Was looking for their webpage on this and stumbled onto this thread.
Just applied for this year's process, just managed to get it in for the deadline today! Hope I'll get in, 2000 words + a CV seems a bit arduous though, I'd be surprised if anyone actually reads more than 200 words considering the amount of applications I have no doubt they'll receive.
Got rejection from the Merrill Lynch 'banking uncovered' scheme a few days ago, so I hope I can get in on this. Will apply next year for Merrill anyway, and JP Morgan since you guys have mentioned it here, though I had no idea about it this year.