I've done some research in this area (my startup is dev recruitment related) and from what I've seen that large tech companies aren't cutting fresh graduate wag

I've done some research in this area (my startup is dev recruitment related) and from what I've seen that large tech companies aren't cutting fresh graduate wages because it complicated internal politics. If you pay this years grads less than last years, then they will find out about it and it creates ill-will and bad politics within the company. However the number of grad roles at the top-end are being cut, so previously grads who could have got a high-paying job at a top-end company now have to take a lesser paying job at a slightly worse company.