2LT International News

SAN FRANCISCO, California: Wells Fargo has suspended all employee travel to China after one of its senior bankers was barred from leaving the country, a development that has intensified corporate concerns about doing business in the region, a source familiar with the matter told Reuters.

The employee, Chenyue Mao, was subjected to an exit ban during a recent visit to China, according to a Wall Street Journal report citing sources familiar with the case. Mao, a U.S. citizen born in Shanghai, serves as a managing director at Wells Fargo and leads its international factoring business. She is also chairwoman of FCI, a global trade finance industry body.

In a statement to Reuters, Wells Fargo confirmed the situation: “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.”

The U.S. administration declined to comment specifically on Mao’s case, citing privacy concerns. However, a senior official said that China has “for many years imposed exit bans on U.S. citizens and other foreign nationals… often without a clear and transparent judicial process for resolution.”

Beijing has increasingly used exit bans in recent years, sometimes in connection with civil, regulatory, or criminal investigations. In some cases, individuals learn of the restriction only when they attempt to leave the country.

This latest case is likely to heighten existing anxieties among multinational companies about employee safety and freedom of movement in China. Mark Headley, CEO of Matthews Asia, said the situation has prompted renewed concern. “Should I be worried about my employees in China or traveling there? It certainly has leaped to the front of my mind yet again,” he said.

While Matthews Asia has not suspended travel, Headley said he would be monitoring developments closely.

Mao’s tenure at Wells Fargo spans more than a decade. According to a 2025 release from FCI, she is based in Atlanta and was elected as chairwoman in June after previously serving as vice chair. Her work often involved interaction with Chinese companies and frequent travel to China.

The Wall Street Journal reported it was unclear what prompted the travel restriction or when Mao entered the country.

The case echoes previous incidents. In 2023, a senior Nomura banker was also barred from leaving mainland China. Some global firms have since altered their travel policies — advising staff to travel in groups or avoid certain regions — while others have delayed visits altogether.

Human rights groups have warned that China’s use of exit bans has expanded in scope and frequency, often without due process.

Headley recalled a similar incident in 2003 involving a Chinese-born U.S. citizen colleague who was detained at an airport in Shanghai. “I was completely powerless to help,” he said. The memory, he added, is a reminder “not to poke the panda bear.”