H-1B Petitions Fall at Goldman Sachs and JPMorgan and Rise at Citi After Trump's Visa Crackdown

Why It Matters

The decline tightens banks’ access to foreign tech talent, potentially raising hiring costs and slowing digital transformation initiatives across the financial sector.

Key Takeaways

• Goldman Sachs H‑1B filings fell 60% to 101 certifications
• JPMorgan’s petitions dropped 29%, from 724 to 516
• Citi increased filings ~20%; Barclays up ~66%
• Trump’s $100k fee and wage‑lottery reshape visa sponsorship

Pulse Analysis

The Trump administration’s recent overhaul of the H‑1B program—most notably a $100,000 filing fee and a wage‑based lottery—has sent ripples through Wall Street’s talent pipelines. Financial institutions rely on H‑1B visas to staff data‑science, engineering, and cybersecurity roles that underpin algorithmic trading, risk modeling, and client‑facing platforms. By raising the cost of each petition and favoring higher‑paid applicants, the new rules have forced banks to reassess the economics of offshore hiring, prompting a noticeable pullback in certified applications during Q1 FY2026.

Yet the response is not uniform. While legacy banks such as Goldman Sachs and JPMorgan trimmed their petitions dramatically, competitors like Citi and Barclays bucked the trend, posting 20% and roughly 66% year‑over‑year increases respectively. This divergence reflects differing strategic priorities: Citi’s aggressive push into digital banking and Barclays’ expansion of its fintech partnerships demand a steady influx of specialized engineers, whereas Goldman and JPMorgan appear to be reallocating resources toward domestic talent pools or automation solutions. The surge in AI‑focused roles at firms like Capital One underscores how generative AI is reshaping hiring criteria, with many H‑1B petitions now targeting machine‑learning and data‑engineering expertise.

Looking ahead, the upcoming H‑1B lottery will provide a clearer picture of how policy and technology intersect to shape the financial sector’s workforce. Companies that can absorb the higher fees or demonstrate premium wages are likely to secure a larger share of the limited visa slots, giving them a competitive edge in the race for AI talent. Conversely, firms that reduce reliance on foreign specialists may accelerate internal upskilling or partner with domestic universities, potentially altering the talent landscape for years to come.