It did not take long for the chilling effect of new restrictions on hiring skilled foreign workers on H-1B visas to be felt. Bank of America has withdrawn job offers to foreign MBA students set to graduate from U.S. business schools.
“Recent changes made it necessary for Bank of America to rescind job offers it had made to students requiring H-1B sponsorship,” bank spokeswoman Sara Bloomquist told HT.
The $787-billion stimulus bill virtually bars banks and other companies receiving bailout money from hiring foreign workers on H-1B visas if they have laid off Americans.
The Financial Times said the number of international students affected by the move is thought to be no more than 50. But other banks could follow suit. The restrictive language was inserted by Senator Chuck Grassley, a Republican from Iowa, and Bernie Sanders, an independent from Vermont.