Financial institutions in the United States are poised to experience significant challenges due to President Donald Trump’s recent changes to the H-1B visa program. The administration’s decision to impose a one-time $100,000 fee for new H-1B visa applications is expected to disproportionately affect the finance sector, which heavily relies on skilled foreign workers for various roles.
Impact on Financial Institutions
Major financial firms, including JPMorgan Chase, Goldman Sachs, and Citigroup, have historically utilized the H-1B visa program to fill positions in technology, quantitative analysis, and risk management. In 2025, the top 10 U.S. financial firms secured approximately 12,000 H-1B visas, with many of these visa holders engaged in critical tech functions like algorithmic trading and risk management.
The new $100,000 fee, effective October 1, 2025, applies only to new visa applications and does not affect renewals. However, this substantial cost could deter companies from hiring foreign talent, particularly for entry-level tech and analyst positions. Unlike tech companies with high profitability that can absorb the added cost, banks and financial services may struggle more, potentially turning to offshore hiring or relocating roles to countries like Canada.
Broader Implications
The policy aims to prioritize higher-paid, high-skilled workers and increase job opportunities for U.S. tech workers. However, the fee does not apply to visa renewals. In addition to exploring alternative visa programs and expediting green card sponsorships, professional service firms and consultancies are re-evaluating their hiring strategies due to the potential financial burden and workforce disruption.
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