"Caught Everyone Off Guard": JPMorgan CEO Jamie Dimon On Trump's H-1B Visa Fee

JPMorgan CEO Jamie Dimon Addresses Trump's Unexpected H-1B Visa Fee Implementation

JPMorgan Chase, ranking among the top 10 sponsors of H-1B visas in fiscal year 2024, plans to engage with stakeholders and policymakers following President Donald Trump's introduction of a $100,000 one-time fee for H-1B visas, according to the Times of India's interview with CEO Jamie Dimon on Tuesday.

Following the Trump administration's announcement last week, several major technology companies issued warnings to visa holders to either remain in the United States or return promptly to avoid potential complications.

"Visas are significant for our operations because we transfer talent globally—specialists who receive promotions to new positions in different markets," Dimon explained to the publication.

In a separate conversation with CNBC-TV18, Dimon remarked that Trump's policy announcement "caught everyone off guard."

Since assuming office in January, Trump has initiated extensive immigration reforms. The H-1B restrictions represent his administration's most prominent effort to restructure temporary employment visas, which critics have characterized as promoting a protectionist agenda.

During fiscal year 2024, JPMorgan approved approximately 2,440 H-1B visas for beneficiaries, securing its position among the leading corporate sponsors according to U.S. government data.

The White House later clarified that the substantial fee would apply to new visa applications only, not to current visa holders re-entering the United States.

Regarding U.S.-India trade relations, Dimon expressed hope for an agreement between Trump and Prime Minister Narendra Modi.

"I view India as America's natural ally. We shouldn't request alignment; instead, we should extend partnership and build relationships," Dimon added.

Commerce Minister Piyush Goyal is currently in Washington to expedite discussions on a long-delayed trade agreement, just days after a U.S. delegation met with Indian trade officials.

Last month, Trump imposed a 25% punitive tariff on Indian imports effective August 27, doubling overall tariffs to 50% as part of Washington's strategy to pressure Moscow regarding its Ukraine invasion.

A scheduled U.S. delegation visit to New Delhi from August 25-29 was called off after negotiations stalled, with India resisting American demands for greater access to its agricultural and dairy markets.