• China has confirmed an exit ban on US banker Chenyue Mao due to an ongoing criminal investigation.
• Mao, a managing director at Wells Fargo, has been prevented from leaving since entering China recently.
• The bank has suspended all travel to China following the incident.

China’s foreign ministry has confirmed that Chenyue Mao, a senior banker at Wells Fargo, is barred from leaving the country due to her involvement in a "criminal case" currently under investigation. According to spokesperson Guo Jiakun, the exit restriction is enforced in accordance with the law, and Mao is required to cooperate with Chinese authorities during the investigation, which remains confidential at this time, as no further details have been disclosed about the alleged offenses or the timeline of the ban, according to South China Morning Post, Reuters, TRT World, and BBC.

Wells Fargo has responded by suspending all business travel to China for its employees and is reportedly working to facilitate Mao's return to the United States. The bank acknowledged the situation but has refrained from providing further comments on the specifics of Mao's case, with Guo emphasizing that "everyone in China, whether they are Chinese or foreigners, must abide by Chinese laws," emphasizing the importance of legal compliance within its jurisdiction, as reported by the South China Morning Post and Reuters.

This incident underscores the increasing difficulties faced by multinational firms operating in China, as restrictions on foreign nationals have heightened amid ongoing geopolitical tensions, particularly between the US and China. Recent comments from the US embassy indicated ongoing concerns regarding arbitrary exit bans, asserting that they "have raised our concern with Chinese authorities" about their implications for US citizens, according to TRT World and BBC.