American multinational finance giant JPMorgan Chase & Co. has expressed strong concern over US President Donald Trump’s recent decision to impose a $100,000 fee on H-1B visa applications, calling the move “unexpected” and warning of its impact on global talent mobility.
Move ‘Came Out of the Blue’
JPMorgan CEO Jamie Dimon said the announcement caught companies off guard and that the bank plans to engage with stakeholders and US policymakers to seek clarity.
“It came out of the blue. We’ll be engaging with stakeholders and policymakers. For us, visas matter because we move people around globally – experts who get promoted to new jobs in different markets,” Dimon told Times of India.
Corporate Anxiety and Visa Advisories
The $100,000 fee, announced last week, has triggered anxiety among visa holders and sponsoring firms.
Tech majors Microsoft, Amazon, Meta, and JPMorgan have issued advisories, urging H-1B employees to stay in the US or return before the September 21 deadline, amid uncertainty about exemptions.
White House Clarification
Following widespread panic, the White House later clarified that the hefty fee would apply only to new visa applications and not to existing H-1B holders re-entering the US or renewing their status.
US Still Needs Global Talent
Dimon, who highlighted America’s immigrant roots, warned that such policies risk undermining the country’s attractiveness for skilled workers.
“The US still needs to remain an attractive destination. My grandparents were Greek immigrants who never finished high school. America is an immigrant nation, and that’s part of its core strength,” Dimon added.
India-US Trade Angle
Dimon also commented on the broader US-India trade relationship, expressing optimism about an agreement between Prime Minister Narendra Modi and President Trump.
“I see India as a natural friend of America. I don’t think we need to ask you to align; we should extend our hand, build relationships,” he said.
Meanwhile, India’s Commerce and Industry Minister Piyush Goyal is currently in Washington for negotiations on a long-pending trade deal, shortly after a US delegation visited New Delhi.
