On June 3, Citigroup reversed its 2018 restrictions against clients that sold firearms.
Citigroup cited “regulatory developments, recent Executive Orders and federal legislation.”
This comes as the Trump administration repeats its claim, devoid of evidence, that banks discriminate against conservatives and right-wingers. Trump has scolded Brian Moynihan, the CEO of Bank of America, as well as Jamie Dimon, the CEO of JPMorgan Chase on the basis of this imaginary discrimination.
Despite the lack of credibility behind this claim of “politicized de-banking,” Citigroup has completely surrendered to the rhetoric of the Trump administration.
Citigroup also announced on Tuesday that it will update its employee Code of Conduct and its external Global Financial Access Policy “to clearly state that we do not discriminate on the basis of political affiliation in the same way we are clear that we do not discriminate on the basis of other traits such as race and religion.”
CNN Business
Citigroup was not specifically targeted by the Trump administration, yet it still capitulated. The multinational bank itself debunked accusations of de-banking against Trump supporters by hiring former Trump trade czar Robert Lighthizer.
