Wells Fargo halted corporate travel to China because one of its bankers received an exit ban which intensified worries among multinational companies about employee safety and travel liberties in the region.
The U.S. citizen Chenyue Mao who leads Wells Fargo’s international factoring unit became subject to an exit ban after entering China during recent weeks according to sources with knowledge of the situation. Wells Fargo continues to use official channels to bring their employee back to the United States.
The recent development has brought back previous concerns about foreign business personnel facing arbitrary restrictions while Beijing attempts to display improved investor relations. The Foreign Ministry of China stated it had no knowledge about the situation but reaffirmed its dedication to create a favorable business environment for international companies.
Global financial executives now assess their risk management procedures for China travel activities. Several banking institutions have started requiring employees to bring extra documentation because of rising geopolitical instability.
The recent event has led Matthews Asia CEO Mark Headley to reevaluate travel safety protocols once more. The region has maintained its challenging nature for business operations since it returned to international focus.
The incident threatens to create significant damage to U.S.-China business relations because of ongoing trade and security conflicts.
