From the Economist:
Lauren Rivera of Northwestern University’s Kellogg School of Management interviewed 120 recruiters from American law firms, management consultancies and investment banks. Their principal filter was the applicant’s university. Unless he had attended one of the top institutions, he was not even considered. “Evaluators relied so intensely on ‘school’ as a criterion of evaluation not because they believed that the content of elite curricula better prepared students for life in their firms…but because of the perceived rigour of the admissions process,” Ms Rivera wrote. After the status of the institution, recruiters looked not at students’ grades but at their extracurricular activities, preferring the team sports—lacrosse, field-hockey and rowing—favoured by well-off white men.
I’d like to think things are different in the UK. Frankly, I doubt it.