Bank / Credit Union

Banks eye outsourcing to Indian tech hubs due to Trump H1-B fee

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September 24, 2025

Big banks, including JPMorgan Chase and Citigroup Inc., will put more emphasis on Indian business support centers due to President Donald Trump's anti immigration policies.

In particular, this is a response to Trump's move to impose a $100,000 fee on new applications through the H-1B visa program, which is used to bring in skilled foreign workers, according to a report by Bloomberg.

The move by Trump is designed to protect U.S. jobs from competition from immigrants. However, big banks may instead outsource jobs to Indian tech hubs.

"Banks would be calibrating a new strategy for the global capability centers. It appears, there will be onshoring of jobs to India adding new job functions," Abizer Diwanji, founder of NeoStart Advisors LLP, a financial advisory firm, told Bloomberg. "However, none will jump the gun amid evolving situations. They will wait for more clarity."

The recent move by Trump came as a big shock to some CEOs, including Jamie Dimon, of JPMorgan Chase. He told the Times of India that the ruling, "came out of the blue," and that, "visas matter because we move people around globally. The challenge is that the US still needs to remain an attractive destination."

He added he was relieved this ruling wouldn't apply to existing H1-B visa holders.