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Business trends

Japan's megabanks to cut new hiring by 30%

Ambitious college students' preferred landing spots are digitizing

Japan's megabanks are being hit by deteriorating earnings. (Photo by Ken Kobayashi)

TOKYO -- Japanese megabanks, which had already been cutting back on hiring as they digitize their operations, are now accelerating these efforts as their earnings deteriorate.

The trend is hitting new university graduates hard. Japan's brightest students have long coveted jobs at the megabanks, which offer high salaries and secure careers.

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