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Minnesota State Wire

Tuesday, March 18, 2025

How many H-1B petitions were made by Minnesota employers classified under the Finance and Insurance industry during 2024?

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Ted H. Kim, Associate Director Refugee, Asylum and International Operations Directorate for USCIS | https://www.naco.org/

Ted H. Kim, Associate Director Refugee, Asylum and International Operations Directorate for USCIS | https://www.naco.org/

Employers classified under the Finance and Insurance industry based in Minnesota submitted 772 H-1B petitions during 2024, according to data provided by the U.S. Citizenship and Immigration Services via the H-1B Employer Data Hub.

Of these, 768 were approved (99.5%), while four were denied (0.5%).

Employers are classified under industries based on their reported operations and may be involved in multiple industries.

The H-1B visa program allows U.S. employers to temporarily hire foreign workers in specialty occupations requiring specialized knowledge and at least a bachelor’s degree or equivalent. It is designed to address skill gaps in the U.S. workforce while ensuring wage standards to protect both U.S. and H-1B workers. Employers must certify that they will pay H-1B workers wages equal to or greater than those of similarly qualified U.S. employees or the prevailing local wage.

The average approval rate for H-1B petitions across the United States in 2024 stood at 98%, higher than 2023's 97.3%. Statewide, Minnesota employers across all industries submitted 4,510 petitions during the same period, achieving an approval rate of 98.6%.

The Professional, Scientific, and Technical Services industry led the H-1B filings in Minnesota during 2024, with 1,282 petitions (28.4% of all submissions), and an approval rate of 97.3%. Meanwhile, the Educational Services industry was the second largest contributor, filing 877 petitions (19.5% of the total), with an approval rate of 99.2%.

The Minnesota employers which made the most petitions in the Finance and Insurance sector during 2024 included US Bank National Association with 468 petitions, RBC Capital Markets, LLC with 93 petitions, and Ameriprise Financial, Inc. with 54 petitions.

Compared to 2023, the Finance and Insurance sector in Minnesota saw a 13.6% decrease in the number of H-1B petitions during 2024.

The United States admits around 1 million legal immigrants annually, most of whom receive permanent residence (green cards) through family sponsorship or employment-based visas. In 2023, about 1.2 million immigrants were granted green cards, a return to pre-pandemic levels. Temporary visa programs, such as the H-1B for highly skilled workers and H-2A for seasonal agricultural workers, also play a critical role in filling workforce needs.

Public opinion on immigration varies, with 46% of Americans favoring maintaining current legal immigration levels, according to a 2024 Pew Research Center survey. Additionally, 42% believe that highly skilled workers, such as scientists, doctors, and programmers, should be prioritized for legal immigration, compared to 25% who prioritize workers filling labor shortages and 19% who emphasize family sponsorship. Despite this, family sponsorship remains the most common path to permanent residency, accounting for 63% of green cards issued in 2023.

The data in this article comes from the H-1B Employer Data Hub provided by the U.S. Citizenship and Immigration Services (USCIS). While USCIS strives for accuracy, manual data entry and errors on paper forms submitted by applicants or petitioners may result in discrepancies in employer names, tax IDs, locations, or other details.

H-1B Petitions by Industry in Minnesota, 2024
RankIndustryTotal Petitions% of All Submissions% Approved% Denied
1Professional, Scientific, and Technical Services1,28228.4%97.3%2.7%
2Educational Services87719.5%99.2%0.8%
3Finance and Insurance77217.1%99.5%0.5%
4Manufacturing71815.9%99.9%0.1%
5Retail Trade3056.8%99%1%
6Health Care and Social Assistance1874.2%95.7%4.3%
7Information1042.3%97.1%2.9%
8Wholesale Trade651.4%100%0%
9Construction531.2%98.1%1.9%
10Utilities501.1%98%2%
11Administrative and Support and Waste Management and Remediation Services380.8%100%0%
12Other Services (except Public Administration)190.4%94.7%5.3%
13Real Estate and Rental and Leasing100.2%100%0%
14Arts, Entertainment, and Recreation90.2%100%0%
15Public Administration50.1%80%20%
15Transportation and Warehousing50.1%100%0%
17Management of Companies and Enterprises40.1%100%0%
18Agriculture, Forestry, Fishing and Hunting30.1%100%0%
19Mining, Quarrying, and Oil and Gas Extraction20%100%0%
19Accommodation and Food Services20%100%0%

Top Employers in Finance and Insurance Industry in Minnesota, 2024

RankCompany NameTotal Petitions% Approved% Denied
1US Bank National Association46899.8%0.2%
2RBC Capital Markets, LLC93100%0%
3Ameriprise Financial, Inc.54100%0%
4Elavon, Inc.24100%0%
5United Healthcare Services, Inc.2095%5%
6Walleye Capital, LLC9100%0%
7Royal Bank of Canada887.5%12.5%
7Ucare Minnesota8100%0%
9Piper Sandler and Company6100%0%
9Allianz Technology of America, Inc.6100%0%
11Columbia Management Investment ADV4100%0%
11FSV Payment Systems, Inc.4100%0%
11Thrivent Financial for Lutherans4100%0%
14Talech, Inc.3100%0%
14Medica Services Company, LLC3100%0%
14Vanco Payment Solutions, Inc.3100%0%
14Longevity Holdings, Inc.3100%0%
18Illumifin Corporation2100%0%
18US Bancorp Investments, Inc.2100%0%
18Curi Holdings, Inc.2100%0%
18Gravie, Inc.2100%0%
18Blue Water Financial Technologies2100%0%
18RBC Global Asset Management US, Inc.250%50%
18Colliers Securities, LLC2100%0%
18Ab Carval Investors L P2100%0%
18Northmarq Capital, LLC2100%0%
18Federal Reserve Bank of Minneapolis2100%0%
18Blue Cross and Blue Shield of Minn2100%0%
18Intact Services USA, LLC2100%0%
30Castlelake L P1100%0%
30Ao1 Holdings D B a Players Hea, Inc.1100%0%
30Proterra Investment Partners LP1100%0%
30Hennepin Partners, LLC1100%0%
30Cargill Incorporated1100%0%
30Stallion Insurance Group, Inc.1100%0%
30Bright Health Management, Inc.1100%0%
30US Bank Trust Company National ASS1100%0%
30Leech Lake Financial Services, Inc.1100%0%
30Columbia Management Investment Advisers, LLC1100%0%
30PFM Asset Management, LLC1100%0%
30Garda Capital Partners LP1100%0%
30Latino Economic Development Center1100%0%
30Travelator, Inc.1100%0%
30Accredited Investors, Inc.1100%0%
30Yukon Partners Management, LLC1100%0%
30Nystrom Associates, Ltd.1100%0%
30Blue Cross and Blue Shield of Minnesota1100%0%
30International Feed Corporation1100%0%
30Traive, Inc.1100%0%
30Wilary Winn, LLC1100%0%
30RBC Bank Georgia National Associat1100%0%
30Castlelake LP1100%0%
30Whitebox Advisors, LLC1100%0%
30Minnesota Teachers Retirement Association1100%0%
30Excelsior Energy Capital LP1100%0%
30Blaze Credit Union1100%0%
30RBC Bank Georgia, NA1100%0%

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