The Financial Times today reports that Bank of America has withdrawn job offers to foreign graduates, because of the restrictions on H-1B hiring that are contained in the stimulus package. As reported in the Financial Times:
The recently passed $787bn stimulus bill in effect prevents financial institutions that have received money from the government’s troubled asset relief programme from applying for H1-B visas for highly skilled immigrants if they have recently made US workers redundant.......(I blogged about these restrictions a few weeks ago: martinvisalaw.blogspot.com/2009/02/stimulus-bill-restricts-h-1b-new-hires.html.)
Traditionally, about a third of MBA students at the leading US schools have taken up finance and banking jobs on graduation, with about a third of those MBAs coming from outside the US.
While the BofA plans might affect only 50 students, business schools are concerned that other banks will need to withdraw their job offers also.
Despite this news, experts predict that the H-1B quota will again be reached within days of April 1. We recommend that all employers with potential H-1B cases contact their attorney immediately, if not already done. My law firm started preparing its H-1B cap cases in February, to be certain that they are ready to be filed on April 1.
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