High Stakes in China: Wells Fargo Banker Under Exit Ban Amid Criminal Probe

Chenyue Mao, a prominent Wells Fargo banker, has been prohibited from leaving China, according to a statement from the country's foreign ministry on Monday. The restriction is due to Mao's involvement in an ongoing criminal investigation, underscoring a tense backdrop of U.S.-China diplomatic ties.

Guo Jiakun, a spokesperson for the ministry, confirmed the exit ban, noting its alignment with Chinese legal procedures. Meanwhile, Wells Fargo has refrained from commenting directly on the issue but indicated their efforts to facilitate Mao's return using appropriate diplomatic channels.

The situation has significant implications for international corporate travel, particularly affecting Chinese-born individuals with foreign citizenship. Mao, a U.S. citizen, is based in Atlanta and specializes in international factoring at Wells Fargo, a role crucial for cross-border trade strategies.

(With inputs from agencies.)