JPMorgan Chase CEO Jamie Dimon on Tuesday said the nation’s largest bank will actively engage with stakeholders and policymakers regarding the Trump administration’s recently announced executive order imposing a $100,000 fee on H-1B visas, a widely used program for skilled foreign workers.
“That caught everyone off guard,” Dimon told India’s CNBC-TV18 in a television interview, reflecting the uncertainty and widespread questions the announcement created over the weekend. “We had a lot of phone calls over the weekend—what does this mean?”
Dimon reiterated his intention to work with government officials in a separate interview with the Times of India, emphasizing that JPMorgan intends to provide input on how the policy could affect businesses and the U.S. economy.
While Dimon has previously voiced support for measures to strengthen the U.S. southern border, he stressed that he favors a merit-based immigration system.
“I believe in merit-based immigration, and as a matter of fact, I would beg the president—he has accomplished border control—that’s great,” Dimon said. “I think all nations want real border control. It helps make a nation. But after that, we should have good immigration.”
The H-1B visa program, created under the Immigration Act of 1990, allows U.S. employers to temporarily hire foreign workers for positions that require at least a bachelor’s degree. Under the new executive order, signed Friday in the Oval Office, the Trump administration has mandated a $100,000 fee on H-1B visas, potentially affecting an estimated 730,000 current and prospective visa holders.
Over the weekend following the announcement, U.S. businesses that sponsor skilled foreign workers faced confusion and uncertainty, trying to interpret the scope of the new policy. Adding to the confusion, the administration appeared to revise some details over the weekend, including whether the fee would be annual and whether existing visa holders would be required to pay it.
JPMorgan Chase is a major H-1B sponsor, particularly within the financial sector, and ranked as the eighth-largest corporate sponsor in 2024 alongside tech giants Amazon, Microsoft, and Meta, as well as retail leader Walmart, according to U.S. government data.
“For us, visas matter because we move people around globally—experts who get promoted to new jobs in different markets,” Dimon told the Times of India, highlighting how H-1B workers play a central role in JPMorgan’s international operations.
Dimon expressed optimism that discussions with the government could lead to productive outcomes. He noted that Trump has publicly supported merit-based immigration in the past, including proposals to make it easier for educated foreign graduates to remain in the U.S. for work.
“What I will do is, you graduate from a college, I think you should get automatically, as part of your diploma, a green card to be able to stay in this country,” Trump said during a 2024 episode of the All-In podcast, co-hosted by David Sacks, the current White House AI and crypto czar.
Dimon further emphasized alignment with some of Trump’s positions, including support for merit-based immigration, seasonal workers, and DACA recipients, and reiterated that JPMorgan plans to engage with the administration on these issues moving forward.
A JPMorgan spokesperson declined to comment further.
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