Trump's $100,000 visa fee threatens Wall Street's pipeline of junior bankers and tech talent

"President Donald Trump's new H-1B visa policy may hit Big Tech the hardest, but Wall Street is well within the blast zone. Big banks like JPMorgan, Goldman Sachs, and Citi have long used these work visas to hire a range of highly skilled overseas workers, from junior bankers to technologists and even risk managers and traders. Trump's late Friday executive order, which raised the application fee to $100,000 each, is expected to upend this hiring process in a way that could"

""If the $100,000 fee is indeed implemented, I would expect demand for H-1Bs would shrink to just the most highly compensated, hardest-to-fill roles," said Ted Chiappari, head of Duane Morris' immigration law group. Chiappari pointed to junior-level bankers, like analysts, who he said are common recipients of financial industry H-1B visas. Computer-related jobs are also a big source of the finance industry's H-1B hiring, making up about two-thirds of applications last year, according to a recent report from JPMorgan."

President Trump's executive order raises the H-1B application fee to $100,000, creating a strong disincentive for financial firms to sponsor many foreign hires. Large banks routinely sponsor junior bankers, technologists, risk managers and traders, with computer-related roles comprising about two-thirds of recent H-1B applications. Experts expect demand to shrink to only the most highly compensated, hardest-to-fill positions, and JPMorgan estimated roughly 5,500 fewer work authorizations monthly. The fee raises hiring costs that will disadvantage international students seeking entry-level finance jobs and could prompt financial firms to outsource technology functions.

Read at Business Insider