New H1B visa policy raises costs, US banking industry plans to shift focus to Indian technology centers.

According to the financial news app, it was reported that due to a sudden increase of $100,000 in the new submission fee for H-1B visa applications by US President Trump, Wall Street banks will be more inclined to rely on their business support centers in India. According to the report, Citigroup (C.US), JPMorgan Chase (JPM.US), and Goldman Sachs (GS.US) are among the largest employers in India's global capability centers. These centers are responsible for managing business operations such as risk management, technical support, and trade support. They provide low-cost services, but can provide skilled talent support that may be difficult to find in their local markets.