Wells Fargo (WFC.N) has temporarily halted all business travel to China after one of its employees was unable to leave the country, according to a source familiar with the situation.
The employee, Chenyue Mao, was reportedly placed under an exit ban after recently entering China, according to a Wall Street Journal report citing people familiar with the matter.
In a statement to Reuters, Wells Fargo said: “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 situation has drawn attention amid ongoing discussions about travel risk for multinational companies operating in China. Concerns have been raised regarding the safety and freedom of movement of employees, which could affect future business travel and add complexity to U.S.-China business relations.
Chenyue Mao, who was born in Shanghai and is currently based in Atlanta, serves as chairwoman of FCI, formerly known as Factors Chain International—a global organization focused on trade receivables finance. Her appointment was announced in June 2025. Before taking the role of chair, she served as vice chair of the organization. FCI did not immediately respond to a request for comment.
Some major financial institutions had already been advising staff to take precautions while traveling internationally, including carrying additional documentation, due to evolving geopolitical dynamics and concerns related to immigration and security policies, a source at a large bank noted.
Wells Fargo CEO Charlie Scharf is a member of the Business Roundtable, an association of business leaders that was addressed by U.S. President Donald Trump earlier this year.
