clients who sell guns

Citigroup put new restrictions on firearm sales by its business customers, the company said Thursday, making it the first bank to announce changes to its policies in the wake of the Feb. 14 school shooting in Florida.

Citigroup will require its clients and business customers not to sell a firearm to anyone who hasn't passed a background check or to anyone younger than 21. The bank also will not allow its customers to sell what are known as bump stocks and high-capacity magazines. Businesses who do not comply with these new restrictions will have their Citi banking relationship eventually wound down.

The new policy "is not centered on an ideological mission to rid the world of firearms. That is not what we seek," said Ed Skyler, executive vice president of global public affairs at Citi, said in a blog post. "We don't have the perfect solution, but we have come to the conclusion that we must do our part to keep guns out of the hands of those who wish to do harm."

The restrictions apply to Citi clients with credit cards backed by Citigroup or who bank with the New York company, be it traditional banking services or activities like raising capital. Citigroup said consumers could still use their credit cards "at merchants of their choice." 

Citi will also review any banking relationships it might have with gun manufacturers, the bank said in a statement Thursday.

Several companies, including Delta and United airlines and Dick's Sporting Goods, have made changes to their policies following the Parkland, Florida, school shooting.