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Trump’s $100,000 H-1B Visa Fee Sets Off Scramble Across Corporate America
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Good morning, CFOs. H-1B visa changes spark corporate chaos; Saks in talks to sell 49% of Bergdorf Goodman; the question of the day.
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President Trump in the Oval Office on Friday. PHOTO: AARON SCHWARTZ/PRESS POOL
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The White House raced to calm panicked tech executives over the weekend after President Trump’s changes to the popular H-1B visa plunged the program into chaos.
👉 What you need to know: The announcement on Friday that the administration planned to add a new $100,000 annual fee for H-1B visa applications beginning at 12:01 a.m. ET Sunday caught companies and employees off guard, setting off a wave of anxiety and confusion. Many feared they would have to pay the fee for existing H-1B holders trying to return to the country after that time.
✈️ What companies may see ripple effects? Amazon, Alphabet’s Google, Microsoft and others warned H-1B holders not to leave the U.S. and urged employees overseas on the visa to return on Saturday because it could be difficult to re-enter, according to notes sent to staff reviewed by The Wall Street Journal and people familiar with their contents. Companies worried they could be on the hook for enormous fee payments given how many of their employees use such visas.
Human-resources staffers divided up lists of workers and tried to determine employees’ locations so they could help them book flights, if needed. Immigration lawyers, meanwhile, sent bulletins to companies and visa holders and tried to address concerns—but often found themselves with few answers.
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Content from our sponsor: Deloitte
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An Urge to Merge: Shaping M&A Success Among Nonprofit Entities
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Nonprofit leaders are showing greater interest in mergers to support their strategic goals. While motivations and circumstances may vary, consider actions that can support successful integrations. Read More
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Monday
Earnings: Firefly Aerospace
Tuesday
Earnings: AutoZone and Micron Technology
S&P Global releases both its Manufacturing and Services Purchasing Managers’ Indexes for September.
Wednesday
Earnings: Cintas and KB Home
The Census Bureau reports new-home sales for August.
Thursday
Earnings: Accenture, CarMax, Costco Wholesale and Jabil
The Bureau of Economic Analysis releases its third and final estimate of second-quarter gross-domestic-product growth.
The Census Bureau releases the durable goods report for August.
The National Association of Realtors reports existing-home sales for August.
Friday
The Bureau of Economic Analysis releases the personal-consumption expenditures price index for August.
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What Else Matters to CFOs
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The Bergdorf Goodman men’s store in Manhattan. The retailer’s store devoted to women is located on the other side of Fifth Avenue. PHOTO: BLOOMBERG NEWS
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The parent of Saks Fifth Avenue is in talks to sell 49% of Bergdorf Goodman, the ultraluxury department store, for about $1 billion, according to people familiar with the situation.
There are at least four potential bidders, including Middle Eastern sovereign-wealth funds and strategic investors, the people said. A deal could come as soon as early next year.
“We have initiated a strategic process to explore the potential sale of a minority stake in Bergdorf Goodman,” said Richard Baker, executive chairman of Saks Global. “While Bergdorf Goodman is core to our strategy, this process is intended to unlock value for our stakeholders and de-lever our business.”
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“Prediction is hard, especially about the future,” the saying goes.
Nonetheless, we thought we’d give prediction a try. We asked economists and economic historians to tell us by answering the question of the day. Please click on the link above or here to weigh in.
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Where senior finance leaders confront today’s expanding remit. Connect on capital, regulation, technology, and talent — and lead with clarity.
Request Information.
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The Wall Street Journal's CFO Journal offers corporate leaders and professionals CFO analysis, advice and commentary to make informed decisions. We cover topics including corporate tax, accounting, regulation, capital markets, management and strategy. Follow us on X @WSJCFO. The WSJ CFO Journal Team comprises reporters Kristin Broughton, Mark Maurer and Jennifer Williams, and Bureau Chief Walden Siew. You can reach us by replying to any newsletter, or email Walden at walden.siew@wsj.com.
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