US, Nov 12 : The Trump administration’s sharp increase in H-1B visa fees to $100,000 is transforming Wall Street’s hiring strategy, with thousands of high skill finance and technology roles shifting from New York to India’s financial hubs, Bloomberg reported.
Facing tougher immigration rules and soaring visa costs, major investment banks are ramping up their presence in Bengaluru, Hyderabad, Gurugram, and Mumbai. Global giants like JPMorgan Chase, Goldman Sachs, and Morgan Stanley now employ more professionals in India than in any other country outside the U.S.
JPMorgan is hiring credit-support specialists to check covenant breaches, Goldman Sachs is expanding its loan-review desk, and KKR is adding staff to oversee portfolio companies. Hedge fund Millennium Management is setting up a risk analytics team, while Oaktree Capital has opened offices in Hyderabad to manage complex debt portfolios.
This surge in hiring marks a broader shift toward Global Capability Centers (GCCs) across India. Together, these centers employ over 150,000 professionals specializing in quantitative research, artificial intelligence, and risk modeling.
White House spokeswoman Taylor Rogers defended the visa policy, stating, “The fact that these banks are moving their operations to markets where labor is cheaper now that they cannot abuse the H-1B system is evidence that they were using foreign workers to undercut Americans’ wages.”
However, industry experts caution that this shift could have long-term implications. “India is no longer just a low-cost destination with cheap labor, but a market with deep talent,” said Vivek Ramji Iyer, Partner at Grant Thornton Bharat LLP. “The flip side is how global geopolitical risks evolve, especially given Trump’s tariff policies.”
India’s rise as a global banking and technology powerhouse has been decades in the making. Once limited to back office operations, Indian teams now handle mission-critical global finance systems from Goldman Sachs’ Atlas trading platform to BlackRock’s Aladdin portfolio suite.
Recruiters note that the steep visa fee has reduced interest in U.S. relocation. “With the new fee, both employers and workers are questioning whether a U.S. job is worth the cost,” said Ben Hodzic of recruitment firm Selby Jennings.
Meanwhile, the Modi government is capitalizing on the opportunity by offering tax breaks and R&D incentives to attract more global centers. According to NASSCOM and Zinnov, India’s GCC industry is expected to generate $100 billion in annual revenue by 2030, solidifying its role as a key hub for Wall Street’s global operations.