Generally yes, and this is particularly true for large companies such as big 5 banks in Canada where usually there are different recruiters in charge of hiring for different teams.
For example, if you are interested in two roles at BMO, let’s say Financial Analyst on the Corporate Finance team and Credit Risk Analyst on the Commercial Banking team, just apply to them both. By applying, you are merely expressing your interest based on your current understanding of the job description. It is not a firm commitment, but it will likely improve your odds of landing an interview.
No one said you, a recent grad, cannot be interested in multiple lines of business within the same organization, especially when they are quite similar in nature (i.e. both are entry-level finance opportunities).
To me, it is strange that we accept people have a variety of hobbies from swimming to painting, but at the same time we expect entry-level job seekers should only be interested in one career niche and therefore applying to only one position at a company.