Wells Fargo has suspended business travel to China after one of its executives, Chenyue Mao, was barred from leaving the country. The bank’s decision comes amid growing concerns about staff safety and restrictions on movement in China.
Mao, a Shanghai-born managing director at Wells Fargo, was reportedly “blocked from leaving China” after traveling there recently. In response, the bank has halted all employee travel to China until further notice.
“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.
The incident highlights the risks of operating in China for multinational companies. It may also discourage corporate travel to the country, adding to the tensions between the US and China as they seek to hammer out a trade deal.
It’s worth noting that exit bans are not typically imposed on people accused of crimes, but rather those involved in civil litigations such as business disputes. However, these restrictions can last for months or years as investigations unfold.
In other news, severe thunderstorms and heavy rainfall have been issued for parts of the eastern US and Midwest. The National Weather Service has warned of potential flash flooding in areas such as Missouri and Illinois.
Source: https://www.axios.com/2025/07/18/china-wells-fargo-exit-ban