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JPMorgan CEO on skilled foreign workers: 'I want them to stay here'

In an exclusive interview at the launch of the Chicago Entrepreneurs of Color Fund, JPMorgan Chase CEO Jamie Dimon tells CNN's Christine Romans that US immigration policy should encourage skilled foreign workers to stay in the country.

Posted: Jul 24, 2018 6:24 AM
Updated: Jul 24, 2018 6:35 AM

One of India's biggest tech firms says new curbs on immigration around the world could hit its revenues and profits.

Infosys, India's second-largest outsourcing company, said tighter restrictions on foreign workers in some of its biggest markets pose a major risk to its business.

A large number of the company's employees depend on visas to work on projects for clients in the United States, Europe and Australia.

"An increase in anti-outsourcing sentiments in certain countries in which we operate, including the United States, United Kingdom, European Union and Australia have led and may in the future lead to the enactment of restrictive legislations," the company said in a filing with the Securities and Exchange Commission last week.

That legislation could make it harder for Infosys to win customers and send workers to those countries, which "could hamper our growth or cause our revenues to decline and impact profitability," it added.

Infosys, which employs over 200,000 people worldwide, is a key player in India's outsourcing industry, which generates over $140 billion in revenue and accounts for nearly 10% of the country's gross domestic product.

Related: India's tech firms grow in popularity with country's grads

It is also one of the top recipients of H-1B visas to the United States, a program used heavily by Indian companies to send tech workers to US clients. More than 70% of H-1B visas have traditionally gone to Indians.

But President Donald Trump has cracked down on the program. His administration has accused companies like Infosys of flooding the United States with cheap foreign labor.

Other big Indian tech companies have also been affected by US policy changes. Wipro warned last year that Trump was a risk to its business, while the industry's biggest player — Tata Consultancy Services — has been cutting back on H-1B visas.

The US Citizenship and Immigration Services (USCIS) updated its policy earlier this month to make it easier to reject visa applications outright without giving applicants the chance to produce more documentation.

"Doing so will discourage frivolous filings and skeletal applications used to game the system," USCIS Director L. Francis Cissna said in a statement announcing the changes, which will take effect on September 11.

Infosys has pledged to take on more American workers, announcing last year that would hire 10,000 new people in the country.

The company is also facing barriers in other big markets such as the United Kingdom and Australia, which are also trying to reduce immigration.

And its clients, which include big names like Pepsi, Kellogg, and computer chip maker AMD, might end up having to pay more for its services.

"There has been an increase in the number of visa application rejections," Infosys said. "As a result, we may encounter delays or additional costs in managing such projects ... and this could result in additional expenses."

Related: Indians flock to America's 'golden visa' as H-1B route closes

Trump's policies on immigration have been criticized by several prominent industry leaders, including Google's Eric Schmidt and Uber CEO Dara Khosrowshahi.

JP Morgan CEO Jamie Dimon has also voiced concerns about overseas talent being forced to turn away from the United States.

Foreign nationals who go to college or graduate school in the United States should be awarded green cards after graduation, Dimon told CNNMoney's Christine Romans in an exclusive interview last week.

"You have these new research centers, new AI centers, and new [engineering] and design centers that are being built in Vancouver and Toronto, and not in Seattle," he said. "That can't be smart."

Mississippi Coronavirus Cases

Data is updated nightly.

Cases: 331863

Reported Deaths: 7494
CountyCasesDeaths
DeSoto22855279
Hinds22625437
Harrison19462326
Rankin14765286
Jackson14233251
Madison10658227
Lee10398178
Jones8713169
Forrest8164157
Lauderdale7528243
Lowndes6761150
Lamar665988
Lafayette6446124
Washington5497139
Bolivar4907134
Pearl River4889149
Oktibbeha476898
Panola4719112
Marshall4648106
Warren4612125
Pontotoc438873
Monroe4243137
Union424379
Neshoba4179180
Lincoln4088115
Hancock402788
Leflore3562125
Pike3511111
Tate348988
Alcorn343174
Sunflower342293
Adams331987
Yazoo330573
Scott330175
Simpson313690
Copiah311467
Itawamba309580
Coahoma308285
Tippah298368
Prentiss292563
Covington280183
Marion278980
Leake277975
Wayne269942
Grenada265688
George259851
Newton256064
Tishomingo235769
Winston235084
Jasper225748
Attala220373
Chickasaw215960
Stone209137
Holmes194974
Clay191554
Tallahatchie181542
Clarke181480
Calhoun177332
Smith175334
Yalobusha169240
Walthall140448
Lawrence137026
Greene134934
Amite131843
Noxubee131135
Perry130838
Montgomery130644
Carroll124531
Webster116732
Jefferson Davis112934
Tunica110827
Benton104425
Claiborne104231
Kemper100329
Humphreys99033
Franklin85923
Quitman83519
Choctaw80919
Wilkinson73232
Jefferson69028
Sharkey51518
Issaquena1696
Unassigned00

Alabama Coronavirus Cases

Cases: 565510

Reported Deaths: 11468
CountyCasesDeaths
Jefferson828061584
Mobile44938853
Madison36534532
Tuscaloosa26589465
Shelby26409255
Montgomery25598623
Baldwin23319324
Lee16691179
Calhoun15030332
Morgan14877288
Etowah14563368
Marshall12723235
Houston11302292
Elmore10576217
St. Clair10449251
Limestone10420158
Cullman10198204
Lauderdale9883253
DeKalb9226191
Talladega8705187
Walker7545286
Autauga7388113
Jackson7216117
Blount7147139
Colbert6522142
Coffee5962131
Dale5224117
Russell463942
Chilton4603117
Covington4502125
Franklin439781
Tallapoosa4343156
Escambia414782
Chambers3813124
Dallas3674163
Clarke361562
Marion3354106
Pike323179
Lawrence3176101
Winston289672
Bibb276165
Geneva267383
Marengo257367
Barbour241860
Pickens238862
Butler233571
Hale230578
Fayette223863
Henry203345
Cherokee192347
Randolph192244
Monroe190241
Washington174539
Macon167252
Crenshaw163457
Clay161859
Cleburne158445
Lamar149138
Lowndes143854
Wilcox128431
Bullock125342
Conecuh117730
Coosa115229
Perry109628
Sumter107532
Greene95935
Choctaw63125
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Isolated to scattered showers and thunderstorms will continue to be the rule for our Saturday and Sunday. Otherwise, we will see high temperatures reaching well into the 90s for highs and heat index values between 100 to 115 during the afternoon hours.
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