Wells Fargo suspends China travel
Wells Fargo suspended travel to China after one of its top trade financing bankers was blocked from leaving the country, the latest case of authorities imposing exit bans on staff of foreign firms.
Chenyue Mao, an Atlanta-based managing director who was born in Shanghai, was banned from departing China after entering the country in recent weeks, according to a person with knowledge of the situation. That led the San Francisco-based bank to restrict its other employees from visiting China, said the person, who asked not to be identified discussing information.
"We're closely tracking this situation and working through the appropriate channels so our employee can return to the United States as soon as possible," a Wells Fargo spokesperson said in an emailed statement.
The case underscores multinational companies' fears about the risks of operating in China.
Chenyue Mao, an Atlanta-based managing director who was born in Shanghai, was banned from departing China after entering the country in recent weeks, according to a person with knowledge of the situation. That led the San Francisco-based bank to restrict its other employees from visiting China, said the person, who asked not to be identified discussing information.
"We're closely tracking this situation and working through the appropriate channels so our employee can return to the United States as soon as possible," a Wells Fargo spokesperson said in an emailed statement.
The case underscores multinational companies' fears about the risks of operating in China.
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