The New $100,000 H-1B Visa Application Will Impact Asset Managers

Core Insights - The Trump administration's new fee structure for H-1B visa applications, set to take effect next year, has raised concerns among companies reliant on these visas, particularly in the financial services sector [2][3] - The increased fee of $100,000 per application is expected to significantly reduce the number of H-1B visa applications, which currently cost $215, leading firms to prioritize applications for highly skilled and compensated workers [2][3] - The financial impact of the new fees is projected to be substantial, with companies like Fidelity facing over $180 million in additional costs for employing H-1B workers [3] Company Impact - Major financial firms, including JPMorgan Chase and Goldman Sachs, heavily utilize H-1B visas, with Goldman Sachs having over 1,000 approved for fiscal 2025 [2][3] - The new fee structure is likely to create a barrier for smaller and mid-sized firms, while larger firms may absorb the costs more easily [3] - Hiring practices within the financial services industry are expected to become more selective, focusing on senior, high-value, or hard-to-fill technical roles that justify the increased costs [4]