Wells Fargo suspends China travel after employee exit ban, source says

Reuters

7 days ago

July 17 (Reuters) - Wells Fargo (WFC.N), opens new tab has suspended all travel to China after a banker was blocked from leaving the country, a person familiar with the matter told Reuters on Thursday.
The U.S. banking giant's Chenyue Mao was subjected to an exit ban after she entered China in recent weeks, the Wall Street Journal reported, citing people familiar with the matter.
"We are closely tracking this situation and working through the appropriate channels so our employee can return to the United States as soon as possible," Wells Fargo said in a statement emailed to Reuters.
The ban could worsen concerns among multinational companies about the risks of doing business in China, particularly around employee safety and freedom of movement. The incident could also chill corporate travel to the country and complicate relations between the world's two biggest economies.
Broader U.S.-China relations remain tense, shaped by deepening strategic, economic, and geopolitical rivalries.
Mao was born in Shanghai and is based in Atlanta, according to a June 2025 release from FCI, where she serves as chairwoman. FCI, formerly named Factors Chain International, is a global network of companies that do business in the factoring and financing of trade receivables.
Before her election as FCI chair in June, Mao served as vice chair of the body. The industry body did not immediately respond to a Reuters request for comment on the matter.
Mao is a U.S. citizen, the source said.
She has been a banker at Wells Fargo for over a decade, according to her LinkedIn profile. She currently serves as a managing director at the lender and spearheads its international factoring business, as well as advising multinational clients on cross-border working-capital strategies.
Factoring is a financing method where companies sell their receivables to third parties, such as banks, in exchange for immediate cash. The third party, known as the factor, profits by purchasing the receivables at a discount and collecting the full amount later.
The Wall Street Journal reported that it could not be determined precisely when Mao entered China, or what prompted the travel restriction.
She has worked and interacted with Chinese companies and industry groups on trade financing and international factoring matters, the Journal reported, adding that she also sometimes traveled to China for business.
Beijing has increasingly used exit bans on both Chinese and foreign nationals, often in connection with civil disputes, regulatory investigations or criminal probes.
Many affected individuals are unaware of the restrictions until they attempt to leave the country.
Mao did not immediately respond to a Reuters request for comment on LinkedIn. The White House and China's foreign ministry did not immediately respond to requests for comment.
In September 2023, authorities in China ordered a senior Nomura banker overseeing the firm's investment banking operations there not to leave the mainland.
Some companies have canceled or delayed trips to China in recent years, while others have introduced safeguards such as advising staff to enter the country in groups rather than alone.
Human-rights groups say, opens new tab China is using exit bans more frequently, often targeting individuals under investigation or those asked to cooperate with government inquiries.