JPMorgan’s Surprise Response to Trump’s H-1B Visa Fee Rule

JPMorgan Chase CEO Jamie Dimon has publicly addressed a new US visa rule. He called the proposed $100,000 H-1B visa fee unexpected. The announcement came during a recent business discussion.

Dimon stated the financial giant will engage with policymakers on the matter. This move by the Trump administration has caused significant concern among major US employers.

Corporate America Reacts to Sudden Policy Shift

The policy was announced last week by former President Donald Trump. It mandates a hefty fee for new H-1B visa applications. Companies use these visas to hire highly skilled foreign workers.

According to Reuters, JPMorgan was a top sponsor of these visas in fiscal year 2024. It approved visas for approximately 2,440 workers. The new fee creates a substantial financial hurdle for such hiring.

Major tech and finance firms have issued internal advisories. They are urging current visa holders to ensure their travel plans are secure. The goal is to avoid complications under the new rule.

Broader Implications for US Competitiveness and Immigration

Dimon expressed a broader concern about American attractiveness to global talent. He emphasized that America’s history as an immigrant nation is a core strength. JPMorgan frequently moves experts internationally for promotions and new roles.

The White House later clarified the fee applies only to new applications. Renewals and re-entries for existing holders are exempt. This clarification came after initial confusion and anxiety.

The CEO also commented on US-India relations. He described India as a “natural friend” of America. He expressed hope for a trade deal between the Trump administration and Prime Minister Narendra Modi.

This new visa fee represents a significant shift in US immigration policy for skilled workers. Its long-term impact on corporate hiring and global talent flow remains a critical issue for businesses like JPMorgan.

Dropping this nugget your way-

Q1: What is the new H-1B visa fee announced by Donald Trump?

The new rule proposes a fee of $100,000 for certain H-1B visa applications. This is a substantial increase from previous costs. The fee targets new visa petitions.

Q2: Does the $100,000 H-1B visa fee affect current visa holders?

The White House clarified it does not affect most current holders. Renewals and re-entry into the US are exempt from this new charge. The fee is primarily for new applications.

Q3: Which companies are most affected by this H-1B visa change?

Major tech and financial firms are significantly impacted. Companies like JPMorgan, Microsoft, and Amazon are top sponsors of H-1B visas. They rely on this program for specialized global talent.

Q4: Why did Jamie Dimon criticize the visa fee announcement?

Dimon said the policy “came out of the blue” without warning. He is concerned it could make the US less attractive to skilled professionals. JPMorgan will engage with stakeholders on the issue.

Q5: How many H-1B visas did JPMorgan sponsor recently?

According to data cited by Reuters, JPMorgan sponsored visas for about 2,440 beneficiaries in fiscal year 2024. This placed them among the top ten companies using the program.

Trusted Sources

Reuters, Times of India