After the US government announced a hike in the H-1B visa fee, industry leaders and employees are panicking alike. Amidst the unprecedented turn of events, JPMorgan CEO Jamie Dimon said that the move has brought companies to their knees, leaving them clueless in a short period of time.
In an interview with CNBC-TV18, he stated that the move “caught everyone off guard”. The proclamation on visa hike came last week, when Trump’s office stated that new H-1B visa petitioners have to pay a $ 100,000 fee. It created a lot of confusion among tech companies in the United States. Companies, including Microsoft, Amazon, and Alphabet, immediately warned employees to avoid foreign travel, and also asked employees outside the US to come back as soon as possible.
The clarification that the fees will only be imposed on new petitions came later. Dimon explained, while talking to The Times of India, that visas are important for them as they decide promotions and transfers based on them. He further said that to grow in the future, the US must continue to attract foreign talent, as he revealed that his grandparents were Greek immigrants. According to the US Citizenship and Immigration Services, JP Morgan was among the top 10 companies to issue visas to foreign employees. It also has 2,440 employees with H-1B visas.
He concluded his statement by saying that the industry leaders are still hoping for some solution, as a nation needs to keep its borders safe, but it is equally important to allow positive and controlled immigration. Other tech giants have also said similar things, as they explained that this move will significantly damage talent acquisition, competitive positioning, and project timelines for them. Specialists have also warned that the move is likely to harm small businesses more than anyone else as it will lead to a hike in costs.
