H-1B visa filings from major Wall Street firms have gone down after the Trump administration introduced tougher rules and higher costs for work visas. But the trend is not the same everywhere. According to a recent report from Business Insider, while big names like Goldman Sachs and JPMorgan saw sharp drops, Citi and a few other banks actually increased their filings compared to last year.
The data comes from the US Department of Labor and shows how financial firms responded to changes in the work visa system. It is the first clear snapshot of how the industry is adjusting after new rules made applications more expensive.
The figures show that the biggest financial users of the H-1B program filed about 10% fewer certified applications in the first quarter of fiscal year 2026 compared to the same period a year earlier. This quarter covers October to December.
The H-1B lottery, which usually sees most applications, took place last month. The full impact of the new rules will become clearer when final approvals and selections are released.
Wall Street giants see sharp drops
According to the DOL data cited by Business Insider, among the biggest Wall Street firms, JPMorgan Chase recorded a major fall in H-1B filings. The bank went from 724 certified applications between October and December 2024 to 516 in the same period a year later, a drop of nearly 29%. This also pushed it down from being the top financial filer last year to second place this year. Most of its H-1B hiring is linked to tech-related roles.
Meanwhile, Goldman Sachs filings fell by more than 60%, from 256 to 101. These applications included a mix of front-office finance jobs and technical roles.
Some banks go in the opposite direction
Not all financial firms reduced their use of the H-1B program. According to data reviewed by Business Insider, Citi’s filings rose by nearly 20% compared to last year. Barclays saw a bigger jump of almost two-thirds, while Morgan Stanley increased its filings by more than a quarter.
Capital One also reported a small rise of about 4%, with many of its H-1B roles focused on data science, machine learning, and senior engineering positions.
The shift comes after major changes to the H-1B program under the Trump administration. These include a $100,000 fee introduced last September, stricter social media checks, and a new wage-based lottery system that improves the chances of higher-paid applicants.
The Department of Labor figures only include certified applications, not final visa approvals or lottery outcomes. (Certified H-1B applications are those checked by the Labor Department to make sure foreign workers are paid fairly and that their hiring does not harm wages or job opportunities for US workers.) Still, the early data shows a clear split across Wall Street.