JPMorgan opens talks on easing $100,000 H-1B visa fee
JPMorgan launches consultations with regulators and stakeholders following the US government's proposal to charge a one-time $100,000 fee for new H-1B visas.
Representatives of the global banking giant JPMorgan plan to engage with regulators and lawmakers to address the potential impact of the newly proposed fee on H-1B visa applications for US tech companies and the Indian IT market.
JPMorgan Chase CEO Jamie Dimon told Reuters the decision "caught everyone off guard" and requires detailed clarification. He added that H-1B visas are critical for global businesses, allowing companies to move specialists across borders and promote talent internationally.
The bank’s consultations are expected to focus on clarifying how the fee would be applied, including who is responsible for payment, how it will be calculated, and possible exemptions. Industry groups are also pushing for mitigating measures such as phased implementation, carve-outs for research or critical projects, and transitional rules for employees already in transfer.
For technology companies, these adjustments could help preserve workforce mobility and mitigate the impact of higher relocation and contract costs.
Banks and large corporations are among the biggest sponsors of H-1B visas. JPMorgan alone secured around 2,440 approvals in 2024 and faces particularly high exposure to the proposed fee.
On September 19, President Trump issued a proclamation titled “Restrictions on Entry of Certain Nonimmigrant Workers,” introducing a $100,000 fee on new H-1B visa applications and limiting the entry of certain H-1B holders into the U.S. This measure could fundamentally change the temporary migration market and increase costs for contractors. The White House later clarified that the fee only applies to new visa requests and does not affect holders of already issued H-1Bs.
The Indian IT sector already slumped on the news, with all 10 stocks in the Nifty IT index declining. Infosys, TCS, HCLTech, and Wipro slipped about 2%, while Persistent Systems lost up to 4% on September 22. The sell-off reflects concerns that a large share of the industry’s revenue relies on access to the U.S. market and the ability to transfer employees to American projects.
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