Wells Fargo Banker Blocked From Leaving China Amid Criminal Probe, Heightening Corporate Travel Fears

Hadisur Rahman, JadeTimes Staff

H. Rahman is a Jadetimes news reporter covering Business

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Image Source: Kylie Cooper/Reuters/FILE

A senior Atlanta‑based Wells Fargo executive has been barred from leaving China as part of a criminal investigation, an incident that is deepening anxiety among multinational firms and executives about the risks of traveling to the world’s second‑largest economy.

Chinese authorities confirmed on Monday that Chenyue Mao, a Shanghai‑born banker who leads Wells Fargo’s international factoring business, is subject to an exit ban while investigators handle an undisclosed criminal matter.

“Ms. Mao Chenyue is involved in a criminal case being handled by Chinese authorities, who have lawfully imposed exit restrictions on her,” said Guo Jiakun, spokesperson for China’s Ministry of Foreign Affairs, during a regular press briefing. “According to Chinese law, the case is under investigation, and Ms. Mao is temporarily unable to leave the country and is obligated to cooperate with the investigation. During the investigation, the authorities will ensure that her legal rights are protected.”

The precise nature of the case or Mao’s alleged connection to it remains unclear. Mao, who has been with Wells Fargo since 2012 and was recently elected chairwoman of FCI, a global network for cross‑border trade finance companies, has not publicly commented. An automated response from her work email indicated she is traveling internationally on business.

Wells Fargo said it is working through diplomatic and legal channels to secure Mao’s return.

“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 bank said in a statement to CNN. The bank has reportedly suspended all corporate travel to China following the incident.

The case comes amid growing scrutiny of China’s use of exit bans, which restrict individuals both Chinese citizens and foreigners from leaving the country while under investigation or entangled in legal disputes. The U.S. State Department currently issues a Level 2 travel advisory for China, warning Americans to “exercise increased caution” due to the risk of arbitrary enforcement of local laws, including exit bans.

Adding to the unease, reports surfaced that a Chinese American employee of the U.S. Commerce Department, visiting family in China, has also been prevented from leaving after failing to disclose his U.S. government employment on his visa application, according to the Washington Post.

Corporate leaders and trade experts say these incidents could have a chilling effect on executive travel to China, potentially complicating global business operations at a time of already‑strained U.S.–China relations.

“This has everyone jittery again, nervous about traveling,” said Sam Stein, president of the U.S.–China Business Council, who previously served as a U.S. diplomat in China. “China has a small window. Now is the time to come out and explain the circumstances where someone can be placed on an exit ban. China really needs to step up.”

Chinese officials, however, maintain that the country remains open for business. “This is an individual judicial case, and China will continue to welcome people from all countries to visit and do business, while upholding their rights in accordance with the law,” spokesperson Guo said.

For now, multinational companies are reassessing their travel policies and risk management strategies as Mao’s case unfolds a stark reminder that cross‑border business in China carries increasingly unpredictable legal and political risks.