By Kavita Mistry 
The Trump administration’s aggressive tightening of the H-1B visa program is reshaping global staffing models for Wall Street firms—and India is emerging as the biggest beneficiary. With the US imposing a steep $100,000 H-1B petition fee per employee, removing automatic EAD extensions, and enforcing stricter compliance norms, US banks are increasingly shifting operations offshore to India.
Wall Street Expands Deeply Into India
According to Bloomberg, leading investment banks including JPMorgan Chase, Goldman Sachs, KKR, and Millennium Management are rapidly expanding their India-based teams across Bengaluru, Hyderabad, and Mumbai.
- JPMorgan is hiring credit support specialists to monitor covenant breaches.
- Goldman Sachs is recruiting associates for loan reviews across multiple asset classes.
- KKR is strengthening its Mumbai team overseeing portfolio companies.
- Millennium Management is hiring risk analysts for its derivatives operations.
The surge in recruitment underscores India’s growing importance as a global finance hub—particularly as US banks re-evaluate staffing strategies amid shifting immigration policies.
Why India Is the Biggest Winner
India supplies nearly 75% of all H-1B-approved workers, largely due to its strong STEM and financial talent pool. But with visa costs skyrocketing and compliance risks rising, the economics no longer favor relocating Indian workers to the US.
Instead, banks are scaling up Global Capability Centers (GCCs)—offshore units that handle essential functions like R&D, IT, finance, and risk management. GCCs allow banks to:
- Avoid high visa and relocation costs
- Access a deep talent pool
- Scale operations faster
- Reduce labor costs by up to 80%
Entry-level analysts at US bank GCCs in India earn ₹3–8 lakh annually, compared to $60,000–$120,000 for similar roles in the US.
Banks Quietly Reassessing Job Offers
Bloomberg reports that some US banks are considering revoking previously extended US job offers and reassigning roles to India-based GCCs. Senior executives say they are in talks with headquarters to expand global capability centers further to navigate the restrictive visa environment.
Political Backdrop and Tensions
The White House has framed the shift as evidence that US companies previously used H-1B workers to undercut American wages. However, industry insiders argue that the restrictions are pushing firms to offshore more aggressively—counteracting the policy’s intended goal of boosting US employment.
What’s Next?
With the L-1 visa route offering limited alternatives, US banks are expected to continue expanding in India. As the world’s top destination for financial and tech offshoring, India is poised for another significant hiring wave—powered, ironically, by America’s own visa clampdown.