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Banks Hit Over Foreign Hires

The largest banks that received taxpayer loans announced more than 100,000 layoffs.

By LIFS March 4, 2009 at 4:46 PM
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Major U.S. banks, that have received $150 in bailout money have sought H1B visas for 21,8000 foreign workers during the past year, according to an Associated Press analysis.

 
The agency reported that the numbers of visas sought by the dozen banks increased from 3,258 in the 2007 budget year to 4,163 in fiscal 2008. senior vice presidents, corporate lawyers, junior investment analysts and human resources specialists

AP acknowledged that only a fraction of the foreign workers would actually have been hired, because the visa quota was heavily over subscribed. Nevertheless, it pointed out that during the last three months of 2008, the largest banks that received taxpayer loans announced more than 100,000 layoffs.

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Business | Magazine | March 2009

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