Wells Fargo Halts China Travel Amidst Exit Ban on US Banker
Wells Fargo temporarily stops its China travel after a banker, Chenyue Mao, was restricted from leaving the country. This incident raises concerns over employee safety and business risks in China, straining US-China relations. Mao, a decade-long employee, leads Wells Fargo's international factoring business.
Wells Fargo has paused travel to China following an incident where Chenyue Mao, one of its bankers, was barred from leaving the country. This situation has raised alarms among multinational corporations regarding the potential risks linked to conducting business in China, particularly concerning employee safety and freedom of movement.
The U.S. banking giant confirmed the situation involving Mao, who was subjected to an exit ban after a recent visit to China. The situation could complicate corporate travel and further strain already tense relations between the United States and China, driven by economic and geopolitical rivalries.
Mao, an Atlanta-based banker with a decade-long tenure at Wells Fargo, is also chairwoman of FCI. As the situation unfolds, it highlights ongoing issues, including the rising use of exit bans by Beijing, affecting both Chinese and foreign nationals.
(With inputs from agencies.)
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