Trump’s H-1B Visa Crackdown to Accelerate Wall Street’s Expansion in India

JPMorgan Chase & Co. is hiring credit support specialists in Bengaluru to check for covenant breaches. Across town, Goldman Sachs Group Inc. is seeking associates to review loans tied to everything from commercial property to yachts. In Mumbai, buyout giant KKR & Co. is adding staff to monitor its portfolio companies, while hedge fund Millennium Management LLC is seeking risk analysts for its derivatives trading team.
The flurry of job postings underscores Wall Street’s growing reliance on Indian hubs, where JPMorgan employs nearly a fifth of its global workforce. This long-running recruitment push is now poised to accelerate as US President Donald Trump moves to tighten immigration by driving up visa costs, adding even more of these sophisticated finance roles in India.
Senior executives from at least two US banks in India are in talks with their head offices to consider ways to ramp up their so-called global capability centers in response to the H-1B visa crackdown, according to people familiar with the matter. Some lenders that had extended offer letters for positions in the US are looking to either revoke them or create alternative roles at their GCCs, the people said.