*

Wells Fargo ( WFC ) halts China travel after employee exit ban,

source

says

*

Incident raises concerns about business risks in China

*

Mao's role involves international factoring and

cross-border

strategies

*

Mao is a U.S. citizen and Wells Fargo ( WFC ) managing director

*

Incident may impact corporate travel to China

By Manya Saini and Nupur Anand

July 17 (Reuters) - Wells Fargo ( WFC ) 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 ( WFC ) 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.

DECADE-LONG TENURE

Mao is a U.S. citizen, the source said.

She has been a banker at Wells Fargo ( WFC ) for over a decade,

according to her LinkedIn profile. She currently serves as a

managing director at the lender and spearheads its international

factoring business, as well as advising multinational clients on

cross-border working-capital strategies.

Factoring is a financing method where companies sell their

receivables to third parties, such as banks, in exchange for

immediate cash. The third party, known as the factor, profits by

purchasing the receivables at a discount and collecting the full

amount later.

The Wall Street Journal reported that it could not be

determined precisely when Mao entered China, or what prompted

the travel restriction.

She has worked and interacted with Chinese companies and

industry groups on trade financing and international factoring

matters, the Journal reported, adding that she also sometimes

traveled to China for business.

Beijing has increasingly used exit bans on both Chinese and

foreign nationals, often in connection with civil disputes,

regulatory investigations or criminal probes.

Many affected individuals are unaware of the restrictions

until they attempt to leave the country.

Mao did not immediately respond to a Reuters request for

comment on LinkedIn. The White House and China's foreign

ministry did not immediately respond to requests for comment.

In September 2023, authorities in China ordered a senior Nomura

banker overseeing the firm's investment banking operations there

not to leave the mainland.

Some companies have canceled or delayed trips to China in

recent years, while others have introduced safeguards such as

advising staff to enter the country in groups rather than alone.

Human-rights groups

say

China is using exit bans more frequently, often targeting

individuals under investigation or those asked to cooperate with

government inquiries.