'Came out of the blue': JPMorgan CEO on Trump's H-1B visa fee rule; plans to engage with stakeholders
JPMorgan's CEO said visas matter because ‘we move people around globally - experts who get promoted to new jobs in different markets’.
Jamie Dimon, the CEO of American multinational finance corporation JPMorgan, said Donald Trump's $100,000 H-1B visa fee move “came out of the blue”, adding that the company will be engaging with stakeholders and policymakers over the rule.
Donald Trump last week dropped a surprise announcement that the H-1B visas, which are sponsored by companies for foreign workers, will now attract a $100,000 fee, sparking concerns globally and prompting big firms to issue advisories.
Companies like Microsoft, Amazon, JPMorgan and Meta warned visa holders to stay in the United States or return before the September 21 deadline as the $100,000 H-1B visa rule sparked anxiety and its exemptions remained unclear.
"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," Times of India newspaper quoted CEO Jamie Dimon as saying.
"The challenge is that 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 a natural friend of America’
Since returning to the office for his second term as US President in January, Donald Trump has undertaken sweeping actions in a bid to crackdown on immigrants, with the latest move of $100,000 H-1B visa fee being one of the most expensive yet.
JPMorgan was among the top 10 companies to sponsor the H-1B visa during fiscal year 2024, approving visas for about 2,440 beneficiaries, according to US data, cited in a Reuters report.
As panic build after Trump's $100,000 executive order, White House later clarified that fee would apply to new visa request and not to existing visa holders re-entering the United States or renewals.
Commenting on the US-India trade deal, Dimon said he hoped Trump and Prime Minister Narendra Modi could reach an agreement.
"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," Dimon added.
Minister of Commerce and Industry Piyush Goyal is in Washington for talks on a long-pending trade deal, nearly a week after a US delegation met trade officials in India.
Donald Trump last month imposed a 25 per cent tariff on Indian imports and later an additional 25 per cent as “penalty” for India's Russian oil purchase, effectively doubling the levy on New Delhi to 50 per cent.
