U.S.-based Wells Fargo banker barred from exiting China, WSJ studies

[ad_1] (Reuters) -A U.S.-based Wells Fargo banker who works in commerce financing has been blocked from leaving China after touring there just lately, the Wall Road Journal reported on Thursday.

Chenyue Mao was subjected to an exit ban after she entered China someday in current weeks, the report stated, citing folks aware of the matter.

The U.S. banking large has suspended all journey to China following Mao's exit ban, in response to the report. Reuters was unable to independently confirm the suspension.

"We're carefully monitoring this example and dealing by way of the suitable channels so our worker can return to the US as quickly as potential," Wells Fargo stated in a press release emailed to Reuters.

The ban may worsen considerations amongst multinational firms concerning the dangers of doing enterprise in China, notably round worker security and freedom of motion. The incident may additionally chill company journey to the nation and complicate relations between the world's two largest economies.

Broader U.S.-China relations additionally stay tense, formed by deepening strategic, financial, and geopolitical rivalries.

Mao was born in Shanghai and is predicated in Atlanta, in response to a June 2025 launch from FCI, the place she serves as chairwoman. Earlier than her election as FCI chair in June, Mao served as vice chair of the physique.

She has been a banker at Wells Fargo for over a decade, in response to her LinkedIn profile. She presently serves as a managing director on the lender and spearheads its worldwide factoring enterprise, in addition to advising multinational purchasers on cross-border working-capital methods.

Factoring is a financing technique the place firms promote their receivables to 3rd events, resembling banks, in trade for rapid money. The third social gathering, often known as the issue, earnings by buying the receivables at a reduction and gathering the total quantity later.

The Wall Road Journal reported that it couldn't be decided exactly when Mao entered China, or what prompted the journey restriction.

Beijing has more and more used exit bans on each Chinese language and international nationals, typically in reference to civil disputes, regulatory investigations or felony probes.

Many affected people are unaware of the restrictions till they try to go away the nation.

Mao didn't instantly reply to a Reuters request for touch upon LinkedIn. The White Home and China's international ministry didn't instantly reply to requests for remark.