Chinese authorities have barred a U.S.-based Wells Fargo executive from leaving the country, intensifying concerns among Western companies over the risks of doing business in China.
Chenyue Mao, an Atlanta-based banker and chairwoman of global trade group FCI, is reportedly subject to an exit ban related to an unspecified criminal investigation, China’s Ministry of Foreign Affairs confirmed Monday.
#FMsays Foreign Ministry spokesman Guo Jiakun confirmed on Monday that Mao Chenyue, a United States citizen and also an executive at US bank Wells Fargo, has been barred from leaving China due to her involvement in an ongoing criminal investigation. Guo emphasized that it is an… pic.twitter.com/GgyxaJlR88
— China Daily (@ChinaDaily) July 21, 2025
“Ms. Mao is involved in a criminal case… and is obligated to cooperate,” a ministry spokesperson said. Authorities claim her legal rights are being protected during the investigation.
Mao has worked for Wells Fargo since 2012 and leads the bank’s international factoring division. Her automated email response indicates she is currently traveling abroad.
Wells Fargo has suspended employee travel to China, the Wall Street Journal reported. The U.S. State Department maintains a Level 2 travel advisory for China, warning of “arbitrary enforcement of local laws,” including exit bans.
