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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: 153270

Reported Deaths: 3807
CountyCasesDeaths
DeSoto10249104
Hinds10095199
Harrison7173111
Jackson6440124
Rankin5705103
Lee517095
Madison4902107
Forrest385986
Jones361788
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Washington3197108
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Marshall219450
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Monroe201078
Lincoln192865
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Tate175351
Union169526
Copiah165440
Pike163958
Yazoo157940
Scott156630
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Alcorn152828
Coahoma151043
Simpson150353
Prentiss148431
Adams143151
Grenada141445
Leake138344
Holmes131561
Tippah126730
George126225
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Winston123726
Hancock122840
Wayne119023
Marion117346
Attala116134
Tishomingo110042
Chickasaw108332
Newton107529
Tallahatchie97427
Clarke92453
Clay92327
Jasper83522
Stone78515
Calhoun77713
Walthall76929
Montgomery75425
Carroll73815
Lawrence72614
Smith72116
Yalobusha72028
Noxubee71917
Perry67726
Tunica61819
Greene60822
Claiborne58816
Jefferson Davis57817
Amite55214
Humphreys54319
Benton49618
Quitman4947
Webster45014
Kemper44218
Wilkinson40122
Jefferson35711
Franklin3485
Choctaw3457
Sharkey31717
Issaquena1174
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Alabama Coronavirus Cases

Cases: 247229

Reported Deaths: 3577
CountyCasesDeaths
Jefferson32718500
Mobile19904362
Madison13425148
Tuscaloosa13167154
Montgomery12380236
Shelby1046577
Baldwin882098
Lee778566
Morgan675150
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Marshall630955
Houston532338
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Elmore409464
Walker3689111
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Jackson327123
Colbert314642
Blount294640
Autauga275142
Franklin254233
Coffee246515
Dale234454
Dallas226532
Chilton225038
Russell22313
Covington220334
Escambia198631
Chambers177250
Tallapoosa177091
Pike159214
Clarke158919
Marion141336
Winston134423
Lawrence129636
Pickens124218
Geneva12378
Marengo122524
Bibb118817
Barbour117511
Butler117342
Randolph103821
Cherokee102924
Hale97731
Fayette92216
Clay92024
Washington91619
Henry8676
Lowndes79929
Monroe79011
Cleburne77414
Macon74522
Crenshaw71230
Bullock70019
Perry6896
Conecuh68514
Lamar6838
Wilcox63918
Sumter58422
Greene42718
Choctaw42613
Coosa3464
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