WafricNews – June 4, 2025

New York, USA – American banking giant Citigroup has officially reversed its policy on firearms, years after becoming the first major Wall Street bank to set restrictions on gun-related businesses. The move comes amid intensifying political pressure from the Trump administration and broader accusations of bias against conservative clients.

The policy rollback, announced on Tuesday, marks a dramatic shift from the stance Citi took in 2018 following the deadly mass shooting at Marjory Stoneman Douglas High School in Parkland, Florida. At the time, the bank restricted clients that sold firearms to individuals under 21, failed to conduct background checks, or sold high-capacity magazines and bump stocks.

“We also will no longer have a specific policy as it relates to firearms,” the bank said in a statement. It clarified that the original guidelines were intended as “prudent risk management,” rather than a stance on gun manufacturing itself.

The reversal comes as former President Donald Trump continues to accuse large U.S. financial institutions of discriminating against conservatives. During the 2025 World Economic Forum in Davos, Trump publicly rebuked Bank of America CEO Brian Moynihan, urging big banks to stop what he described as “politicized de-banking” — the closure of accounts allegedly based on ideological beliefs.

“You’ve done a fantastic job,” Trump said, “but I hope you start opening your bank to conservatives… What you’re doing is wrong.”

Such comments echo a growing narrative among right-wing politicians in the U.S., who claim that major banks are freezing out clients based on political affiliation — an accusation financial institutions have consistently denied.

In its Tuesday announcement, Citigroup cited “regulatory developments, recent Executive Orders and federal legislation” as factors in the policy change. The bank also said it will revise both its employee Code of Conduct and its Global Financial Access Policy to explicitly prohibit discrimination based on political beliefs — aligning it with protections for race, religion, and other identity markers.

Though Citigroup’s former policy didn’t directly affect individual credit card users, it did place conditions on small businesses and corporate clients involved in firearm sales. Critics of the policy said it amounted to an overreach by the private sector into a divisive national issue. Supporters argued it was a necessary stance in the wake of frequent gun violence in the U.S.

Citigroup’s reversal is likely to ripple across Wall Street, where firms are increasingly under scrutiny for their perceived social and political alignments. From gun control to climate policy and digital assets, financial institutions are caught in the crossfire of culture wars that show no signs of abating.

As conservative political forces push back against what they view as corporate activism, companies are recalibrating their public policies — not just in the U.S., but with potential global implications, particularly in markets where American financial influence is strong.


By WafricNews Desk.