Bank of America withdraws job offers to foreign MBA's

The $787 billion stimulus package has some small print that could affect many big institutions. Any financial institution that receives money from the government's troubled asset relief program is barred from applying for H-1B visas for highly skilled workers from overseas.

Bank of America became the first U.S. bank to withdraw job offers made to MBA students graduating from U.S. business schools this year who are not American citizens. It may be only 50 new hires, but it is a sign of changing times. About one-third of graduating MBA's come from outside the United States, and they usually gravitate to jobs in finance or banking. And coupled with the dismal economic conditions, it's likely many of these students will head to other shores, reports the Financial Times.

"There might be an inclination for people from around the world to vote with their feet," David Schmittlein, dean of MIT's Sloan school of management in Boston, told FT.

For more on this development:
- see this Charlotte Observer article

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