Wells Fargo Halts Travel to China After Senior Banker Barred from Leaving Country

 Washington / Beijing — Wells Fargo has suspended all employee travel to China after one of its senior executives was subjected to an exit ban by Chinese authorities, a move that has sent ripples of concern through multinational business circles already wary of Beijing's tightening controls.

The U.S. banking giant confirmed it is working through diplomatic and legal channels to facilitate the return of Chenyue Mao, a managing director based in Atlanta, who was recently barred from leaving China, according to a source familiar with the matter. The incident was first reported by The Wall Street Journal.

“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 an emailed statement to Reuters.

Mao, a U.S. citizen born in Shanghai, is a prominent figure in global trade finance and currently serves as chairwoman of FCI, an international association specializing in factoring and receivables financing. She has worked with Wells Fargo for over a decade, leading its international factoring operations and advising multinational clients on cross-border capital strategies.

The circumstances surrounding the travel restriction remain unclear. China's foreign ministry has yet to comment, and no public explanation has been given for the exit ban. Mao has not responded to requests for comment.

Exit Bans Stir Business Anxiety

The use of exit bans by Chinese authorities has become an increasingly visible issue in recent years, often tied to civil litigation, regulatory probes, or broader national security concerns. Such restrictions are typically undisclosed until the individual attempts to depart the country.

“The Chinese government has, for many years, imposed exit bans on U.S. citizens and other foreign nationals, often without a transparent judicial process,” said a senior official from the Trump administration, who declined to comment specifically on Mao’s case due to privacy concerns.

The incident is expected to heighten concerns among multinational corporations over the legal and political risks of doing business in China—particularly regarding the freedom of movement for employees and executives. It may also contribute to a broader pullback in corporate travel to the country.

“This kind of event is not a step in the right direction,” said Mark Headley, CEO of San Francisco-based Matthews Asia, an investment firm with $6.5 billion in assets and multiple funds focused on China. “Should I be worried about my employees in China or traveling there? It certainly has leapt to the front of my mind yet again.”

Headley noted that while he has not formally suspended corporate travel to China, the situation warrants close monitoring. “Right now, I don't feel the Chinese authorities will target foreign tourists or executives from firms deeply integrated into China’s trade networks—but it’s a rapidly evolving landscape.”

Corporate Precautions Intensify

Even prior to the Wells Fargo incident, several major financial institutions had already begun advising employees to travel in groups, carry additional documentation, and consult internal risk teams before traveling to China, according to sources within global banking circles.

In recent years, Chinese authorities have similarly restricted the movement of executives from other firms. In 2023, a senior banker at Nomura was ordered not to leave the mainland while under regulatory scrutiny.

Human rights groups and legal analysts say exit bans are being used more frequently, including against foreign nationals and dual citizens, often without formal charges or legal recourse. The lack of transparency has only deepened foreign investors' concerns about operating in China under shifting political conditions.

Headley recalled a past episode in 2003 when a Chinese-born American colleague was detained at a Shanghai airport and marched away by security forces. “I was completely powerless to help,” he said. “Incidents like this remind you that you can never be too cautious—and that it’s unwise to poke the panda bear.”

Implications for U.S.-China Relations

The incident comes at a time of continued strain in U.S.-China relations, marked by deepening economic rivalry and geopolitical friction. While trade and investment ties remain robust in some sectors, the regulatory and legal risks for foreign firms have become a growing source of tension.

Wells Fargo CEO Charlie Scharf, a member of the Business Roundtable, was among corporate leaders addressed by U.S. President Donald Trump earlier this year. The administration has increasingly warned companies to assess legal and reputational exposure when operating in authoritarian jurisdictions.

As the Mao case unfolds, it is likely to prompt renewed scrutiny of travel protocols and contingency planning across the financial sector and beyond.