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Skirting Bailout Rules, Banks Send Foreign Hires Abroad

By Harry Kimball,  Newser Staff

Posted Apr 15, 2009 8:35 AM CDT
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(Newser) – Banks who have taken TARP funds from the government are getting creative about the immigration restrictions that come with the bailout, the Wall Street Journal reports. Financial institutions relying on government assistance cannot hire foreign workers unless they prove that they have exhausted the supply of native talent. So they’re sending the foreign students they recruit at US colleges and grad schools to overseas offices.

Banks are not particularly happy about the situation, and some have been forced to rescind offers to graduating students because of the law. “At this time in our economy,” said Goldman’s CEO, “do we really want to tell individuals who will help companies to grow and innovate—ultimately creating more jobs—that they should go work elsewhere?” The number of recruits affected is small, between 1% and 3% at large banks.

Goldman Sachs & Co. Chief Executive Officer and Chairman Lloyd C. Blankfein testifies on Capitol Hill in Washington, Wednesday, Feb. 11, 2009, before the House Financial Services Committee.
Goldman Sachs & Co. Chief Executive Officer and Chairman Lloyd C. Blankfein testifies on Capitol Hill in Washington, Wednesday, Feb. 11, 2009, before the House Financial Services Committee.   (AP Photo/Haraz N. Ghanbari)
Citigroup Chief Executive Officer Vikram Pandit, right, accompanied by Morgan Stanley Chairman and Chief Executive Officer John Mack.
Citigroup Chief Executive Officer Vikram Pandit, right, accompanied by Morgan Stanley Chairman and Chief Executive Officer John Mack.   (AP Photo)
A Chinese customer consults about Chinese Yuan service with an employee at a branch of Citibank in Shanghai, China.
A Chinese customer consults about Chinese Yuan service with an employee at a branch of Citibank in Shanghai, China.   (AP Photo)
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COMMENTS
Showing 3 of 3 comments
kokuaguy
Apr 15, 2009 2:29 AM CDT
I just read the WSJ source article. The entire HB-1 (work visa) program will need to be reevaluated as the economy struggles/\. This is an obvious and excellent place to start.
gilgordan
Apr 15, 2009 2:04 AM CDT
Typical of Bankers finding loopholes, rather than home growing talent, they seek easier and lower cost methods to avoid rebuilding a American Presence, only thinking of THEIR PRESENCE, and greed. I would dare to say however that should they need to assistance of the US Military they would be first to lobby for protection of their assets from other less friendly 'Kings'
Doctor-Zaius
Apr 15, 2009 1:46 AM CDT
I'm sure it has nothing to do with how cheaply they can be hired for.

 
Goldman Sachs • foreign labor • Citibank • employment recruiting • investment banks • JPMorgan Chase • Wall Street bailout • TARP • overseas

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