"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 also stand to be hit hard by the new H-1B visa application fee, scheduled to go into effect on October 1st. No one was prepared for the rapid change to this program, which firms use to fill an array of roles, from computer programmers to traders and even investment bankers."
"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."
President Donald Trump raised the H-1B visa application fee to $100,000, effective October 1. The fee increase will materially raise hiring costs for banks and other financial firms that use the program to staff technology, trading, and banking roles. Certified-application data from the Department of Labor and USCIS covering October 2024 through June 2025 (the first three quarters of fiscal 2025) shows major financial employers as heavy users of H-1B, H-1B1, and E-3 visas. The dataset reflects certified applications rather than total H-1B employee counts, but it indicates significant immigrant labor demand across the financial sector.
Read at Business Insider
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