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Finance

Japan megabanks slash new-graduate hiring by 30%

As their businesses diversify, bosses want bankers to think like startup founders

Fresh graduates preparing to join SMBC gather at one of the bank's events in Tokyo. (Photo by Karina Noka)

TOKYO -- Japan's top banks, once known for hiring thousands of new university graduates every spring to fill their ranks, are sharply cutting back this practice as their need for raw staffing power declines.

The total number of prospective April 2020 hires by MUFG Bank, Sumitomo Mitsui Banking Corp. and Mizuho Financial Group comes to 1,700, down 27% from the previous year.

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