Bank of America has target schools for investment banking recruiting - and my college was NOT one of them. They also have a non-target recruiting process, and to be included in it, you need to be referred by an employee. I went through this process and had a first round phone interview. Once accepting, I sat on this committee, so I know from experience that for first round non-target interviews, each interviewer speaks with 6-8 candidates, of which they can select one to advance to the Super Day. Super Day interviews are standard across Wall Street firms...you meet with 5-8 people (usually a 1-1, sometimes there are two interviewers at once) for ~ 3 hours. You get a small break somewhere during the process so that all six or so interviews are not in a row. After the interviews, all interviewers from a pod (a pod is a group of 5-8 candidates - all candidates in a pod meet with the same interviewers) get together around a table and choose their favorite candidates. Since hiring is by industry or product group, you will almost definitely be hired into one of the groups you met a representative from.