President Donald Trump’s new H-1B visa policy, which includes a proposed $100,000 application fee, is poised to significantly impact Wall Street, where major banks like JPMorgan, Goldman Sachs, and Citi heavily rely on these visas to hire skilled international workers. These roles span from junior bankers and technologists to risk managers and traders, with computer-related positions accounting for about two-thirds of H-1B applications in finance last year. Experts warn that the steep fee could drastically reduce demand for these visas, limiting them to only the highest-paid, hardest-to-fill positions. JPMorgan predicts this change could result in 5,500 fewer work authorizations monthly, forcing hiring managers to weigh the cost against candidate qualifications more heavily and potentially disadvantaging international talent.
The policy threatens to alter career paths for international students and young professionals seeking to break into finance, as banks may become reluctant to sponsor entry-level roles due to the prohibitive cost. Junior bankers earning around $185,000, including bonuses, may no longer justify the $100,000 visa expense, leading to decreased attractiveness of U.S. education and finance careers for overseas students. Recruiting experts note that this could deter international enrollment in U.S. universities and create uncertainty for those already studying abroad, with one recruiter emphasizing that the fee effectively places a „price tag” on hiring international candidates, making them less desirable.
In response, financial firms might increase outsourcing and offshoring of tech roles to countries like India, where many already have established hubs, to circumvent the visa hurdles. While some high-demand tech positions in finance may still warrant the fee due to competitive salaries and scarcity, the overall trend could lead to a shift in hiring strategies. Additionally, proposed changes to the H-1B lottery system, prioritizing higher-wage candidates, may offer some relief, but the immediate impact is already visible, with reports of firms canceling hires to avoid the cost. Ultimately, while deep-pocketed institutions may absorb the fee as a minor expense, the policy risks reshaping Wall Street’s talent pipeline and reinforcing global outsourcing trends.
Ez a cikk a Neural News AI (V1) verziójával készült.