Finance Giants SCRAMBLE Amid Trump’s Visa Overhaul

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Wall Street giants like Goldman Sachs slashed H-1B petitions by over 60% after Trump’s visa crackdown, but why are rivals like Citi ramping up theirs?

Story Snapshot

Goldman Sachs H-1B certifications plunged from 256 to 101, a 60% drop in FY2026 Q1.
JPMorgan Chase filings fell nearly 29% from 724 to 516 amid new $100,000 fees.
Citi boosted petitions by 20%, Barclays nearly doubled, Morgan Stanley rose over 25%.
Trump’s rules prioritize U.S. workers via wage lotteries and vetting, hitting finance hard.
AI shifts and costs reshape hiring, protecting American jobs while competitors adapt.

Trump Administration Unveils H-1B Overhaul

Late September 2025, the Trump administration imposed a $100,000 H-1B fee, social media vetting, and a wage-based lottery favoring higher-paid applicants. These changes escalated from first-term restrictions, targeting specialty occupations in tech and finance. Financial firms, heavy users for data science and engineering roles, faced immediate cost hikes. Department of Labor certifications ensure fair wages and no harm to U.S. workers. Broader tech layoffs amplified the pressure, forcing strategic pivots.

FY2026 Q1 Filings Reveal Sharp Declines at Leaders

October to December 2025, Goldman Sachs certified 101 applications, down over 60% from 256 the prior year. JPMorgan Chase dropped nearly 29% to 516 from 724, focusing on tech roles. Top financial filers saw 10% fewer certifications overall; the 20 biggest users plunged 25%. These figures reflect preliminary data, as certifications precede the March 2026 lottery and final approvals. Firms declined comment requests, leaving motives unclear. AI automation fears displaced some white-collar needs.

Competitors Buck Trend with Filing Surges

Citi increased certifications nearly 20%, Barclays nearly two-thirds, and Morgan Stanley over a quarter. These gains targeted mixed tech and front-office roles. Capital One rose 4% in data and machine learning positions. Variability signals diverse strategies: cost-sensitive giants retreated while others persisted for talent edges. U.S. Chamber of Commerce called the fee cost-prohibitive for smaller firms, echoing past lawsuits against Trump’s 2020 wage rules, later deemed unlawful. Common sense favors protecting American wages over unchecked imports.

Emily J. Thompson, Senior Investment Analyst, attributes shifts to AI uncertainties and policy pressures. Critics like Rep. Raja Krishnamoorthi warn of losing edge to China; pro-restriction views emphasize U.S. job protection. Data limitations persist: certifications do not guarantee approvals, and multiple filings per worker occur. Full-year trends remain pending Q2 data.

H-1B petitions fall at Goldman Sachs and JPMorgan and rise at Citi after Trump's visa crackdown https://t.co/QfWkNTvWnS

— BargainBest777 (@nataliecorri) April 10, 2026

Implications Reshape Finance and Tech Hiring

Short-term, higher costs deter filings, pushing domestic hires and AI adoption. Citi and Barclays gain competitive advantages in talent wars. Long-term, firms reevaluate sponsorships amid potential shortages. U.S. employees benefit from wage protections; H-1B seekers face delays. Economically, AI offsets some needs, fulfilling America First priorities during layoffs. Tech mirrors finance: Amazon, Google, Meta, Microsoft down sharply, Nvidia up on AI boom. Policy aligns conservative values by prioritizing citizens first.