Change My Mind: Banks Shouldn’t Hire Foreigners at All
Why don’t investment banks in America prioritize American workers? Every H1B or OPT hired is an American who didn’t get the job.
Since COVID, new data from the Bureau of Labor Statistics household survey shows that approximately 88% of all employment growth from January 2020 to January 2025 went to immigrants (foreign-born workers, legal and illegal combined), totaling about 4.7 million jobs, according to Center for Immigration Studies analysis of Table A-7. Native-born employment gains lagged dramatically. This pattern continues the displacement trend in professional sectors like finance, where investment banks have ramped up H-1B sponsorships significantly.
Illegal immigration and the broader post-COVID inflow surge have driven housing cost increases by adding substantial demand pressure. A Dallas Fed working paper estimates unauthorized immigrant worker flows contributed to roughly 30% of home price growth and 20% of rent increases in affected metro areas during the boom period, exacerbating affordability issues for American families in bank-heavy cities. And that’s just illegal immigration. It makes zero fucking sense to increase the population of the country (and demand for housing) while not increasing the supply of housing. Illegal and legal immigration is driving the “cost-of-living” crisis in our cities which is 100% downstream of unaffordable housing costs.
It is immoral for investment banks to hire H-1Bs, OPTs, and even Canadians when there aren’t enough jobs open for qualified Americans. These visa programs allow firms to bypass domestic talent pools. I worked in a group with lots of internationals—they were on average less competent, efficient, and personable than Americans. American white or Asian men are generally the competent people in this industry. No more foreigners in IB—banks must stop this betrayal and hire Americans first. If you want to make money in America and profit off of Americans, you need to create economic opportunities for Americans first. Fuck every single baby boomer and foreign-born boss who are importing these people and driving down wages for the American people.
Why wouldn't the banks prioritize who they think would be the best hire? Oftentimes at more cost to themselves?
It’s cheaper to hire foreigners and they are easier to control.
1) they are actually cheaper in terms of real wages - F-1 students on OPT are exempt from FICA taxes (social security and Medicare) for their first five calendar years in the U.S.
2) When their immigration status is 100% tied to their job, you can pay them below market wages and employers have almost total leverage over them.
why the fuck are we as Americans, putting up with any of this? It’s madness
who overwhelmingly supports mass immigration?
Crony capitalist boomers and naive women
most of the problems in America are downstream of letting women vote. Per Peter Thiel:
“Since 1920, the vast increase in welfare beneficiaries and the extension of the franchise to women—two constituencies that are notoriously tough for libertarians—have rendered the notion of 'capitalist democracy' into an oxymoron."”
Also almost half of rent controlled apartments in NYC go to foreign born residents.
If you work in banking, you are working 90 hour weeks to subsidize foreigners and to pay for them to raise their kids while not having or seeing your own
every moderately successful finance person is paying to subsidize like 15 people.
you can’t afford to start a family, but you’re paying 50% in taxes for Shaniqua and her two kids to live in NYCHA apartments on the LES. And Wes, a 65 year old artist, to pay for his $300/mo 2 bedroom in the West Village. And you’re subsidizing Mamadou, the 70 IQ doordash driver from Senegal.
And this is just the start! Zohran and the communists will bleed everyone dry
Grubhub/Doordash/Uber Eats are knowingly employing millions of illegal immigrants with fake documents/identities - the majority of their workforce in NYC is likely not here legally. Why are there no enforcement actions against these companies?
We have illegal aliens working illegally for delivery companies riding illegal e-bikes on the sidewalk illegally - and there are no laws or enforcement against any of that.
Fuck Mamadou and fuck everyone enabling this system.
That stifel rejection must be stinging
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