Wells Fargo 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.

Full exclusive : Chinese authorities have placed an exit ban on a China-born Wells Fargo executive after she entered the country recently.