Banking

BoA Turns Up Heat On Gun Makers

Bank of America is taking a closer to look at its clients that make guns after the shooting at a high school in Parkland, Florida that killed 17 people.

“We are joining other companies in our industry to examine what we can do to help end the tragedy of mass shootings, and an immediate step we’re taking is to engage the limited number of clients we have that manufacture assault weapons for non-military use to understand what they can contribute to this shared responsibility,” a Bank of America spokesperson said in a statement to Axios on Saturday.

This statement comes as many have called for a boycott of companies that do business with the National Rifle Association (NRA). ThinkProgress even listed a group of companies that gave special discounts and deals to NRA members. And in the days since the Parkland shooting, the hashtag #BoycottNRA has exploded on social media.

As a result, United and Delta airlines, Metlife and six car rental brands have pulled discount deals they used to offer to NRA members, while the First National Bank of Omaha announced it will stop issuing an NRA-branded Visa card.

“Customer feedback has caused us to review our relationship with the NRA,” said bank spokesman Kevin Langin.

Other companies that have severed ties with the NRA include MetLife, Symantec, Teladoc, SimpliSafe and Starkey Hearing Technologies.

In addition, investment firm BlackRock, which holds significant stakes in several gun companies, said it plans to speak with key players in the gun industry to “understand their response to recent events.”

“Even if we disagree with management, we focus on engaging with the company and understanding how they are responding to society's expectations of them,” BlackRock spokesperson Ed Sweeney said in a statement, according to CNN.

——————————

NEW PYMNTS DATA: HOW WE SHOP – SEPTEMBER 2020 

The How We Shop Report, a PYMNTS collaboration with PayPal, aims to understand how consumers of all ages and incomes are shifting to shopping and paying online in the midst of the COVID-19 pandemic. Our research builds on a series of studies conducted since March, surveying more than 16,000 consumers on how their shopping habits and payments preferences are changing as the crisis continues. This report focuses on our latest survey of 2,163 respondents and examines how their increased appetite for online commerce and digital touchless methods, such as QR codes, contactless cards and digital wallets, is poised to shape the post-pandemic economy.

TRENDING RIGHT NOW