H-1B visa filings drop 10% across US banks in FY26 as policy changes bite

H-1B filings fell at major US banks in early FY26, with sharp declines at JPMorgan and Goldman Sachs even as some rivals reported gains

H-1B visa filings at major US financial firms declined in early fiscal year 2026, even as a few banks moved in the opposite direction, according to a US Department of Labor dataset cited by Business Insider.

 

Data for the October to December quarter shows that financial firms submitting the highest number of certified H-1B applications filed about 10 per cent fewer petitions compared to the same period a year earlier.

 

Certified applications refer to those reviewed by the Labor Department to ensure that foreign workers are paid in line with similar roles and do not affect local employment conditions.

   

What drove the drop and where filings rose

 

Across 20 of the largest users of the H-1B programme in finance, filings fell by roughly 25 per cent year-on-year during the quarter.

 

• JPMorgan Chase recorded the steepest drop in volume, with certified applications falling from 724 in October–December 2024 to 516 in the same period in 2025, a decline of nearly 29 per cent

• The bank moved from being the top filer in the first quarter of the previous fiscal year to the second-largest filer in the same period this year

• Its filings were largely tied to technology roles

• Goldman Sachs saw the sharpest percentage fall, with filings dropping from 256 to 101, a decline of over 60 per cent

• Remaining applications covered a mix of financial and technical positions

 

At the same time, several large banking rivals reported increases:

 

• Citigroup filings rose by nearly 20 per cent year-on-year

• Barclays saw filings increase by almost two-thirds

• Morgan Stanley recorded a rise of more than 25 per cent

 

Filings from Citi and Barclays reflected both financial and technical hiring, while job-level details were not available for Morgan Stanley.

 

Capital One reported a more modest 4 per cent increase, with filings focused on data science and machine learning roles, including senior-level positions in data engineering.

 

Tech sector also sees decline

 

The drop in filings was not limited to finance. Major technology companies also reported fewer H-1B applications during the same period, with most firms seeing declines except Nvidia.

 

What the data does and does not show

 

The figures reflect Labor Department certifications rather than final visa approvals or lottery outcomes. A single worker may be linked to multiple filings, and quarterly data can shift depending on hiring cycles.

 

The first quarter also precedes the main H-1B filing window, which usually follows the annual lottery held in March.   

 

How policy changes are shaping hiring

 

The decline in filings comes alongside a series of policy changes introduced under the administration of Donald Trump since 2025.

 

Key changes include:

 

• Introduction of a $100,000 H-1B petition fee through a presidential proclamation in September 2025

• Replacement of the random lottery with a wage-based selection system, giving preference to higher-paid applicants

• Changes to the cap registration process, integrating wage-level ranking into selection from fiscal year 2026 onwards

• Expanded vetting measures, including checks of online presence and employment records

• Additional entry restrictions for certain H-1B visa holders under a September 2025 proclamation

• Stricter documentation requirements at the filing stage, including proof of fee payment

• Updates to Form I-129 by US Citizenship and Immigration Services, requiring more detailed employer and job disclosures

• A shift in policy direction towards prioritising higher-skilled and specialised roles 

 

What broader hiring trends suggest

 

The fall in filings also coincides with growing concerns around the impact of generative artificial intelligence on white-collar roles, particularly in technology, which has traditionally been a key area for H-1B hiring.

 

The full effect of recent policy changes is expected to become clearer once data from the latest H-1B filing season is released.