I applied through a staffing agency. The process took 2 weeks. I interviewed at Morgan Stanley (New York, NY) in Feb 2010
Interview
There was a phone screen for an hour by 1 person. It was moderately difficult.
This was followed 1 week later by 1:1 with 5 folks (each 45 min to an hour) in increasing order of seniority.
3 of the interviews were difficult with detailed probing questions and follow-ups. It was fun and a good experience. All had tech (basic and difficult) and business questions.
Interview questions [1]
Question 1
Gave a real business scenario that they are facing now.