Banks offer offshore jobs following US temporary work visa restrictions
April 20 2009 by Bryan Palmer
Large US banks such as JP Morgan Chase & Co, Goldman Sachs Group, Citigroup and Morgan Stanley are getting around the new US immigration restrictions by offering offshore jobs to new foreign recruits.
Barack Obama introduced restrictions on the banks that had recently
received bail-outs funded with public money. The restrictions prevent
them from recruiting non-US workers to work in the US on temporary work
visas (H-1B) before they can prove that they have exhausted their
options to recruit a US citizen for the roles. However, the banks are
concerned that these protectionist measures prevent them from
recruiting talent from the pool of foreign students studying in the US.
As a result, these banks are offering foreign students jobs, but are
giving them the chance to do the jobs in other countries, working out
of other global financial centres such as London and Hong Kong.
A specialist immigration lawyer, Allen Erenbaum, explains, "there are
no U.S. immigration restrictions on people working outside the U.S., so
anyone who wants to can have folks work in London versus New York."
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