SHANGHAI: Wells Fargo has suspended all travel to China after one of its bankers was barred from leaving the country, according to a source familiar with the matter. The incident has heightened concerns among multinational firms about the risks of operating in China, particularly regarding employee mobility and safety.
Chenyue Mao, a managing director at Wells Fargo, was subjected to an exit ban after entering China recently, as reported by the Wall Street Journal. The bank stated it is working to resolve the situation and ensure her return to the U.S. “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.
China’s foreign ministry spokesperson Lin Jian said he was unaware of the case but reiterated China’s commitment to providing a welcoming environment for foreign businesses. “China was committed to providing a welcoming environment for foreign companies to do business,“ Lin said at a press briefing.
The exit ban has sparked broader unease among corporations, with some reconsidering business travel to China. Mark Headley, CEO of Matthews Asia, noted the unpredictability of working in China. “We’ve seen a long pattern since I first traveled to China in 1991 of the country being very tricky to work in, to seeming totally normal, to being tricky again,“ he said.
Mao, a U.S. citizen born in Shanghai, has been with Wells Fargo for over a decade and leads its international factoring business. The Wall Street Journal reported that she frequently engaged with Chinese firms on trade financing matters.
China has increasingly used exit bans in civil and criminal cases, often without clear judicial processes. In 2023, a Nomura banker was similarly barred from leaving mainland China. Human rights groups warn that such measures are becoming more frequent, targeting individuals under investigation.
The incident adds to existing tensions in U.S.-China relations, shaped by economic and geopolitical rivalries. While some firms have tightened travel policies, others remain cautious but continue operations. “Right now I don’t feel that the Chinese authorities will go after foreign tourists,“ Headley said, though he acknowledged heightened vigilance. - Reuters
