Why do banks have so many Vice Presidents? (Serious, sincere question)
In finance, VP doesn’t mean what it means in other companies. VP in other industries is senior management. VP at most banks isn’t even a management position. It’s just what they call people with about 5-10 years experience
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Right, but why is that?
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Probably started as a way to make clients feel like they were dealing with someone more important
End of conversation
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Same in advertising. Just denotes pay grade.
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It’s a pyramid. Starts with MDs at the top, directors, VPs and associates and analysts at the bottom. Sans banks have a lot of employees so there are lots of VPs, associates and analysis. VP is a middle management position. You’d have to be exceptional to make VP in 5 years.
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