Interviewed for Two Investment Banking Divisions—Rejected from One, Still in Consideration for another. What Does This Mean?

Applied for a 2026 position at an investment banking firm and had the opportunity to apply for two divisions, so I applied to Capital Markets & Debt Advisory and M&A. I was chosen  to a first-round interview, but the interviewer was from a sector-specific group and didn’t specify which division I was being interviewed for. A day later, I was rejected from Capital Markets & Debt Advisory but am still under consideration for M&A.

Does this indicate anything about my chances or has this happened to anyone else?

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