The Announcement
Recently, Citigroup Inc. (C) announced new restrictions on vendors using their accounts to sell firearms and bump stocks. These restrictions, while not fully fleshed out, would ban the transactions from being carried out. Or ban these vendors from having accounts with Citigroup all together. This is a highly unusual step by a financial sector company into a politically charged situation. Banks typically are viewed as holders of financial wealth, and the less news they generate, the better. Wells Fargo (WFC) can't seem to stop generating news, although none of it seems good.
How did this announcement make it from new idea to corporate policy? What may have motivated Citigroup to this decision? What will its impact be?
