Is UBS Abusing The H1-B Visa Program?
How can they honestly say they are not displacing US Workers when thousands apply to banking roles?
The H-1B program allows employers in the United States to temporarily employ foreign workers in occupations that require the theoretical and practical application of a body of highly specialized knowledge and a bachelor's degree or higher in the specific specialty, or its equivalent.
When filing an H-1B petition, employers must prove that they will pay the H-1B worker the prevailing wage for the position in their geographic area, that they are not displacing any U.S. workers by hiring the H-1B worker, and that the employment will not adversely affect the wages and working conditions of similarly employed U.S. workers, all through a document called a Labor Condition Application (LCA) certified by the Department of Labor (DOL).
For 2024 New Applications included
1 Investment Banking Executive Director making 325,000
5 Investment Banking Directors making 275,000
5 Investment Banking Associate Directors making 175,000-200,000
4 Investment Banking Analysts making 110,000-115,000
Full List with average salary for the role
This is why Trump had to act. Everyone is abusing it
Shut the fuck up and just be better
You wouldnt have gotten the offer anyways even if opt / h1b wasnt a thing
Non-profit? Lol
Its just a fake title cuz i think its funny and i use this site mostly for shits and giggles and not to spread unjustified xenophobia
Abuses are rampant especially in finance
UBS is the most blatant abuser of it
UBS IB is maybe the least diverse bank at the junior level. I am a white dude, and it's all just white and Asian (not even all types; just south and east) dudes with the rare Asian/white woman thrown in there. Most other banks are 50/50 men to women for their analyst classes, UBS is not even close to that. There is a lot of international people at the senior level in some group from Europe; but it's more domestic heavy than vast majority of banks. Maybe there's some Canadians or Europeans that I am missing at the junior level; but from what I am aware as someone that's there it's super domestic heavy.
this is blatantly wrong lol. women literally outnumber men 2/1 in some groups at the junior level
Have you considered the fact that every group is different in headcount and data varies? There are also groups that are 80% men at the junior level which pretty much does not exist at other banks in NYC(due to diversity programs). Most groups at UBS are 50-80% men at the analyst level.
When UBS deferred half of the analyst class that was supposed to start in July 2023, they explicitly gave preference to internationals (aka zero internationals got deferred). Meaning, they discriminated based on on citizenship status, based on already signed employment contracts with non Americans favored. UBS 100% should be investigated over their immigration practices.
That's because of visa laws... internationals aren't allowed to stay in the country without work or studying for that long. Also that's not discrimination, it's not government owned company; it can hire or fire or move start dates as they wish. As long as they don't explicitly say it was because of visa reasons (they will never do this if they have a lawyer/any lawyer) you are shit out of luck.
Yeah but you can’t discriminate in employment based on citizenship status and UBS did it on a large scale.
Agree in Tech all the culture killers are international H1Bs
Incorrect. That is actually textbook discrimination under the law.
I didnt realize this but it checks out based on my group. UBS should be ashamed
Second that. My group without internationals (about half the group) would be so fun. All the american VPs through MDs are chill chads.
It’s crazy how UBS is cozying up to the Trump administration when they’re so anti American and discriminate against Americans so blatantly.
how is that allowed
Serious? Money and power buys laws and privilege. "It's a big club, and you aint in it (yet)"
UBS is fairly anti-American
UBS explicitly prefers non Americans over Americans
100% true for both hiring and promotion. It’s so scummy.
Have unwritten quota to hire half international
100% true
Banks prefer H1Bs because they end up stuck at banks so they could treat all bankers bad knowing that the internationals will all be obedient which further degrades culture
Bingo
100k H1B fee, it's over.
UBS with no H1Bs would unironically be paradise and a great place to work.
Yo stfu yall Americans go cry abt it you can’t even begin to imagine the hardship it is for intl ppl to work and stay here. 1000% harder to get employed on wall st because H1B costs money duh and 1000% more at risk of lay off and 1000% more complicated when actually laid off. If the banks decide to initiate the green card process then you are basically slaved to an employer. Having an American citizenship is a privilege working at Wall Street and stop crying abt it lol
Chill out and go back to Mumbai buddy
Please don’t take meee
You are taking jobs american could do. The program has been abused and this is the end of it.
wrecking the culture here
American jobs should go to Americans.
But what Am I goING to DOOo
This is the part you people don't get. We can imagine it fine. We just don't care. If all the people who applied for visas genuinely had such specialized knowledge and know-how they wouldn't be tripping over themselves to come here to complain "woe is me" while they apply for rank and file corporate drone jobs to suckle at our culture's teat. If you were actually uniquely qualified/rare individuals, you'd exclusively be entering high-level technical/research roles or starting companies, not creating slides and being an excel monkey.
Yea, that is the point. If you don't like it go home. The sheer audacity of so many foreigners who come here for school that they should have a right to stay as long as they want is insane.
Bro said Americans need to stfu about the American workforce 😂🤡
We can cry about it or our representative gov't can make changes in accord with the public's demand/good policy. And it appears they are. So, maybe you can go cry about?
H1Bs are the biggest contributors to the toxic culture at UBS… most Americans at UBS are great to work with
But my MDs like to hire h1bs cause they can use them as their doormat, and know they will then crack down on juniors to get work done.
Without them we will have to rely on VP Vince from Pennsylvania (Penn State UG) and ED Eric from Texas (Ivy league UG in politics, legacy MBA admit to Duke Fuqua) who demand good work life balance and actual respect, and dont like to work Saturdays (or Sundays) for pitches because they have a life.
Americans are good at making connections with the client and knowing what they want. Non Americans are good at bringing dysfunctional and inefficient management styles from their shithole country and treating juniors like slaves from a lower caste.
.
Because no country outside of the US and India exist lol
The amount of nonsense and racism coming from undergrads in this forum is sad. The fact that most of the comments are all anonymous also just furthers the point that you cowards don’t deserve these jobs and don’t have what it takes to get them.
Internationals need to jump through a millions hoops to be able to get the jobs in the first place in the past 5/7yrs since the H1B lottery has become incredibly hard to get and that employers don’t want to risk losing their employees after 1/3yrs. So you can imagine how sh*t you must be to lose a hiring process to an international kid.
Add to that that if international kids weren’t the ones coming to US colleges and paying full tuition (which most Americans don’t) college tuitions would also through the roof.
So stop being so clueless about life, study a little harder, and maybe take a plane to the other side of the pond to try and open your mind a little bit and be less of a clueless idiot. Then you’ll get a job.
Also FYI already spoke with MDs and HR at my bank and other friends did the same at theirs, and the 100k fee doesn’t change anything, quite the opposite they now know that besides them and big tech no one will pay for it so they feel better now of being able to keep their international employees here. Tough luck kids
It’s a myth that banks hire H1Bs because they’re more qualified or better candidates, especially for IB. The reason the banks hire internationals is because the banks hold the cards when it comes to employment - international students essentially get trapped at the bank, so the bank can do whatever they want to them (pay poorly, treat them badly, etc). This affects the entire culture of the group since the bank knows they have a cohort of people that are forced to stay no matter what.
No need for any pissed off rebuttals because I’ve seen this happen first hand across multiple banks.
Mate you are talking out of your arse. Let’s start from the beginning as you clearly don’t understand this visa. The vast majority of H1B visa are handed to kids out of undergrad while they are on OPT, sure some get it while they are on L1 but these are a tiny minority.
If the bank likes you they sponsor you that’s all. Contrary to all the nonsense about less pay, stuck with the company and so on which is something that is not the case in finance, being on an H1B is the best for the employee for the employer as you are free to move to any job you want.
The shady banks usually none American banks bring people from abroad on L1 visa because then yes they are company linked visas, can’t move and then yes are less paid. But that’s not the case of H1B.
So educate yourself guys stop talking about stuff you don’t understand.
VP is 100% correct. Banks just want slaves who will work every Saturday and won’t push back.
This is 100% the reason why. My team doesn’t sponsor at all, so I’m not speaking out of personal contempt or resentment here when I say H1Bs being more willing to be abused is 100% the reason why they’re still a thing. It’s actually just as bad, if not worse at big tech companies like Amazon. I was considering making the switch to tech for better wlb, but I heard nothing but horror stories from my former classmates about how toxic working at some of the FAANG companies are because the managers just take advantage of the H1Bs and take credit for all their work, and the H1Bs are too scared to speak up, so the cycle continues to perpetuate, and horrible managers keep getting promoted. Even if you’re not the one being abused because you’re a citizen, you still have the displeasure of dealing with incompetent managers who have no idea what they’re doing because they rode the backs of all their H1B slaves.
Well said brother. Cant believe this forum is genuinely this racist / xenophobic.
Kids, if you can’t beat out an international kid to get an offer, consider this,
1. Their first language isn’t likely English, and you just lost to someone who is theoretically worse at your own language that you spoke since birth
2. The list of banks that these international kids can target is very, very short due to sponsorship issues vs. the options you have ie all the fucking banks out there. What the fuck were you doing if you couldn’t land an offer anywhere, but this supposed goober of an international did?
All in all, it is YOUR fault that you’re dogshit and can’t help yourself not be autistic during the interview and failing to understand how $10 depreciation flows through the thee statements without memorizing the answer.
Definitely winning hearts and minds here.
If your ownly rebutal is racism/some other ism you have lost the debate. Period. You have no actual response so you just insult. At least when I insult you it is becuase I am 1) correct and 2) actually witty.
All banks (not just UBS) love to hire internationals because they know they’re essentially trapped there and the banks can pay & treat them like dirt, making the culture worse for everyone
When those same internationals get to mid level or senior postions, they treat juniors like shit. But Americans hate working with them and all the good juniors are driven away. And so the only people left are also trapped internationals.
you just described the FIG team
this is the only correct answer
no international would have revolted on Baird’s culture (WSJ article) from months ago. The international would had been too busy kissing ass and saying “thank you Mr. American Boss for this opportunity, back in my country I don’t make this money, I want to work 120 hours with pleasure, thank you again Mr. Boss!”
this just creates shitty precedents for how banks treat employees
I don't know why I always read that quote in an Indian accent.
Who cares? UBS is not an American bank and thus does not fall into the same corporate culture as American banks. European banks tend to prefer people who have diverse linguistic abilities and because most Americans can only speak 1 language, they need to hire people who are fluent in French, German, Spanish etc.
Yup because so many clients are speaking Hindi
Sorry mate if a bloke who speaks Hindi got the job you wanted (seems like a salty skill issue). IB is rough and if you cant handle it have you considered working in another industry? If people are more sweaty and willing to work longer hours for the same pay obvs the banks will hire them. Its the same situation in the UK where BBs and Boutiques hire loads of 25 year old Europeans for 1st year analyst programs because they are more willing to work longer hours.
I agree that banks DEI culture (toxic in many cases) in some instances take away from merit based applications but there is no evidence that Indians or Asians benefit from that, if anything it works against them. Are they overrepresented in banking? Yes, but thats because, in most cases, they have the skillset and education to back it up.
Clearly by your comments in this thread you have some sort of bias against Indians and Asians (or maybe just an inferiority complex cause you cant cut it). Regardless, I wish you loads of 100 hour weeks ahead, cheers :)
Not American but for jobs that require actual technical skills (like research, engineering, etc.) it makes sense to use H1B to get talent elsewhere but it's 100% not justified in banking.
For companies like OpenAI, they can either pay $100k annual fee or use the O-1 visa. And it makes economic sense in both cases. But for banking associates? Absolutely not.
Just thinking of the millions flowing out of the country due to H1Bs. That money can then stay here and build hundreds of thousands of US jobs. This is the boost the US economy needed.
China, India, and Russia are now the enemy. Anything we do to enable them or their people hurts our country.
Biggest aspect of inflation still is housing. No H1Bs, mass deportations would make housing affordable again and Americans could afford housing and have more kids. What Canada did with its uncontrolled immigration policies was literal suicide and now homes are 2x the price as the US with much lower salaries. That’s the future of the US if we don’t wake up.
Database here: https://h1bdata.info
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