Wall Street Firms Cut H-1B Filings As Trump’s Visa Policy Tightens Grip

Introduction

The first quarter of FY26 saw a notable decline in H-1B visa petitions from leading Wall Street firms. The drop comes amid Trump administration reforms that raised application fees and prioritized high-wage candidates, reshaping hiring strategies across the financial sector.

Visa Policy Changes

Under the new rules, the cost of filing H-1B applications surged to $100,000 per petition, significantly impacting firms that traditionally relied on large volumes of foreign tech talent. Additionally, wage-prioritization measures shifted focus toward senior, high-paid professionals, reducing opportunities for entry-level roles. 

Impact On Financial Firms

•⁠  ⁠Goldman Sachs saw filings plummet by over 60%

•⁠  ⁠JPMorgan reported a sharp decline in applications

•⁠  ⁠Citi and Barclays increased filings, focusing on senior tech talent

•⁠  ⁠Overall, Wall Street firms recorded a 10% drop in Q1 FY26 compared to last year 

Industry Implications

The decline reflects a broader recalibration of hiring strategies. Firms are increasingly investing in automation and AI solutions to offset reduced access to foreign talent. Analysts warn that while high-wage prioritization benefits senior professionals, it could limit entry-level opportunities and slow diversity in tech roles.

Key Highlights

•⁠  ⁠H-1B applications from financial firms dropped 10% in Q1 FY26

•⁠  ⁠Trump’s visa policy raised filing costs to $100,000 per petition

•⁠  ⁠Wage-prioritization rules favor senior, high-paid professionals

•⁠  ⁠Goldman Sachs and JPMorgan led the decline, Citi and Barclays increased filings

•⁠  ⁠Firms turning to automation and AI to fill talent gaps

Sources: Mint, VisaVerge, Financial Express