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Posted on 10/11/2025 6:40:18 AM PDT by marcusmaximus
Silicon Valley isn't the only industry reeling from President Donald Trump's plans to charge companies hiring skilled foreign workers $100,000 for visas.
Wall Street banks and other financial firms have long used the H-1B visa program to fill an array of roles, from computer programmers to traders and even investment bankers.Trump's executive order, signed late Friday, "caught everyone off guard," JPMorgan Chase CEO Jamie Dimon said on CNBC while in Mumbai, India, this week.
In order to visualize the potential impact on the financial industry, Business Insider turned to publicly available data from the Department of Labor and the US Citizenship and Immigration Services (USCIS). The data covers H-1B application data for the first three quarters of the government fiscal year 2025, as well as the less-common H-1B1 and E-3 visas, from October of 2024 to the end of June this year.
We studied certified visa applications during this time period to highlight the biggest financial industry users of the visa program. The data does not reflect the total number of H-1B employees at any given firm, but it provides helpful context on immigrant labor demands.
The data shows that some of the largest financial employers heavily rely on this visa to fill a range of roles, especially technology roles. Major banks like Chase and Goldman Sachs dominate the list alongside major payments companies like American Express. Asset managers like BlackRock and Vanguard, and research and ratings agency Moody's, help to round it out.
Wells Fargo, Bank of America, and Citigroup declined to comment. The others did not respond to a request for comment from BI.
(Excerpt) Read more at africa.businessinsider.com ...
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Business Insider Afrika. ROTFL! (((YAWN)))
S-2821, the American Tech Workforce Act, has not passed Congress. The 2025 version of the bill was introduced in the Senate in September 2025 by Senator Jim Banks and has since been referred to the Senate Committee on the Judiciary.
Current status: The most recent version, known as the American Tech Workforce Act of 2025 (S.2821), was introduced in the Senate on September 16, 2025. It has not moved beyond the committee stage. Earlier versions of the bill were introduced in previous sessions of Congress but also failed to become law.
Key provisions
<><>the bill would enact major changes to the H-1B and Optional Practical Training (OPT) programs: Raise the wage floor for H-1B visas: The minimum annual salary for H-1B visa holders would increase from $60,000 to $150,000.
<><>Eliminate the OPT program: This would terminate the work authorization program that allows foreign students to gain temporary employment in the U.S. after graduation.
<><>Reform H-1B visa allocation: The existing H-1B lottery system would be replaced with a system that awards visas to the highest-paying employers.
And what about GOVERNMENT! At ncfast/ncdhhs it was 80 h1bs to 1 American! Hell they even had 1 guy and gal over there doing the tech interviews for 100s of them. Then these incompetent frauds are here and stay somehow! Go to the Apex NC Costco and you are in India and not America!
SO BE IT! American jobs for Americans!. H-1BS should go home and work out their own problems. It is just a ticket for cheap labor to push out Americans. I speak from experience.
It’s all by design.
roles
These firms had best start funding programs to build-up the American workforce rather than its replacements. And building up the American workforce requires ending DEI.
Earnings are coming out for both. I'm sure no one wants the prices of a couple of the largest financial stocks to slide a little in order to back up the truck ahead of that. That kind of thing never happens. 😉
Oh noes, banks will have to hire Americans!
Since I do projects for banks......yes Citi has plenty...so does Wells Fargo. So does BofA. I don’t know about Chase since I’ve never done a project for them but I suspect they have plenty too. I notice the banks aren’t showing up as the top firms hiring them except for Citi....then all I can say is they must be some of the biggest customers of these H1B consulting firms (plus Deloitte) because I’ve seen the hordes of H1b Indians in all those big office towers for the banks. Thousands of them.
I estimate 1/4 of the people in those big officer towers for the banks are H1B Indians. I've been in consulting doing projects for big banks for 20 years. I've worked for Wells Fargo, Citi, BofA, Keybank, Citizens Bank, MUFG, SMBC, US Banks and others. Multiple projects at most of those.
The institutional racism is against whites, especially the dreaded white male.
We need a white equivalent of MLK to fight institutional racism.
No need.
Just end the visa programs & give them the bum’s rush home.
Article F@#$ed up when used the word “skilled”. That is not the purpose of H1B. The purpose (& I have hired in that program) is to import defacto slaves. Once imported at a lower rate than local domestic US citizens the importee cannot look around and see if there is a better position available. They are locked into the hiring company — enslaved.
Like forming an international workers’ union that functions to entrap importees and exclude local talent.
Skills have nothing to do with it. They will hire janitors if they could get away with it.
Coupled to "could be."
Democrats love ‘cheap labor’... Cheap labor doesn’t have to mean the people are working at the bottom of society picking grapes - it means they’re working at wages below what would ghave to be paid to Americans.
Democrats used cheap black labor in the lead up to the civil war. Democrats used Jim Crow tactics to keep black cheap labor in line after the civil war - and today they used bullshi*t pity party ‘racist’ name calling to bring in more cheap labor to undermine American workers. To hell with these greedy white liberal ‘elites’. And that includes Jamie Dimon and the rest of ‘em who use our public schools for DEI dumbing down experiments. They wouldn’t do that if they had to hire America’s young...
We had one in Charlie Kirk. He met the same sad fate as MLK.
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