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OPINION

Not the last thing: Where have all the bank leaders gone?

The cat is out of the bag: the public is aware that if you want to stop something, you have to stop the financing. Right now in the US, that something is guns.


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As of March 24, the US counted 1.4 school shootings a week so far this year, including the February Parkland massacre where 17 students and teachers were killed. 

For a while president Donald Trump looked like he might show his disregard for the norm by altering gun laws in its wake, but he soon forgot all about it. On March 25, 1.2 million people across the US marched to remind him. 

Beyond marching, frustrated individuals are also turning on the banks that finance gun manufacturers. That spells bad news once again for Wells Fargo, the lead arranger of financing for gun companies, according to Bloomberg, since the 2012 shooting at Sandy Hook, where 20 children and 6 adults died. Some small protests outside its branches have already occurred. 

But does it have to be bad news for Wells? This is precisely where the bank could reverse its awful reputation by doing something bold – like Citi. 

In March, Citi’s chief executive Mike Corbat announced the bank was introducing a policy to require new retail sector clients or partners not to sell firearms to someone who hasn’t passed a background check; to restrict the sale of firearms for individuals under 21 years of age; and to stop selling bump stocks or high-capacity magazines.