Citigroup has revoked a policy to curb deals with companies selling guns, the latest sign of how U.S. companies are under pressure from Donald Trump to take on major political issues.
Wall Street Bank changed its code of conduct Tuesday to state that it "does not distinguish based on political affiliation" and revoked the rules it set in 2018 to limit its relationship with gun sellers.
Citi's decision to remove its gun policy represents a shift to a lightning rod that has long been a lightning rod for American politics and culture.
Trump said the administration will review gun policies formulated by his predecessor, Joe Biden's administration, which could violate Americans' constitutional rights to possess weapons. He has also been a strong critic of corporate policies that support social causes.
New York-based Citi implemented the policy in 2018 after the Parkland School shooting in Florida, which killed 17 people in one of the worst events of their kind in U.S. history.
The organization said at the time that the policy was already in place because “as a society, we all know that something needs to change. As a company, we think we have to do our part.”
Mike Corbat, who was then CEO of Citi, also touted the policy at the organization's 2018 Annual General Meeting, saying it was "designated to retain the rights of responsible gun owners like me while relying on best sales practices to put guns in the wrong hands."
The policy requires banks’ customers and partners not to sell guns to people under the age of 21 or those who fail a background check. It also requires dealers not to sell stock bumps or large-capacity magazines.
Citi also said that this would change its policies to “clearly show that we do not discriminate based on political affiliation, as we obviously do not discriminate based on other characteristics such as race and religion.” It added: "This will allow us to edit content that we have practiced for a long time".
The change happened before Trump claimed that some U.S. banks refused to provide services based on political affiliation.
Citi quoted “concerns about 'equitable access' to banking services” and “regulatory developments, recent executive orders and federal legislation” to change its policies.
It said the rules regarding guns “aim to promote best sales practices as prudent risk management” but “has not addressed the manufacturing of guns.”
“Many retailers have been following these best practices and we hope that communities and lawmakers will continue to seek ways to prevent the tragic consequences of gun violence,” Citi said.