The firm does not require a first, as recruiters have told me they only expect a strong 2.1. In my vacation scheme, I knew there were people that did not have overall 1.1s, so I think this is a genuine statement of recruitment policy. I was told that the firm will consider candidates who do not have a high 2.1 as well if they have mitigating circumstances, but I am not aware of any particular policies in this regard. While I have no further information on this, I think it is general practice with City firms to consider them on a case by case basis. Generally, I would expect that the way mitigating circumstances can effect progression is in a case where an application scores really well on all other relevant assessment criteria and the candidate only slightly falls off from a normal required academic standard. Thus, I have heard of a number of cases where people with lower than required A level results ended up receiving TC offers.