H-1B visas matter to JPMorgan: CEO Jamie Dimon explains, ‘US needs to remain attractive…’ — here’s why

JPMorgan Chase CEO Jamie Dimon has expressed concern after United States President Donald Trump's proclamation imposing a sweeping $100,000 fee for H-1B visas, which are widely used by the tech industry.

In an interview with The Times of India, Jamie Dimon explained why the H-1B visa fee hike matters to JPMorgan Chase.

As a multinational company, Dimon said, the ability to move people across the globe is essential.

“For us, visas matter because we move people around globally—experts who get promoted to new jobs in different markets,” he said, adding that the US must remain an attractive destination for immigrants. “The challenge is that the US still needs to remain an attractive destination.”

In a separate interview with CNBC-TV18, the JPMorgan Chase CEO said the announcement of the $100,000 fee on H-1B visas, “caught everyone off guard, prompting concern across companies that rely on skilled workers.”

Stressing the importance of merit-based immigration, Jamie Dimon said US-based companies might engage with the government on this issue.

“I think it will finally settle down. That caught everyone off guard, and so we had a lot of phone calls over the weekend. What does it mean? And from what I understand, it means new H-1B visas, and a lot of H-1Bs go there because they need the expertise. And so I'm sure a lot of people will be going to the American government explaining why we believe in it. I believe in merit-based immigration,” he said.

H-1B visa restrictions hit home for Jamie Dimon

For Jamie Dimon, the fee imposed on H-1B visas is not just professional. He shared that Trump's decision hits close to home.

“My grandparents were Greek immigrants who never finished high school," he told TOI. "America is an immigrant nation, and that’s part of its core strength,” Dimon added.

Dimon is among the few business leaders who have publicly spoken up regarding the H-1B visa fee hike.

The White House’s announcement on September 19 of a $100,000 fee sparked panic among employers and workers, particularly in the tech sector, which relies heavily on H-1B visas to bring in trained engineers and programmers.

A separate proposal released Tuesday would overhaul the annual lottery for H-1B visas, giving applicants with higher-paying job offers a better chance of being chosen.