New York’s financial sector faces risks from President Donald Trump’s visa crackdown.

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Over 9,000 people work at the New York headquarters of investment bank Goldman Sachs, hundreds of whom rely on the H-1B skilled worker visa, a recent target of a reform implemented by the Trump administration that mandates companies pay $100,000 for each new hire through the program.

The reform’s primary objective was to target the technology sector; however, the financial sector will also have to reevaluate its hiring practices, as it is one of the largest recipients of H-1B visas.

In the first two quarters of 2025, Goldman Sachs was the largest recipient of H-1B visas in New York City. The Big Apple, in turn, had the highest number of H-1B visa recipients in the entire United States.