No return offer -> 2016 FT process

rising senior at a non-ivy target (UM ross/georgetown/chicago). got cut (along with 30-40% of my banking intern class) after summer analyst stint at a struggling BB (UBS/Deutsche). midterm and end of summer reviews were great, and while I can think of some reasons why I got cut I think the primary factor was cultural fit (I felt it was good but I guess that wasn't the consensus) putting me at the bottom of a strong intern class in my group during a bad year for the bank. In any case, two questions:

1. given the current state of that company, is "I was at a struggling bank" enough of an excuse to not have an offer to at least have a shot at converting something FT? I do have references who will vouch for my work this past summer (my group has a very opaque offer process and the junior bankers have very little say in who gets the job) and my work experience itself was strong (was on two live deals and a financing process that closed while I was there)
   1a. if it's not (or even if it is potentially) can anyone speak to having gone through this process before and having to have explained that away? I have ideas of my own as to how I'll sell this (e.g. bad cultural fit at the senior banker level, market conditions, etc.) but I'd appreciate hearing from other people

2. I've heard and seen that a lot of the major banks (particularly the euro bulges and BAML as I understand it but please correct me if i'm wrong) significantly overhired and made major cuts to their intern classes. I know this isn't the case for every bank (I know for a fact Guggenheim is hiring more from my school, per example) but is it even worth it to look at the bulge for FT without a serious insider connection this year?
   2a. Same for the EBs; I know EVR is basically just not hiring anyone who isn't a diversity candidate for FT (I don't fit the bill and my contacts at the bank are pretty clear that there's no getting around that, at least for me). Was curious how the FT market is shaping up for those places. I understand it's still very early but any advice or clarity would certainly be useful

thanks for the help.