Citigroup Inc (Citi) announced on June 3, 2025, that it will remove its policy restricting services to retail clients who sell firearms. The policy, originally implemented in March 2018, restricted services to retailers who sold firearms to individuals under 21 years old or those who failed to complete background checks. In a statement, Citi didn’t elaborate on the specific reasons behind the policy change but emphasized its commitment to responsible financing and adherence to legal standards concerning firearms sales.
The reversal comes as the Trump administration has accused Wall Street of exhibiting bias against conservatives. This has been a recurring point of contention, with more than a dozen state auditors accusing Bank of America of “politicized de-banking” in the previous year. Bank of America, however, stated that it has “no political litmus test.
Citigroup initially declared in 2018 that it would discontinue banking services to businesses selling firearms to individuals under 21, to those who did not pass a background check, or those selling bump stocks or high-capacity magazines.
This policy impacted small businesses, commercial and institutional clients, and credit card partners, but did not restrict how individual customers used their cards.
Firearm sales policy update
The controversial move by Citigroup aligns with recent regulatory developments, Executive Orders, and federal legislation.
At the annual World Economic Forum in January, President Donald Trump criticized big banks, urging them to be more inclusive of conservative clients. Citigroup also announced an update to its employee Code of Conduct and its external Global Financial Access Policy, stating it will not discriminate based on political affiliation, similar to its policies on race and religion. This decision has sparked debate among stakeholders, highlighting the ongoing tension between financial institutions and political ideologies.
The change at Citigroup comes amid broader allegations from influential tech leaders and right-wing officials that the Biden administration improperly blocked certain people, such as cryptocurrency proponents and conservatives, from accessing banking services. This issue has persisted even after President Donald Trump returned to the White House. Banking executives have consistently stated that they terminate banking services only when there are concerns related to anti-money laundering laws or know-your-client regulations, not due to political affiliations.