In The News: Why Bank Of America Ended Business With Some Gun Makers

Back in April, Bank of America made the decision to discontinue business with makers of military-style weapons—like the guns used in many mass shootings—who sold those arms to civilians.

The bank realizes this decision is not the complete answer. “We’re not solving the problem,” said Anne Finucane, Bank of America’s vice chairman, speaking at Fortune’s Most Powerful Women International Summit in London this week. She pointed out that key issues around mental health and gun ownership are matters of public policy outside the bank’s purview.

She added that the decision was not political. “We did it because we felt fear among employees,” she said, adding that the bank had 150 employees and thousands of customers who had been personally affected by America’s scourge of gun violence.

Finucane said the move has cost the bank some business—both of military-style gun makers as well as of those who took issue with Bank of America’s decision—but she’s pretty sure it has also brought in some new customers as well.

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