I applied through college or university. The process took 1 week. I interviewed at J.P. Morgan in Jan 2012
Interview
Interviewer was an alumnus. Asked questions about my resume and talked about the job, seemed very nice.
Questions asked included:
Tell me about yourself? (first question)
What do you think of the market?
Tell me about crisis Europe? (this was back in Jan)
Basically, know enought to talk about current events, read some related WSJ articles.