12,000 H-1B visas: JPMorgan, Goldman among top US financial firms filing

The H-1B visa programme allows US companies to hire foreign workers in specialised fields, particularly in technology and finance

As debate over US immigration policy continues, major financial firms are increasingly turning to the H-1B visa programme to recruit skilled foreign workers. Recent filings show that the top 15 US financial firms, including JPMorgan Chase, Goldman Sachs, and Fidelity, have collectively submitted nearly 12,000 H-1B visa requests from the fourth quarter of 2023 through the third quarter of 2024, according to data available on United States Citizenship and Immigration Services (USCIS) web portal. 

Financial giants turn to H-1B visas 

The H-1B visa programme allows US companies to hire foreign workers in specialised fields, particularly in technology and finance.

Companies like Citi, BlackRock, and Capital One are among those actively seeking foreign talent to fill roles that require specialised skills. Technology-related jobs account for more than half of the filings, with positions such as software engineers, data scientists, and machine learning specialists in high demand. 

H-1B visa filings: The number of certified H-1B filings by some of the biggest financial firms in the US, according to USCIS data:

JPMorgan Chase  

1,990 filings  

Roles: Software engineers, investment bankers, risk management professionals 

Fidelity  

1,839 filings  

Roles: Software roles, AI specialists, quantitative analysts   

Goldman Sachs  

1,443 filings  

Roles: Software engineers, divisional COO, investment banking professionals   

Citi  

1,058 filings  

Roles: Tech roles, risk management, traders   

Capital One  

758 filings  

Roles: Tech roles, data science, quantitative analysis   

Morgan Stanley  

642 filings  

Roles: Associate to managing director roles   

Barclays  

609 filings  

Roles: Tech roles, global market directors, quantitative analysis   

Visa  

587 filings  

Roles: Machine learning engineers, software engineers, finance professionals   

American Express  

575 filings  

Roles: Tech, data science, investment management   

Bank of America  

500 filings  

Roles: Tech roles, senior officers in finance   

Wells Fargo  

453 filings  

Roles: Software engineers, construction management, securities traders  

Mastercard  

447 filings  

Roles: Software engineers, product roles, marketing and strategy experts   

Charles Schwab  

429 filings  

Roles: Software engineers, business strategy, risk management   

BlackRock  

354 filings  

Roles: Software engineers, sustainable investing associates   

UBS  

294 filings  

Roles: Tech roles, investment banking directors, alternative investments   

Total H-1B filings across all firms: 11,822   

On the day of his inauguration on January 20, 2025, US President Donald Trump spoke about the importance of skilled immigration. “We want competent people coming into our country. And H-1B, I know the programme very well. I use the programme. Maître d’, wine experts, even waiters, high-quality waiters — you’ve got to get the best people,” Trump said. He also referenced Oracle’s Larry Ellison and Softbank’s Masayoshi Son, saying, “People like Larry, he needs engineers, Masa also needs… they need engineers like nobody’s ever needed them.”

How immigrant workers impact the US economy 

Jidesh Kumar, managing partner at King Stubb & Kasiva, explained how the H-1B visa programme helps address labour shortages. “The US economy relies on H-1B visas to address skilled labour shortages, particularly in technology, finance, engineering, and healthcare, where domestic supply is insufficient,” Kumar told Business Standard. “Tech giants and startups alike depend on H-1B professionals for cutting-edge research and product development. Many also go on to become entrepreneurs, creating jobs and boosting the economy,” he added. 

A report from the American Immigration Council outlines five key ways in which immigrant workers contribute to the US economy:

1. They bring unique skills that complement those of domestic workers rather than directly competing with them.  

2. Their spending and investments fuel consumer demand, leading to job creation.  

3. Businesses expand their US operations in response to the availability of skilled immigrant workers.  

4. Many immigrants establish businesses, further expanding the job market.  

5. Their innovations drive economic growth and technological advancements.   

Cities benefiting from H-1B visa holders 

The economic impact of the H-1B programme can be seen in major cities across the US. According to American Immigration Council, between FY 2017 and FY 2022, New York City had the highest number of H-1B petition approvals, with 372,100 (15.2% of the national total), followed by:

San Jose: 215,700  

San Francisco: 165,000  

Dallas: 150,200