Early data for fiscal year 2026 show a marked slowdown in H-1B visa demand from Wall Street. According to Labor Department certification figures analyzed by Business Standard and released on April 14, certified H-1B applications at 20 leading U.S. banks dropped roughly 10 percent year-on-year in the October–December quarter—before the main cap-season filing window even opened. JPMorgan Chase, historically the top filer in finance, slashed its petitions by nearly 29 percent, while Goldman Sachs recorded a 60 percent plunge. By contrast, Citi, Barclays and Morgan Stanley posted double-digit increases, suggesting a diverging appetite for overseas talent. The decline follows a string of policy changes under the Trump administration: a $100,000 petition fee announced last September, a wage-weighted cap lottery that favors higher-paid jobs, stricter social-media vetting, and additional entry restrictions for certain categories of H-1B holders. Economists note that banks are also recalibrating head-counts as generative AI begins to automate mid-level analyst roles—historically a magnet for H-1B sponsorships. Tech companies showed a similar contraction, with most giants except Nvidia filing fewer Labor Condition Applications (LCAs) in Q1. For global mobility teams, the immediate impact is budgetary. Higher fees and documentation burdens mean each sponsored worker now costs more, and lower selection odds for mid-salary roles may push firms to prioritize niche, senior-level positions. Employees already abroad on H-1B status face longer consular wait times for visa revalidation, a knock-on effect of State Department staffing shortages during the DHS shutdown. Looking ahead, sponsors will have to navigate the first full cap season conducted under the wage-weighted lottery, where Level 4 wage offers can more than double selection chances. Employers considering STEM OPT extensions or L-1 transfers as alternatives should weigh the processing-time trade-offs carefully.
Source: Business Standard
