I saw a job posted on the Morgan Stanley careers site and submitted my application. A few days later, HR reached out to schedule an in-person interview.
The first interview I met with two people at my same level. We talked about my background and experience, and they provided their insight into the company. They were fairly junior, so were not terribly proficient in interviewing.
I then heard nothing for about a month until they emailed again to schedule the second interview later that week. That one was with the hiring manger. We spoke more about the role, the department, but also the financial services industry as a whole. Was more of a conversation than straight up interview.