H-1B Exposed | Banking Sector Visa Sponsorship Investigation An Independent Investigation The talent shortage is a myth. This is labor arbitrage. Three of America’s largest banks filed 7,474 Labor Condition Applications for foreign workers. Public records expose the playbook: file at scale, pay the legal minimum, and lock workers in with green card sponsorship. See the Data View Companies → Scroll Total LCA Filings 7,474 | Approval Rate 98-99% | Green Card Sponsors 5,142 | Near Wage Floor 31.8% | Commodity IT Roles 69.8% | Companies Tracked 3 | Years of Data FY2017-2025 | Total LCA Filings 7,474 | Approval Rate 98-99% | Green Card Sponsors 5,142 | Near Wage Floor 31.8% | Commodity IT Roles 69.8% | Companies Tracked 3 | Years of Data FY2017-2025 | The Numbers What the public records show. Every data point here comes from federal filings these companies made themselves — the same data they hope nobody reads. 7,474 Total LCA Filings FY2020–2026, three banks 5,142 Green Card Sponsorships PERM applications filed 69.8% Commodity IT Work Software devs, analysts, QA — not specialized talent 98–99% USCIS Approval Rate Rubber stamp. Virtually zero oversight. 31.8% Near Wage Floor Nearly 1 in 3 filings pay barely above the legal minimum 3.5% AmEx H-1B Workforce % And growing — highest ratio of the three banks The Playbook The talent shortage is a myth. This is labor arbitrage. 01 File at Scale Thousands of Labor Condition Applications filed per year. Volume is the strategy. 02 Pay the Floor Nearly a third of filings cluster right at the prevailing wage minimum. Compliance minimums, not competitive offers. 03 Route to Low-Cost Cities Workers sent to locations where prevailing wage obligations are lowest. Geographic arbitrage baked into the system. 04 Lock Them In Sponsor green cards. The worker can’t leave, can’t negotiate, can’t push back. Their immigration status is the leash. The Companies Three banks. Thousands of filings. Click through for the full data breakdown on each institution. 01 JPM JPMorgan Chase The largest U.S. bank by assets and one of the biggest H-1B sponsors in financial services. LCA Filings 3,534 Avg Salary $162,588 99.5 % APPROVED View Data → 02 AXP American Express A global financial services corporation known for credit cards and payment processing. LCA Filings 920 Avg Salary $151,466 99.1 % APPROVED View Data → 03 COF Capital One A major bank holding company specializing in credit cards, auto loans, and banking, with a large tech workforce. LCA Filings 728 Avg Salary $196,150 99.9 % APPROVED View Data → Methodology All sourced. All public. This entire investigation runs on public federal data — filings these companies submitted to the Department of Labor, USCIS, the SEC, and the Bureau of Labor Statistics. They created the paper trail. We read it. DOL Dept. of Labor OFLC Every LCA filing, prevailing wage determination, and worksite location. USCIS USCIS Employer Data Hub H-1B petition approvals, denials, and outcomes by employer and

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