So I hear Lehman brothers is not allowing their Manhattan hires to use OPT. If one did not get a visa, they will supposedly look for positions in their global offices in ANY division. I got a lot of friends at other banks and they all are basically using their OPT, then being sent to global offices to meet their counterparts, using their vacation, then returning in three months, hopefully with a visa. Why is Lehman so inflexible? What recourse does one have, other than marrying a US Citizen as fast as possible?
Trending Content
Career Resources
g-khan said it best on the other thread about internationals. banks do what they must. read your contract. don't know about LB but others say depending on visa clearance. sure it sucks...but
so be it.
Which banks are not allowing OPT usage? Does anyone know?
a place for you. London is busting at the seams. US citizen employees are expressing concerns over the "special" treatment of juggling those employees who need visas. Hell, who wouldn't want to go abroad on the IB's dime for three months??? Most first yr analysts don't get to use but a few days of vacation in NYC.
So...you either have to be real lucky with your employer or have some real special skill sets/connections for NY Banks to step up to the plate.
Actually, I know a few people in trading that this is affecting there also. They really just want the bank to let them use their OPT which I am near certain every other bank plans to do.
Can someone please explain all this... Don't exactly follow....
Some law temporarily increased the number of H1-B visas for awhile. It expired in 2006, but everyone assumed its renewal in 2007. Democrats took control of congress, but now even Republicans are expressing protectionist sentiments. Thus, no renewal has occurred. This effectively created a huge cut in the number of visa's available, possibly by more than half. So many people applied for H1-Bs that the government filled the quota on the first day. Technically one is supposed to have graduated from school to get an H1-B, so a lot of banks will not even file the paperwork until possibly June. Normally this did not cause a problem, as plenty existed to go around and the application could take place on a later date.
Hence, nearly every international student I know did not get an H1-B. This does not necessarily create a huge problem, as most students have a training period of nine months (OPT) remaining on their student visa, during which they can work in the States. After this nine months, they must leave the US for three months and reapply for and H1-B in May of 2008. Nothing guarantees they will get a visa then, but chances remain higher, since by then Congress might understand that this is not a good thing, especially for high technology fields. At most banks, including ML, GS, UBS, and DB for sure, people in this situation can work their nine months here and then visit a branch in London or Asia for a few months. I suppose they would be forced to drain their vacation for the year also, but in any case, these employees should be fine.
Lehman Brothers, and possibly a few other firms have told their new hires that not getting an H1-B in May 2007 precludes employment with the firm in the US and that they will try to place them in the same or another division abroad. A lot of these kids only want to work in New York, and it really irks them that they chose Lehman when they had offers from firms that would have accommodated them under their OPT for at least nine months. I personally know two people in this situation, and apparently at least a few more exist. One got placed in Hong Kong already. Interestingly though, Lehman has not reopened hiring, so many people suspect that this is a ploy to eliminate some of their over-hiring this fall. I am not sure why else they would refuse to handle this like most other firms.
you sure about ML/GS/UBS/DB? I have an offer in one of these firms, but have not received any feedback from the firm regarding re-location or what they plan to do with the international hires etc.....
Are you yourself an international student? I have friends at each of those firms that require and did not receive H1-Bs and everything is cool as long as they receive one during next year's lottery.
Cumque quia corporis est adipisci. Cumque molestiae occaecati non molestiae excepturi ut cum. Laborum tenetur corrupti repellat qui molestiae eum.
Accusamus maxime a ullam est mollitia sed id ipsam. Odio dolore nemo voluptatem officiis non aliquam. Ut voluptatibus nesciunt aut in. Quia libero et non blanditiis omnis.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...