Citi Scraps Firearms Policy For Retail Clients Amid Trump Accusations Of Bias

Citigroup (C) stock was in focus on Wednesday after the lender said it would no longer have a specific policy related to providing services to firearm sales by retail clients.

The bank also stated that it would clearly outline in its Employee Code of Conduct and customer-facing documents that it does not discriminate based on political affiliation.

“These changes reinforce our commitment to serve all clients fairly, and we will continue to work with regulators and elected officials on ways to improve transparency and trust in the banking sector,” Edward Skyler, the bank’s Head of Enterprise Services & Public Affairs, said in a blog post.

Trump and conservative allies have accused banks of bias against businesses such as weapons, tobacco, and the fossil fuel industry. In January, Trump publicly rebuked the CEOs of the Bank of America and JPMorgan for denying conservatives access.

Banks have refuted these claims, stating that outdated, stringent regulations prevent them from offering services to customers on certain occasions.

Citi said, “We took an objective look at our policies and practices with the intent of striking the right balance between our commitment to fair and unbiased access to our products, while continuing to manage all risks to the bank appropriately.”

The policy regarding firearms was implemented in 2018 and intended “to promote the adoption of best sales practices as prudent risk management,” as per the lender.

Retail sentiment on Stocktwits was in the ‘neutral’ (54/100) territory, while retail chatter was ‘normal.’

Citi stock has risen nearly 22% this year.

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