I've lost hope in everything.

I am a final year undergraduate engineering student in the UK, and I have and can only imagine a career in investment banking. It's something I really want and I am willing to go through anything for it.

But it seems to be not enough. I go to a semi-target school and I have no prior work experience (for a whole lot of personal reasons). I don't expect full time job, but I just want an internship! I am delaying employment and improving my chances of full time by studying MSc Finance next year, but that's pointless without an internship this summer.

I have only been applying for internships for the last 3 months and couldn't focus on my studies, so it's all crumbling down. But here's the part that made me lose hope:

I recently applied to Citi Capital Market, and spent about 5 days on my cover letter with a lot of input from here and many CV guides. I got rejected 2 days ago. When I told my friend that I had applied, he too followed suit and sent his "general cover letter" -- the same one he sent for engineering, consulting, and now this. He doesn't know what investment bank does or what his role entails.

He got through the initial stage past the CV screening. I didn't even make it to the psychometric tests. I just don't know what to make out of this!

Sorry for the rant, it just feels so pointless. How on earth do HR assess applicants? I understand they look at loads of CVs, Cover letters and can't be bothered to spend a lot of time on them, but everytime they click "reject" they kill a dream.

Note: He doesn't have a great CV either, it's similar to mine and I've had more "society" positions than he does.