Reddit In this Sept. The job losses anger lawmakers like Sen.
Email Even as the economy collapsed last year and many financial workers found themselves unemployed, the dozen U. The numbers of visas sought by the dozen banks in AP's analysis increased by nearly one-third, from 3, in the budget year to 4, in fiscal The AP reviewed visa applications the banks filed with the Labor Department under the H-1B visa program, which allows temporary employment of foreign workers in specialized-skill and advanced-degree positions.
Such visas are most often associated with high-tech workers. It is unclear how many foreign workers the banks actually hired; the government does not release those details.
The actual number is likely a fraction of the 21, foreign workers the banks sought to hire because the government only grants 85, such visas each year among all U.
During the last three months ofthe largest banks that received taxpayer loans announced more thanlayoffs.
The number of foreign workers included among those laid off is unknown. Foreigners are attractive hires because companies have found ways to pay them less than American workers. Companies are required to pay foreign workers a prevailing wage based on the job's description.
But they can use the lower end of government wage scales even for highly skilled workers; hire younger foreigners with lower salary demands; and hire foreigners with higher levels of education or advanced degrees for jobs for which similarly educated American workers would be considered overqualified.
David Huber of Chicago is a computer networking engineer who has testified to Congress about losing out on a job with the former Bank One Corp.
He learned later the bank applied to hire dozens of foreign visa holders for work he said he was qualified to do.
Beyond seeking approval for visas from the government, banks that accepted federal bailout money also enlisted uncounted foreign workers, often in technology jobs, through intermediary companies known as "body shops.
The use of visa workers by ailing banks angers Sen.
Richard Durbin, an Illinois Democrat, is pushing for legislation to make employers recruit American workers first, along with other changes to the visa program. Banks turned to foreign workers before the current economic crisis, said Diane Casey-Landry, chief operating officer for the American Bankers Association.
The group said a year ago that demand exceeded the pool of qualified workers in areas like sales, lending and bank administration. Now with massive layoffs, the situation is different, Casey-Landry said. Citizenship and Immigration Services declined to disclose details on foreign workers hired at the banks that have received federal bailouts.
The AP has requested the information under the U.
Freedom of Information Act. Nearly all the banks the AP contacted also declined to comment on their foreign hiring practices. Roberts, spokeswoman for State Street Corp. Jennifer Scott of Yreka, California, a retired technical systems manager at Bank of America in Concord, California, said in she oversaw foreign employees from a contractor firm that also sent overnight work to employees in India.
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The Associated Press contributed to this report.The Impact of the Bailout on the U.S. Economy. The bailout helped create , additional jobs. Automobile and parts manufacturing employed million workers at its April peak. By June , that number had plummeted 43 percent to , workers.
Dealerships laid off . Foreign Affairs Minister Chrystia Freeland says the government is looking at offering support to steel and aluminium workers impacted by U.S.
tariffs. CBC Radio · June 2 Donald Trump, left, and Wilbur Ross announced Canada would be subject to steel and aluminium tariffs, effective June 1.
Jul 31, · The bailout, and work on additional tariffs on as much as $ billion worth of Chinese goods, contrasts sharply with the Trump administration talk of a zero-tariff, zero-subsidy world.
The major banks, which have received $ billion in bailout funds, requested visas for more than 21, foreign workers over the past six years for senior vice presidents, corporate lawyers. Feb 02, · The dozen or so banks now receiving taxpayer bailouts totaling more than $ billion, requesting visas for more than 21, foreign workers over the past six years.
The emergency bailout aimed to ease the financial and political pain caused by Trump’s escalating trade and tariff war in key electoral states.