Trump imposes visa fees, US banking industry will shift towards India center.

After the shocking move by President Trump to impose a $100,000 fee on new applications for the widely used H-1B visa program, Wall Street banks are expected to rely more on their Indian business support centers. U.S. banks like Citigroup, JPMorgan Chase, and Goldman Sachs are the largest employers at the so-called global capability centers in India, which handle various tasks from trade support and risk management to technical assistance. These centers are staffed with software engineers, quantitative analysts, and accounting experts, providing skilled talent that may be difficult to find in the domestic market while offering cost-effective services. Analysts say that despite Trump's efforts to protect American job opportunities by restricting immigration, the new regulations may actually stimulate banks to deepen their presence in Indian tech centers such as Mumbai, Bangalore, and Hyderabad, where over 1.9 million people are already employed.