Wells Fargo Banker Reportedly Banned From Exiting China
A US-based employee from San Francisco-headquartered Wells Fargo has reportedly been blocked from leaving China.
After entering China in recent weeks, Wells Fargo employee Mao Chenyue was subjected to an exit ban from the country, according to a «Wall Street Journal» report citing unnamed sources.
«We are closely tracking this situation and working through the appropriate channels so our employee can return to the United States as soon as possible,» a spokesperson for the American lender said.
Who is Mao Chenyue?
According to her LinkedIn profile, Mao is currently a managing director based in Atlanta. In a separate press release by FCI, a global network of companies that do business in the factoring and financing of trade receivables, Mao was appointed as its chairman and it notes that she «spearheads the bank’s international factoring business and advises multinational clients on cross-border working-capital strategies».
Within finance, factoring is a type of transaction where a companies sell their receivables to a third party at a discount in exchange for immediate cash.
Wells Fargo is believed to have suspended travel to China.
