High undergrad and low masters gpa?

Hi all,

I went to one of the top schools in my country and achieved a 3.9 GPA and I am now doing a Masters degree from a target school here in the US. Since my friends told me that banks have accelerated their recruiting process, I spent a lot of time last semester job hunting and received an internship from a top firm. I am delighted but at the same time, my masters GPA has dropped to around a 3.0.
I have learned that the firm that I am interning does not have a high return offer rate so in the case that I have to look for positions again this fall, what impact would this have? Obviously, having the summer internship would help my application in the later rounds of the interviews but now my GPA falls below the initial cut-off of many HR screens.

So my question is:
• Do banks have a separate GPA cut-off for both undergraduate and graduate students because obviously I would make the cut-off if my undergrad GPA was considered but it seems like banks are interested in most recent GPA on the online app.
• Would networking help since I heard alumni only looked at resumes after the HR screen?

Thanks.