Photo by Zeeshaan Shabbir
A senior Wells Fargo banker has been prevented from leaving China due to an ongoing criminal investigation, the Chinese foreign ministry confirmed on Monday.
Chenyue Mao, a US citizen and managing director at Wells Fargo, is reportedly “involved in a criminal case currently being handled by Chinese law-enforcement authorities,” according to ministry spokesperson Guo Jiakun. Speaking at a press briefing in Beijing, Guo said Mao is “subject to exit restrictions in accordance with the law.”
Details regarding the nature of the case and when the exit ban was imposed remain unclear.
Following the imposition of the ban, Wells Fargo has decided to suspend all employee travel to China, according to a source familiar with the matter cited by Reuters. The US banking giant has operated a branch in Shanghai since 2005 and another in Beijing since 2015.
On Friday, the bank released a brief statement saying it was “working through the appropriate channels” to facilitate Ms Mao’s return to the United States, but did not disclose further information on why she is being barred from leaving China.
According to her LinkedIn profile, Ms Mao has worked at Wells Fargo for over 13 years and currently serves as a managing director.
In response to the incident, the US embassy in Shanghai told BBC News that the “safety and security of US citizens overseas” is their “highest priority.”
“We track these cases closely, and have raised our concern with Chinese authorities about the impact these arbitrary exit bans have on our bilateral relations and urged them to immediately allow impacted US citizens to return home,” a spokesperson for the embassy said.
The embassy also criticized China’s long-standing practice of imposing exit bans on US citizens and other foreign nationals, often without providing transparent legal pathways for resolution.
Despite international criticism, China has defended its stance. Foreign ministry spokesperson Guo emphasized that “everyone in China, whether they are Chinese or foreigners, must abide by Chinese laws,” and stated that Ms Mao “has the obligation to cooperate with the investigation.”
The travel restriction on the Wells Fargo executive comes during heightened diplomatic and economic tensions between China and the United States, exacerbated by ongoing trade disputes and tariffs under US President Donald Trump’s administration.
In an effort to attract foreign investment amid these growing tensions, Beijing has recently promised to allow greater participation in various business sectors. Nevertheless, the move against a high-level US banking official is likely to spark further concern among international companies operating in China.
Guo concluded Monday’s press briefing by insisting that “China will, as always, welcome people from all countries to visit China for tourism and business.”
