Actually, given the crazy grade inflation in the US (particularly at Harvard), I am not many recruiters in the know would be impressed with a 3.4.

In local unis, you really have to be pretty good to get a first class/summa.

Besides that, I think one point you might be missing is performance on the job. This means, who can perform after securing the superday interviews? I would have you note on this front that local grads aren't subpar. Let's use one IB in Singapore as an example:

Take JPM IBD summer internship of 2014, 2 NUS, 1 Columbia and 1 other kid from some elite overseas uni. In the end, all got offered except the last kid.

For 2015 summer internship, it was 1 nus, 2 LSE and 1 upenn. Only the NUS kid and the upenn kid got the return offer.

If you are really in the industry as you have claimed, all of this is easily verifiable.