Time to stop taking minstrel boy's bait. You've been trolled.
Diversity is mostly a HR agenda. The bankers don't really care. Their focus is still on getting the best people.
I don't think the "changing balance of power" is a major factor. Yes, the world is internationalizing but banks have been internationalized for years. Of course they want people in India who can navigate that culture. But that's why they hire people...in India!
If anything internationalization strengthens the importance of Oxbridge. In my experience, foreigners are even more enamoured by Oxbridge than we are, when in truth Chinese universities like Tsinghua and Peking almost certainly turn out brighter students.
But it doesn't make that much difference, really.
Bottom line: nothing has changed in the last ten years to make UEL an attractive place to recruit from.
You might find it a little more difficult to get through the "online applications" but I would not listen to the people above saying you have no chance. I was in the similar position but I have managed to slip in through smaller firms. I can tell you without a shadow of a doubt though, forget what you know, it will be via the relevant people you meet along the way that you get into the city.
I think when applying one should also remember that the Investment Banking world is not just the Bulge Bracket firms. There are tons and tons of smaller boutiques that also have positions available for students, and are sometimes for forgiving towards the type of University you went through. Granted, not all of them will give you the same deal exposure as BB or the elite Boutiques (Greenhill, Evercore) will, but it's better than doing marketing at Tesco.
You make an excellent point WokSz. You just have to look a little closer.