Jamie Dimon isn’t mincing words when it comes to the Trump administration’s sudden $100,000 fee on new H-1B visas. The JPMorgan CEO said the decision “came out of the blue” and could seriously disrupt the way U.S. companies bring in global talent. For a bank as reliant on technical expertise as JPMorgan, the stakes are massive. According to Business Insider, Dimon made it clear the bank will be engaging with stakeholders and policymakers to push back.
It’s not just rhetoric. JPMorgan is one of the largest sponsors of H-1B visas in the U.S., particularly for roles in software development, quantitative research, and data science. The company already announced plans to consult clients and affected parties about the broader consequences of the fee hike, emphasizing that visas are critical to promotions and cross-border moves. Reuters reported that the bank views this policy shift as a threat to competitiveness in global markets.
Critics of the new fee warn that it could drive companies to relocate roles overseas instead of paying steep costs for U.S. hires. Financial firms, in particular, could face more pain than tech giants since their margins aren’t as cushy and they rely heavily on specialized hires. As Reuters noted, the financial industry may feel an outsized impact compared to Silicon Valley, which can more easily absorb the expense.
Dimon himself has long argued for a more merit-based immigration system, one that welcomes top global talent while ensuring secure borders. He isn’t alone. Other leaders like Sam Altman and Nvidia’s Jensen Huang have voiced similar concerns, warning that restricting talent pipelines could stall innovation just as AI and fintech competition are heating up globally. Business Insider highlighted how executives across industries are alarmed by the potential chilling effect.
The immediate worry is that thousands of visa applications could be shelved each month, with JPMorgan economists predicting as many as 5,500 fewer approvals. That kind of shock would ripple through not just banking but the entire U.S. economy. While the White House frames the policy as protecting American jobs, business leaders are warning it could do the opposite – driving opportunities, and the brightest minds, elsewhere.
For now, Dimon is at the front of the charge, trying to convince Washington that America’s financial future may hinge on keeping its doors open to the world’s best talent.
