Why does Goldman Sachs give a title called "Vice President" to so many associates? Is it because all of them are VPs of that company? Or do they hold so may shares that they're equivalent to a VP? Or is it just a fancy title?
I think most of the banking world is like that
^ this
A manager in a nonprofit is usually called a director. In banking a branch manager is a vice president, so all managers at that level also get the VP title.
Investment Banking is a sales job. When you go clients, it should seem like youâre important. Back in the day - it was a tactic used to lure people into thinking that the bankers they are interacting with are high profile.
Vice president is the title above associate... If you're in IBD or securities, the VP is actually kind of high up in the sense that there might be only a few of them for a specific desk/product, and only one managing director above them. Of course since the teams are small to begin with, that means relative to the number of people on the team a VP is just middle of the pack, and so in most of the firm you have a ton of VPs who are really just fairly low level employees, since you can't just keep them all at associate.
VP at bank = L5/L6 at FAANG. In responsibilities only, not compensation
Need to be a VP to have more legal signing rights
If I have to guess, I would say fancy title!