H1-B applications from top financial firms drops 10% in Q1FY26 amid Trump's visa policy — What we know

H-1B visa petitions from United States-based financial companies dropped 10% in FY26 for the October to December quarter, compared to the same period last fiscal, according to a report by Business Insider.

The downward trend comes amid US President Donald Trump's visa policy changes, which hiked price of new applications to $1,00,000 each, it said, adding that leading among the lenders who decreased filings include Goldman Sachs and JPMorgan.

Further, among tech companies, all major companies, except Nvidia also saw their H1-B application numbers slide in Q1FY26. Business Insider said the named companies did not respond to queries.

Certified H1-B visa applications from big lenders drop

The report noted that data from the US Department of Labor showed that financial firms which had among the most H-1B applications in Q1FY25 had 10% less certified filings in Q1FY26. Among the top 20, the number of filings has reduced 25% from the previous year, it added.

It noted that certified H-1B visa filings are those that have been reviewed by the labour department to ensure the applicant is being paid at par to other workers in similar roles and won't adversely impact opportunities for other employees.

Reduction in H1-B visa applications: A snapshot

• JPMorgan Chase dropped 29%, with 516 certified H1-B visa applications in FY26 so far, compared to 724 in the preceding year. It is now the second biggest user of the worker visa, falling from top spot. Data showed, most applications were for tech workers, as per the report.

• Goldman Sachs' filings dropped 60% from 256 to 101 certified H1-B visa applications this year, with the majority being for financial and tech roles, it added.
• Notably, competitor Citi saw 20% rise in H1-B filings, while Barclays is up about 66%, and Morgan Stanley increased 25% — for a mix of financial and tech workers. Notably, Morgan Stanley's applications did not show the roles.
• CapitalOne also saw 4% YoY increase for senior and director-level roles in data science, data engineering, and machine learning, as per the report.

The report noted that figures only indicate, labour department certifications and not the final approvals or those selected via lottery system. Further, the annual tally could differ based on employment cycles.

Trump's visa changes, AI fears impact visa applications

Major changes to the H-1B visa came into effect on 17 January, which the Trump administration said would “streamline the approval process but also enhance the flexibility of the programme”.

The updates, part of the H-1B Modernisation Final Rule, are designed to simplify the hiring process for highly skilled foreign professionals and increase the flexibility to allow employers to retain talented workers, a release from the US Department of Homeland Security (DHS) informed.

Among other changes, the fee has been hiked to $1,00,000 for new applications, social media vetting, and a wage base for lottery.

The report added that some cuts in H1-B filings are also due to fear over the impact of artificial intelligence (AI) on white-collar and technical jobs.