JPMorgan CEO pushes back on Trump’s new visa cost for foreign workers

JPMorgan’s CEO Jamie Dimon

Noam Galai via Getty Images

JPMorgan CEO Jamie Dimon said he expects pushback on Trump’s plan to charge for H-1B visas.
On Friday, the president signed an order to charge $100,000 for new H-1B visa applications.
JPMorgan is one of the finance industry’s top users of the visa program, BI data shows.

JPMorgan CEO Jamie Dimon this week spoke out against Trump’s plan to charge $100,000 for visa applications for skilled overseas workers.

In an interview with CNBC in Mumbai, India, Dimon said he supports “merit-based immigration ” and expects employers who rely on the program to object to the president’s executive order, signed late Friday.

“I would beg the president,” he said. “He has accomplished border control, that’s great, I mean, I think all nations want real border control, that helps make a nation, but after that, we should have good immigration,” he said.

Dimon said employers use H-1Bs “because they need the expertise.”

“And so, I’m sure a lot of people will be going to the American government explaining why we believe it,” he said, adding, “I think there will be some pushback on the H-1Bs.”

An analysis by Business Insider earlier this year showed that JPMorgan is a top user of H-1B visas. It ranked No. 1 on our list of financial companies that use them.

Friday’s executive order resulted in companies like JPMorgan, Goldman Sachs, Amazon, and more advising employees with H-1B visas not to leave the country, or to return to the US if already abroad. The Trump administration later clarified that the fee would only apply to future H-1B visa applications.

The rule change “caught everyone off guard,” Dimon said.

“We had a lot of phone calls over the weekend,” he said about the order, which will start charging employers $100,000 for H-1B visa applications starting on October 1.

Read the original article on Business Insider

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