The 20 financial firms that could be hardest hit from Trump’s new H-1B fee — from Goldman Sachs to Citi

President Donald Trump’s recent decision to increase the cost of new H-1B visa applications to $100,000 has sent shockwaves through the financial industry. Banks and other financial firms heavily rely on the H-1B visa program to fill a variety of roles, particularly in the technology sector.

Business Insider conducted an analysis to determine which financial firms are most likely to be impacted by these new rules. The data, sourced from the Department of Labor and the US Citizenship and Immigration Services, covers H-1B application data for the fiscal year 2025, shedding light on the extensive use of these visas in the financial sector.

Major financial institutions such as JPMorgan Chase, Fidelity, Goldman Sachs, American Express, and others have been identified as some of the largest users of the H-1B visa program. These firms have filed numerous certified applications for various roles, with a strong emphasis on technology positions.

For instance, JPMorgan Chase, the country’s largest bank, has submitted over 2,400 certified applications for roles such as vice presidents, lead software engineers, and associate software engineers III. Similarly, Fidelity has focused on technical roles, including full-stack engineering directors and principles, as well as non-technical roles like marketing directors.

Goldman Sachs, American Express, Citigroup, Capital One, Visa, and other financial giants have also utilized the H-1B visa program extensively to fill critical positions within their organizations. These firms have applied for a wide range of roles, spanning from technology and data-related positions to financial and managerial roles.

The impact of Trump’s executive order on the financial industry is significant, with many firms now facing the challenge of meeting their staffing needs in a rapidly changing regulatory environment. The increased cost of H-1B visa applications adds a new layer of complexity to talent acquisition strategies in the financial sector.

As the industry grapples with these changes, it is clear that the financial firms most heavily reliant on the H-1B visa program will need to adapt their hiring practices to navigate the evolving landscape of skilled foreign worker recruitment. The implications of these new rules are likely to reverberate throughout the financial industry, shaping the way firms approach talent acquisition and workforce planning in the years to come.