Wells Fargo employee involved in criminal case: Guo

Wells Fargo employee involved in criminal case: Guo

Wells Fargo (WFC.N) has suspended all travel to China after one of its senior executives, Chenyue Mao, was blocked from leaving the country, according to sources. Mao, a managing director at the U.S. commercial bank specializing in international factoring business, was born in Shanghai and is based in Atlanta. Her inability to depart China has drawn attention to the U.S. bank's operations in the world's second-largest economy.

The incident underscores the challenges multinational companies face when operating in China, where authorities have imposed exit bans on staff of foreign firms. Wells Fargo, which has a relatively small presence in China compared to its Wall Street peers, has not established a locally incorporated foreign-funded bank. The bank's China operations include branches in Shanghai and Beijing, which employ 51 and 12 staff, respectively, as of 2024 [1].

Mao, who has been with Wells Fargo for 12 years, was elected chairwoman of the Financial Credit International (FCI) two weeks ago. She spearheads the bank's international factoring business and has grown annual import-factoring flows to 2.6 billion euros ($3.02 billion) [1]. The bank's commercial distribution finance arm also established a factoring company in Tianjin in 2012, with a branch office in Shanghai housing 34 staff.

Wells Fargo's Asia Pacific hubs are located in Hong Kong and Singapore, with other regional offices in Seoul, Taipei, and Tokyo. The bank's Hong Kong branch recorded HK$42 million ($5.35 million) in profit after tax in 2024, down 22% from the previous year [1].

The incident highlights the risks and challenges faced by multinational companies in China. Wells Fargo has stated that it is closely tracking the situation and working through appropriate channels to ensure Mao's return to the United States as soon as possible.

References:
[1] Reuters. (2025, July 18). Wells Fargo suspends travel to China after senior executive faces exit ban. Retrieved from https://www.reuters.com/business/finance/wells-fargos-business-china-where-senior-executive-faces-an-exit-ban-2025-07-18/
[2] The Economic Times. (2025, July 18). Wells Fargo suspends China travel. Retrieved from https://m.economictimes.com/news/international/business/wells-fargo-suspends-china-travel/amp_articleshow/122772071.cms