China Confirms Exit Ban on Wells Fargo Banker
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The case is currently under investigation and the Wells Fargo employee is obliged to cooperate, China’s foreign ministry said Monday.
China said the case of a Wells Fargo & Co. banker blocked from leaving the country was related to a criminal matter, escalating an episode that already underscored global firms’ fears about operating in the nation.
Wells Fargo halts travel to China after a Shanghai-born banker, Chenyue Mao, was prohibited from leaving. The bank's limited presence includes branches in Shanghai and Beijing. Mao leads the international factoring business,