Speaking to Times of India, JPMorgan CEO Jamie Dimon said that the company is “engaging with stakeholders and policymakers”.
“For us, visas matter because we move people around globally, because we move people around globally — experts who get promoted to new jobs in different markets,” Jamie Dimon told the paper.
In a separate interview with news channel CNBC-TV18, Dimon said Trump’s announcement “caught everyone off guard”.
New H-1B visa fees: What we
Donald Trump on September 19 signed a proclamation titled ‘Restriction on entry of certain non-immigrant workers’, which hikes H-1B visa fees to $1,00,000 for all new applications.
Amid vast confusion over the scope and finer details of the new rule, the White House on September 20 further clarified that the hiked $1,00,000 fee (around ₹90 lakh) is not a annual charge.
“This is NOT an annual fee. It’s a one-time fee that applies only to the petition and won’t apply to existing holders of valid visas re-entering the country,” White House spokesperson Karoline Leavitt said in a detailed post on social media platform X.
The H-1B programme grants 65,000 visas each year to employers hiring temporary foreign workers in specialised fields, along with an additional 20,000 visas for workers with advanced degrees.
Almost all visa fees must be paid by employers. The H-1B visas are granted for a period of three to six years, according to a report by Reuters.
How did companies react?
The exorbitant hike triggered a wave of panic among US companies, especially tech giants such as Meta and Microsoft.
- Microsoft asked H-1B and H-4 visa holders who were outside the US to return to the country before the September 21 deadline, reported Reuters.
- JP Morgan, on the other hand, asked the H-1B visa holder to avoid international travel until further guidance is provided.
- A Goldman Sachs internal memo seen by Reuters on Saturday urged employees with such visas to exercise caution on international travel.
(With inputs from Reuters)
