The United States should embrace foreigners with tech abilities, not shun them, JPMorgan Chase CEO and Trump advisor Jamie Dimon says.
President Donald Trump is pursuing efforts to give jobs to US citizens, but the country would have faster economic growth and better productivity with contributions from foreigners educated in the US, Dimon said in JPMorgan Chase's annual shareholder letter (PDF), published Tuesday.
"It is alarming that approximately 40 percent (this is an astounding 300,000 students each year) of those who receive advanced degrees in science, technology, engineering and math at American universities are foreign nationals with no legal way of staying here even when many would choose to do so," Dimon said in the letter. "We are forcing great talent overseas by not allowing these young people to build their dreams here."
The bank itself seems to be doing fine, though, with a record $24.7 billion in profit from revenue of $99.1 billion for 2016.
Immigration is a contentious issue and one that motivated many to vote for Trump. Many tech firms in Silicon Valley stood against Trump immigration restrictions, and they benefit from H-1B visas that let specialized employees work in the US.
In recent days, the US government began an effort to reduce H-1B visa fraud and also declared that entry-level programmers are not eligible.