Wall Street’s growing reliance on its Indian hubs \u2014 known as Global Capability Centers (GCCs) \u2014 for recruiting talent is set to accelerate further, as US President Donald Trump moves to tighten immigration policies and increase the cost of H-1B visas. The move is expected to push big firms to expand their back-office and technology operations in India, where a vast pool of skilled talent and lower costs offer a competitive edge.<\/p>\n
This shift is already visible, with major companies expanding their India-based teams. JPMorgan Chase & Co is hiring credit support specialists in Bengaluru to monitor covenant breaches, while Goldman Sachs<\/a> Group Inc is seeking associates to review loans. Private equity giant KKR & Co is also adding staff to review its portfolio companies, and hedge fund Millennium Management LLC is recruiting risk analysts for its derivatives trading team, Bloomberg reported.<\/p>\n India is considered one of the largest tech talent pools globally. It stands alongside China and Japan as one of the only three countries to have cities represented in the global top 10 rankings, according to Colliers\u2019 Global Tech Markets: Top Talent Locations 2025 report.<\/p>\n H-1B visa curbs fuel expansion<\/p>\n Senior executives at two US banks in India are reportedly in talks with their head offices to ramp up their GCCs in direct response to the H-1B visa crackdown, according to Bloomberg. Some lenders are even looking to revoke offer letters for US positions or create alternative roles at their GCCs in India.<\/p>\n Donald Trump\u2019s new $100,000 fee for H-1B visa<\/a> applications \u2014 which JPMorgan Chief Executive Officer Jamie Dimon said \u201ccaught everyone off guard\u201d \u2014 could add to India\u2019s competitive edge.<\/p>\n Ben Hodzic, head of North America at recruitment firm Selby Jennings, said, \u201cWith the new fee, they\u2019re (the company) starting to question if that job is a priority for them,\u201d particularly jobs with a heavy math or computer science component, he said.<\/p>\n Also Read<\/strong> | Trump goes soft on H-1B visas? He admits America \u2018we have to bring in talent\u2019<\/a><\/p>\n The acceleration underscores the limits of Trump\u2019s strategy to safeguard domestic employment, as tighter immigration controls on higher-skilled workers push the job roles abroad. Even before the visa move, employment at these hubs was projected to jump 50% to 2.8 million people by 2030, based on estimates last year from the National Association of Software and Service Companies, and Zinnov, a consulting firm.<\/p>\n White House spokeswoman Taylor Rogers criticised the banks’ hiring, saying, \u201cThe fact that these banks are moving their operations to markets where labor is cheaper now that they cannot abuse the H-1B system is evidence that they were using foreign workers to undercut Americans\u2019 wages.\u201d<\/p>\n However, Vivek Ramji Iyer, a partner at Grant Thornton Bharat LLP, defended the hiring acceleration in India, saying, \u201cIndia is no longer just a low-cost destination with cheap labor, but a market with deep talent.\u201d<\/p>\n Shift from being the back office to mission-critical centre<\/p>\n