H-1B Visa Applications from Top Financial Firms Drop 10% in Q1FY26 Amid Trump’s Visa Policy Changes
April 13, 2026 – New Delhi
H-1B visa petitions filed by leading U.S.-based financial companies have declined by 10% in the first quarter of fiscal year 2026 (Q1FY26) compared to the same period last year, according to recent data analysis. The drop reflects the impact of significant visa policy changes instituted under former President Donald Trump’s administration, including a substantial increase in application fees.
Decline Among Industry Giants
Key players in the financial sector such as JPMorgan Chase and Goldman Sachs have led the reduction in certified H-1B visa filings. JPMorgan experienced a 29% decline in certified applications, with 516 filings in Q1FY26 compared to 724 in the previous fiscal year quarter. This decline shifted JPMorgan from the top spot to the second largest user of the H-1B visa.
Goldman Sachs reported an even steeper fall of 60%, dropping from 256 to just 101 certified petitions. Most of these applications pertained to financial and technological roles within these firms.
In contrast, some competitors recorded increases in H-1B filings: Citi saw a 20% rise, Barclays’ filings grew by approximately 66%, and Morgan Stanley’s applications increased by 25%. Capital One also posted a 4% year-over-year increase, particularly for senior roles in data science, data engineering, and machine learning.
Policy Changes Driving the Trend
The Trump administration’s visa reforms came into effect on January 17, 2026, under the H-1B Modernisation Final Rule. These regulations aimed to “streamline the approval process and enhance program flexibility” but introduced substantial changes including a sharp hike in fees — raising the cost for new applications to $100,000 each. Additional policy adjustments included mandatory social media vetting and modifications in wage-based lottery selections.
The U.S. Department of Homeland Security characterized these changes as a means to simplify hiring of highly skilled foreign professionals while protecting U.S. workers by ensuring fair wages and limiting adverse effects on domestic employment opportunities.
Certified filings, which represent labor department-reviewed petitions confirming equitable wage pay and compliance with employment standards, serve as a key indicator of actual H-1B demand from companies.
Influence of AI and Economic Factors
Beyond policy-driven costs, ongoing concerns about artificial intelligence’s disruptive impact on white-collar and technical jobs may be another factor causing firms to reconsider or reduce foreign worker visa applications.
Broader Industry Impact
The decline is not limited to financial firms. Among major U.S. technology companies, all but Nvidia registered a fall in H-1B filings during Q1FY26, signaling a wider industry trend amidst regulatory and technological shifts.
Understanding the Data
It’s important to note that the labor department certification numbers reported do not represent final visa approvals or selections, as the lottery system and final adjudications significantly influence the ultimate number of visas granted each year. Fluctuations throughout the fiscal year may also affect the annual totals.
Conclusion
The combination of heightened visa application costs, increased scrutiny under the modernized H-1B rule, and emerging economic factors such as AI-related workforce shifts have led to a measurable reduction in H-1B filings by top U.S. financial institutions in the opening quarter of fiscal 2026. How these trends will evolve for the remainder of the year remains closely watched by policymakers, industry leaders, and prospective foreign professionals.
Reported by Livemint News Desk. For continuous updates on visa policies, U.S. and global market trends, and expert insights, subscribe to our newsletter.