H-1B Filings Drop Sharply at Walmart and Banks After Trump Visa Fees

President Donald Trump's overhaul of the H-1B visa program is delivering measurable results, with some of America's largest employers sharply curtailing their applications for foreign workers. New Department of Labor data reveals a significant decline in certified filings during the first quarter of fiscal year 2026, suggesting that higher costs and stricter scrutiny are forcing companies to rethink their heavy reliance on imported labor.

Walmart, the nation's largest private employer, submitted just 312 certified H-1B applications between October and December 2025. That represents a drop of more than half from roughly 860 applications in the same period a year earlier and about 40 percent below levels from two years ago. The retail giant's retreat comes after the Trump administration imposed a $100,000 fee on new H-1B visas last September, dramatically raising the cost of bringing in skilled foreign workers. Other major retailers including Target, Home Depot, and Lowe's showed more stable but still restrained numbers over the same timeframe.

The trend extends to Wall Street. Financial giants Goldman Sachs and JPMorgan Chase filed fewer H-1B petitions than in the prior year, contributing to an overall 10 percent decline among the heaviest users in the sector. Citi bucked the trend with an increase, but the broader picture shows major banks pulling back. These firms have long used the program to staff technical roles, yet the new economics appear to be prompting a reassessment. Industry observers note that advances in artificial intelligence may further reduce demand for certain H-1B hires, accelerating a shift already underway.

The Trump administration's changes represent the most significant intervention in the three-decade-old program in years. By attaching a steep price tag to new visas, officials aimed to curb overuse by corporations that have treated the H-1B pipeline as an endless source of lower-cost alternatives to American talent. For years critics, including many in the labor movement and conservative circles, have argued the program displaced U.S. workers in technology, finance, and other fields while suppressing wages. The latest data offers the first concrete evidence that those concerns are being addressed at the highest levels of corporate America.

Not every employer is adapting smoothly. The New York Times reported that smaller organizations, nonprofits, and rural hospitals are feeling the heaviest impact. The Wayside Youth and Family Support Network, a Massachusetts nonprofit that runs a special education school, said it can no longer afford the program after previously recruiting teachers from Brazil, Mexico, and Germany. President Sara McCabe told the Times the $100,000 fee has forced the school to turn away a dozen students because it lacks sufficient instructors for additional classes. Similar complaints have emerged from rural medical facilities that once depended on H-1B doctors and nurses.

These struggles highlight the uneven consequences of reform. Larger corporations with deep pockets can absorb or pass along the new costs, while smaller entities without the same resources find themselves effectively locked out. The administration has made clear that the program was never intended as a permanent crutch for organizations unwilling to cultivate domestic talent. Supporters of the changes argue that forcing employers to pay a premium will encourage investment in American workers through training, apprenticeships, and competitive pay rather than defaulting to overseas recruitment.

The H-1B program has long been a flashpoint in debates over immigration and economic fairness. Established to fill genuine shortages in specialized fields, it expanded dramatically as consulting firms and tech companies discovered its utility in accessing a global labor pool. Detractors have documented cases of American employees being required to train their foreign replacements before being shown the door, a practice that fueled populist anger and helped propel Trump's political rise. His return to the White House brought swift action to restore what supporters call balance to a system tilted toward corporate interests.

Early indications suggest the fee is working as designed. Certified applications across major filers are trending downward, and the composition of who still participates may be shifting toward truly indispensable roles rather than routine back-office or mid-level technical positions. Whether this leads to broader wage growth or increased hiring of U.S. graduates in STEM fields remains to be seen, but the direction is unmistakable.

The retail and financial sectors' retreat from the program arrives at a moment of broader economic transition. With automation and artificial intelligence reshaping job requirements, the incentive to flood the market with additional foreign visa holders has diminished. Companies that once boasted about their global talent strategies are now quietly recalibrating. For American workers long skeptical of elite claims about labor shortages, the numbers provide validation that the pipeline was wider than necessary.

As the fiscal year progresses, further data will reveal whether the decline is temporary or signals a lasting reset. What already seems clear is that Trump's intervention has altered the cost-benefit analysis that drove H-1B expansion for decades. Big employers are thinking twice. Smaller organizations face difficult choices. And the American labor market may finally get the breathing room that reformers have demanded for years. The experiment is underway, and early returns show the administration is succeeding in tightening a valve that had been left wide open for far too long.