BofA goes back on job offers to foreign MBAs

[Humhongekamyab]

http://www.ft.com/cms/s/0/2095405a-0...0779fd2ac.html

Published: March 9 2009 02:00 | Last updated: March 9 2009 02:00
Bank of America has become the first US bank to withdraw job offers made to MBA students graduating from US business schools this summer, citing conditions laid out in its bail-out deal as the reason.

The recently passed $787bn stimulus bill in effect prevents financial institutions that have received money from the government's troubled asset relief programme from applying for H1-B visas for highly skilled immigrants if they have recently made US workers redundant.

BofA, which has received a total of $45bn in Tarp funds, is in the process of digesting two large acquisitions - Countrywide, the mortgage broker, and Merrill Lynch - which will see thousands of jobs lost.

A spokesman for the bank said: "Recent changes in legislation made it necessary for Bank of America to rescind job offers it had made to students requiring H-1B sponsorship."

The number of international students affected by the BofA move is thought to be no more than 50 but business schools are concerned that other banks could follow suit.

Traditionally, about a third of MBA students at the leading US schools have taken up finance and banking jobs on graduation, with about a third of those MBAs coming from outside the US.

Some supporters of freer migration have criticised the Tarp measure for threatening to cut the US off from foreign talent and encouraging tit-for-tat retaliation by other countries.

One concern for business school deans is that students who have traditionally studied in the US may go elsewhere. "There might be an inclination for people from around the world to vote with their feet," says David Schmittlein, dean of MIT's Sloan school of management in Boston.

Business Education, Pages 10 & 11

[vin13]

This is going to hurt Universitites on the long run. Why would someone want to come here on F1 if they cannot work after they graduate.

I think immigration has a direct impact on student intakes at several universities. I wonder if IV has contacted universities to help lobby immigration efforts.

[sanju]

Here is a related video on CNBC -
http://www.cnbc.com/id/15840232?video=1056896654&play=1

.

[Humhongekamyab]

The word is going to spread like a wildfire.

[Humhongekamyab]

Originally Posted by vin13

This is going to hurt Universitites on the long run. Why would someone want to come here on F1 if they cannot work after they graduate.

I think immigration has a direct impact on student intakes at several universities. I wonder if IV has contacted universities to help lobby immigration efforts.

Very good idea about contacting the universities to lobby for H-1B/EB reform as it is going to directly effect the future F-1's.

[senthil1]

Actually they have chosen wrong place for the restrictions. Most companies follow H1b regulations in permanent jobs and they are hardly displace Americans. Most abuse and violations are in consulting area. Mainly US workers were displaced by outsourcing and Consulting companies. Many companies did lay off and outsourced to Indian Companies in past. The H1b regulation need to be relaxed for permanent jobs and tightened for consulting. But they target wrong place

Originally Posted by Humhongekamyab

http://www.ft.com/cms/s/0/2095405a-0...0779fd2ac.html

Published: March 9 2009 02:00 | Last updated: March 9 2009 02:00
Bank of America has become the first US bank to withdraw job offers made to MBA students graduating from US business schools this summer, citing conditions laid out in its bail-out deal as the reason.

The recently passed $787bn stimulus bill in effect prevents financial institutions that have received money from the government's troubled asset relief programme from applying for H1-B visas for highly skilled immigrants if they have recently made US workers redundant.

BofA, which has received a total of $45bn in Tarp funds, is in the process of digesting two large acquisitions - Countrywide, the mortgage broker, and Merrill Lynch - which will see thousands of jobs lost.

A spokesman for the bank said: "Recent changes in legislation made it necessary for Bank of America to rescind job offers it had made to students requiring H-1B sponsorship."

The number of international students affected by the BofA move is thought to be no more than 50 but business schools are concerned that other banks could follow suit.

Traditionally, about a third of MBA students at the leading US schools have taken up finance and banking jobs on graduation, with about a third of those MBAs coming from outside the US.

Some supporters of freer migration have criticised the Tarp measure for threatening to cut the US off from foreign talent and encouraging tit-for-tat retaliation by other countries.

One concern for business school deans is that students who have traditionally studied in the US may go elsewhere. "There might be an inclination for people from around the world to vote with their feet," says David Schmittlein, dean of MIT's Sloan school of management in Boston.

Business Education, Pages 10 & 11

[champu]

Originally Posted by senthil1

Actually they have chosen wrong place for the restrictions. Most companies follow H1b regulations in permanent jobs and they are hardly displace Americans. Most abuse and violations are in consulting area. Mainly US workers were displaced by outsourcing and Consulting companies. Many companies did lay off and outsourced to Indian Companies in past. The H1b regulation need to be relaxed for permanent jobs and tightened for consulting. But they target wrong place

Fruitcake - you got a perm job. Don't you. Foreign expertise are needed in consulting and challenging jobs. Who needs foreigners to apply patches on servers or daily banking?

[sanju]

Originally Posted by champu

Fruitcake - you got a perm job. Don't you. Foreign expertise are needed in consulting and challenging jobs. Who needs foreigners to apply patches on servers or daily banking?

If they had "foreigners on H1B" doing daily banking, there would be NO BANKING COLLAPSE., and this world would still be a happier place to live for every AMERICAN.

.

[champu]

Originally Posted by sanju

If they had "foreigners on H1B" doing daily banking, there would be NO BANKING COLLAPSE., and this world would still be a happier place to live for every AMERICAN.

.

u bet/LOL

[Imigrait]

Internationals from developing countries will stop coming to US MBA programs. Already this year due to $ up by 25% against the Indian Rupee and all this H1B problems international admissions are down. I predict it will be worse next year. Most MBAs don't get any financial scholarships and the average tuition at top full time MBA programs are @$90k+living expenses.

[kumar1]

This country is killing itself.....I can see it going straight to hell....
Why wouldn't you absorb those students who were educated here ???????
I am sure, those MBA students are smart, they are going to other countries and make that a better place to live. America would be left with burger flippers living on food stamp......

[go_guy123]

Originally Posted by Imigrait

Internationals from developing countries will stop coming to US MBA programs. Already this year due to $ up by 25% against the Indian Rupee and all this H1B problems international admissions are down. I predict it will be worse next year. Most MBAs don't get any financial scholarships and the average tuition at top full time MBA programs are @$90k+living expenses.

Already I have heard of Foreign Students in US schools dropping off after the 1st year because they could not get the loans for the 2nd year. The credit crisis intensified in 2008 and a lot of financing companies stopped giving students loans to foreign students.

I know in recent times, lots of Foreign students took 75K loans for their MBA in US.
I always told people that it was way too risky and they will get ruined if the economy tanks and H1Bs gets shut out.

[champu]

Originally Posted by sidbee

I would like to suggest , that Fruitcake may be correct.
I truly believe that the H1B should not be allowed for consultants,Reason explained : Company A needs a SAP analyst (in Virginia), It gets an H1B from a Manpower Supplier(in San Jose,CA).This basically breaks the spirit of H1B. Company A never tries to hire an American in Virginia, for the Job. Company B(In case its a desi consulting company) would have never tried to hire an American in San Jose.

My company is trying to hire specialist employees through dice and otherwise.
Only people they hired and interviewing for more are foreigners.
Do not have low opinion of desi companies. I know quite a few small sized companies in consulting, product development, semi-conductor business. There adherence to immigration program is no less than Si Valley biggies.

[champu]

Originally Posted by champu

My company is trying to hire specialist employees through dice and otherwise.
Only people they hired and interviewing for more are foreigners.
Do not have low opinion of desi companies. I know quite a few small sized companies in consulting, product development, semi-conductor business. There adherence to immigration program is no less than Si Valley biggies.

Also, it is you and me who are spoiling the spirit of h1b. Desi companies do not give a $hit you leave them on bench. The same is true for a lot of US consulting companies do. You stayed back with no pay for your own interest.

[shantanup]

Originally Posted by vin13

This is going to hurt Universitites on the long run. Why would someone want to come here on F1 if they cannot work after they graduate.

I think immigration has a direct impact on student intakes at several universities. I wonder if IV has contacted universities to help lobby immigration efforts.

Not IV but I did take some steps in that direction. Nothing happend after that.
http://immigrationvoice.org/forum/sh...ad.php?t=19630 (Letter to the University Chancellor)