The H1B visa is now sought by other fields more than tech. Major banks and telecom firms have emerged as top recruiters of new H-1B visa workers in recent years, surpassing some of Silicon Valley’s biggest names, according to newly released federal data reviewed by Bloomberg.
From May 2020 to May 2024, companies like Citigroup, AT&T, and Capital One hired thousands of foreign workers through staffing and outsourcing agencies, reshaping the traditional profile of H-1B sponsorship in the U.S., according to the report.
The H-1B visa is a non-immigrant visa that allows U.S. companies to employ foreign workers in specialty occupations requiring theoretical or technical expertise. Common fields include information technology, engineering, finance, and healthcare.
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To qualify, applicants must have a job offer from a U.S. employer and possess at least a bachelor’s degree or equivalent in a related field. The H-1B visa is initially granted for up to three years and can be extended to a maximum of six years. Each fiscal year, the U.S. government caps the number of H-1B visas issued with 65,000 regular slots and an additional 20,000 for applicants holding a U.S. master’s degree or higher.
Due to high demand, a lottery system is often used. Employers must file a Labor Condition Application (LCA) to ensure fair wages and working conditions. The H-1B program plays a key role in helping U.S. businesses access global talent and address skill shortages.
India is considered to be one of the leading sources of H-1B applicants, accounting for approximately 70–75% of all petitions due to its strong tech industry and close connections with U.S. technology firms. China follows as the second-largest contributor, making up around 11–13% of applications. Other countries like Canada, South Korea, and the Philippines contribute far smaller shares, typically under 1% each.
This concentration highlights global trends in STEM talent, with U.S. companies relying heavily on skilled professionals from these countries to fill roles in fields such as IT, engineering, and healthcare.
Bloomberg reported that Citigroup Inc. added over 3,000 new H-1B workers during the four-year period—more than Nvidia, Oracle, or Qualcomm.
It was also revealed that most of these workers were not direct employees but contractors hired through third-party firms. Nearly two-thirds came via outsourcing companies like Tata Consultancy Services Ltd. (TCS), which is under investigation by the U.S. Equal Employment Opportunity Commission for alleged discrimination against non-Indian workers.
“Allegations that TCS engages in unlawful discrimination are meritless and misleading. TCS has a strong track record of being an equal opportunity employer in the US, embracing the highest levels of integrity and values in our operations,” TCS told Bloomberg in a statement.
“We supplement our 71,000 US workers with highly skilled H-1B visa holders to address specific, timely needs. When we do so, we follow relevant laws and regulations, including anti-discrimination laws,” Citi said in a statement.
The Bloomberg data analysis found that H-1B contractors were paid significantly less than their directly hired counterparts.
“If the whole purpose of this program is to hire the best of the best, then why aren’t we seeing higher wages?” Susan Houseman of the W.E. Upjohn Institute, told Bloomberg, after reviewing the findings.
Software developers hired through staffing agencies reportedly earned a median salary of $94,000, while those directly employed earned $142,000—even when adjusting for job title, education, and experience.
On the other hand, proponents of the H-1B program argue that it helps address critical skill shortages in the U.S. labor market. They contend that H-1B workers often bring specialized expertise that complements the existing workforce and helps companies remain competitive globally. Additionally, they emphasize that the program includes protections intended to prevent wage abuse, although enforcement remains a challenge.
The shift of H-1B workers from tech to telecom and banking industries means that skilled foreign professionals are increasingly finding opportunities outside traditional technology companies.