US H-1B Visa Fee Could Push Bank Jobs Overseas
Also: Citadel’s 50-pound goal book, Morgan Stanley embraces crypto and JPMorgan is everywhere
A recruitment event at GL Bajaj Institute of Technology & Management. If India’s tech stars aren’t allowed to come to Wall Street, then Wall Street will come to them.
Photographer: Anindito Mukherjee/Bloomberg
We might have to rename ourselves the JPMorgan Chase Industry Monitor for this week, because the bank shows up in all the major themes.
Let’s start with the H-1B convulsion, in which the Trump administration disclosed plans to charge $100,000 for the coveted work visa for high-skilled workers. JPMorgan’s Jamie Dimon says this “caught everyone off guard.’’ HSBC sees the problem as “manageable,” while Royal Bank of Canada’s CEO says, in effect, thanks very much for the chance to grab tech talent for Canada. Wall Street’s list of solutions includes going long on support hubs in India, where JPMorgan already has about 55,000 people.