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Carney’s First Budget Signals a Generational Reset for Canada’s Finances

Prime Minister Mark Carney jokes with Minister of Finance and National Revenue Francois-Philippe Champagne as they greet families before participating in an announcement at a community centre in Ottawa, on Friday, Oct. 10, 2025. Prime Minister Mark Carney’s inaugural budget is being framed as a turning point in Canada’s fiscal direction, marking a sharp departure from the spending patterns of recent years . Presented alongside Finance Minister François-Philippe Champagne, the budget is not just a financial document but a statement of intent: to reshape the country’s economic priorities in the face of global uncertainty and domestic pressures. At the heart of the plan is a shift away from expansive spending toward what Carney has described as “tough choices” and “sacrifices.” The government has emphasized that Canada must “spend less to invest more” , signaling a reallocation of resources rather than an outright expansion of the deficit. This approach reflects Carney’s long-standing...
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Wall Street Scrambles as Trump’s Visa Fee Shakes Hiring Plans

People walk around the Financial District near the New York Stock Exchange (NYSE) in New York, U.S., December 29, 2023.

The Trump administration’s surprise overhaul of the H-1B visa program has sent shockwaves through Wall Street, with JPMorgan Chase and other major financial institutions weighing how to respond. The new policy imposes a $100,000 fee on each new H-1B visa application, a move officials say is designed to prioritize higher-paid, highly skilled workers and open more opportunities for U.S. talent.

For banks, however, the impact could be severe. JPMorgan alone secured 2,440 H-1B visas in 2025, more than any other U.S. financial firm. Many of these employees fill critical roles in quantitative modeling, risk management, and technology development—areas where domestic talent is often scarce.

Analysts warn that the steep fee could make hiring entry-level analysts or tech workers prohibitively expensive, forcing banks to consider shifting more operations offshore. “Hiring for entry-level jobs using H-1B becomes nearly impossible,” said Meridith Dennes of Prospect Rock Partners.

JPMorgan CEO Jamie Dimon admitted the announcement “caught everyone off guard” and signaled that the bank will engage policymakers on the issue. Other Wall Street firms have so far declined to comment, but industry insiders expect a coordinated pushback in the weeks ahead.

The policy has also raised concerns abroad, particularly in India, whose nationals account for the majority of H-1B recipients. Some experts suggest Canada and other jurisdictions could benefit if global talent looks elsewhere for opportunities.

As the financial sector recalibrates, the visa crackdown underscores the delicate balance between immigration policy and America’s competitiveness in global finance.



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