Financial firms to feel impact from Trump’s H-1B overhaul

The new fee may force banks to hire more offshore workers if the skills needed are difficult to find in the United States. — Reuters

THE Trump administration’s overhaul of the H-1B system could have an outsized impact on the finance industry, which could face hiring challenges following the imposition of the new US$100,000 fee.

Financial firms are among the largest users of H-1B visas, employment-based visas awarded by an annual lottery, although their usage is dwarfed by tech companies.