H-1B visa filings at major U.S. financial firms have declined sharply in the wake of President Trump's visa policy changes, with some of Wall Street's biggest players scaling back their reliance on foreign workers. Data from the Department of Labor shows that certified H-1B applications from Goldman Sachs and JPMorgan fell significantly in the first quarter of fiscal year 2026, a period running from October to December.
Declines at Major Firms
JPMorgan Chase, previously the largest financial sector user of the H-1B program, saw a nearly 29% drop in filings, from 724 in the first quarter of fiscal year 2025 to 516 in fiscal year 2026. Goldman Sachs experienced an even steeper decline, with filings plummeting more than 60%, from 256 to 101. Both firms primarily use H-1B visas for technical roles, though Goldman Sachs' remaining filings include a mix of financial and technical positions.
Rising Filings at Competitors
While Goldman Sachs and JPMorgan reduced their H-1B filings, some competitors increased their reliance on the program. Citi's filings rose nearly 20%, Barclays' surged by almost two-thirds, and Morgan Stanley's increased by more than a quarter. Citi and Barclays' filings reflect a mix of financial and technical workers, while Morgan Stanley's filings do not specify job functions. Capital One, with a modest 4% increase, focused on data science and machine learning roles, including director-level positions in data engineering and senior lead roles in machine learning.
Policy Impact
The Trump administration's changes to the H-1B program, including a $100,000 fee, social media vetting requirements, and a wage-based lottery system, have made the process more costly and uncertain for employers. While the Labor Department's certified applications provide an early snapshot, final visa approvals and lottery selections will offer a clearer picture of the policy's impact. Immigration lawyers attribute the dip in filings to these policy shifts and rising corporate reluctance to sponsor work visas.