A massive fee hike for new H-1B visa applications was imposed by Donald Trump, setting the cost at $100,000, and warnings have been sounded that the financial industry could be hit hardest.
Banks and other financial firms, long reliant on foreign tech talent, are being put on alert. Firms such as JPMorgan, Goldman Sachs, American Express, Citigroup, and Morgan Stanley are among those identified by data as having high numbers of certified H-1B applications.
The rule change was signed into effect via executive order, surprising many in the industry. Jamie Dimon, CEO of JPMorgan, said the move “caught everyone off guard.”
An analysis of visa data covering the first three quarters of fiscal year 2025 showed that many of the largest financial employers already use H-1B visas extensively, especially for technology roles.
Experts warned that hiring costs could skyrocket, foreign talent could be discouraged, and projects might be delayed or downsized. The change may disproportionately damage firms that cannot easily replace skilled international workers with domestic hires.