BankOfAmerica withdraws offers from H-1B grads

Bank of America has become the first U.S. bank to withdraw job offers made to foreign M.B.A. students graduating from U.S. business schools this summer, according to The Financial Times. The reason, the newspaper said, is that the government’s Troubled Asset Relief Program prevents financial institutions that have received bailout money from applying for H1-B visas for highly skilled immigrants if they have recently made US workers redundant.

“Recent changes in legislation made it necessary for Bank of America to rescind job offers it had made to students requiring H-1B sponsorship,” a Bank of America spokesman told the newspaper.