"US Secures Release of Wells Fargo Banker Barred from Leaving China, Sources Say"
By Laurie Chen
September 18, 2025 12:38 AM GMT+6 | Updated 10 hours ago
People walk outside Shanghai World Financial Center, where a Wells Fargo office is located, in the Lujiazui financial district in Shanghai, China, July 18, 2025. REUTERS/Go Nakamura/File Photo Purchase Licensing Rights
Mao’s Exit Ban Lifted After U.S.-China Negotiations
BEIJING, Sept 17 (Reuters) – Wells Fargo (WFC.N) senior banker Chenyue Mao, who had been barred from leaving China for several months, has now been allowed to return to the United States after negotiations between U.S. and Chinese officials, according to two people familiar with the matter.
One of the sources confirmed that Mao has already left China, but requested anonymity due to the sensitivity of the case.
Mao, who leads Wells Fargo’s internationa l factoring and cross-border strategies, was among foreign executives facing exit bans in China, an issue that has raised concerns among global businesses and investors.
Compared with many Wall Street peers, Wells Fargo maintains a relatively small presence in China.
The lifting of Mao’s exit ban comes shortly after U.S. and Chinese officials reached a deal in Madrid to bring short-video app TikTok under U.S.-controlled ownership. The agreement is seen as a breakthrough in months-long negotiations between the world’s two largest economies to ease a trade war that has unsettled global markets.
The Washington Post first reported the news of Mao's exit ban being lifted.
It was not immediately clear whether Mao’s exit ban was discussed in Madrid or was addressed in separate talks.
In July, China’s Foreign Ministry stated that she had been prevented from leaving the country due to her involvement in a criminal case and was required to cooperate with an investigation.
“China is a country governed by the rule of law and handles criminal cases, as well as matters of exit and entry, according to its laws,” the ministry said on Wednesday when asked for an update
Wells Fargo, the White House, and the U.S. Embassy in Beijing did not respond to Reuters’ requests for comment.
“The Department of State has no higher priority than the safety and security of U.S. citizens. We have nothing further to add regarding Special Envoy Boehler’s comments at this time,” the U.S. State Department said.
Reuters had reported in July that the U.S. bank suspended all travel to China after Mao’s exit ban. As of Wednesday, the ban remains in place, according to a person familiar with the matte
r.
Some of the other major banks have continued business travel to China, with employees traveling as needed, according to two sources. The US-China Business Council, representing 270 American companies operating in China, concluded a two-day trip to Beijing in July to promote bilateral commercial ties, just days after Mao’s exit ban.
The exit ban has revived concerns, as Mao, born in Shanghai and based in Atlanta, is a U.S. citizen, Reuters reported in July citing a sourc
e.
Chenyue Mao leads Wells Fargo's international factoring operations, a financing approach in which companies sell their receivables to third parties, like banks, to receive immediate cash. She also provides guidance to multinational clients on cross-border working-capital strategies. Mao did not immediately reply to an email requesting comment and has been with Wells Fargo for more than ten years, according to her LinkedIn profile.
U.S. Secures Release of Wells Fargo Banker Barred from Leaving China
By Laurie Chen – September 18, 2025
Chenyue Mao, a Wells Fargo banker who had been barred from leaving China for several months, has been allowed to return to the United States following negotiations between U.S. and Chinese officials, according to sources familiar with the matter. Mao has already departed China.
The lift of Mao’s exit ban follows a broader agreement reached in Madrid, where U.S. and Chinese officials arranged for the short-video app TikTok to shift to U.S.-controlled ownership—a key step in easing tensions between the two largest economies and global market uncertainty.
China had previously cited Mao’s involvement in a criminal case as the reason for the exit ban, stating that she was required to cooperate with an investigation. The Chinese Foreign Ministry emphasized that the country operates under the rule of law and manages exit and entry issues according to its regulations.
Wells Fargo, the White House, and the U.S. Embassy in Beijing did not immediately comment. The U.S. State Department stated that the safety and security of U.S. citizens remains its highest priority.
After Mao’s exit ban, Wells Fargo suspended all employee travel to China, though other major banks have continued business trips. The U.S.-China Business Council, representing 270 American companies operating in China, had completed a two-day Beijing visit in July, shortly after the ban was imposed.
Mao, a Shanghai-born U.S. citizen based in Atlanta, leads Wells Fargo’s international factoring business, helping companies sell receivables to third parties for immediate cash and advising multinational clients on cross-border working capital strategies. She has been with Wells Fargo for over a decade.
Wells Fargo’s operations in China remain modest compared to its Wall Street peers, with its Shanghai and Beijing branches employing around 63 staff in 2024. These branches handle deposits, loans, trade bonds, securities (excluding stocks), and foreign exchange businesses.
Mao’s case has raised concerns about foreign executives’ vulnerability to Chinese authorities. She joins a list of executives previously restricted from leaving China or detained, including U.S. corporate due diligence firm Mintz Group employees released in March, and a senior Nomura banker barred from leaving mainland China in late 2023.
Reporting by Laurie Chen in Beijing & Nilutpal Timsina in Bengaluru; additional reporting by Humeyra Pamuk in Washington and Nupur Anand in New York. Editing by Tom Hogue, Shri Navaratnam, Franklin Paul,
and Nick Zieminski.
Our Standards: Upholding the Thomson Reuters Trust Principles.
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