How many VPs do banks have?

[stormyhotel]

I’m on linkedIn researching a position at a local bank. The amount of vice presidents in this relative small bank is surprising to me. Is this usual? Now I’m not sure who to contact.

[ohai]

There are literally thousands of VPs at most banks. It’s just a corporate title and is not directly related to managerial responsibility. It would probably be most productive to organize your search by the person’s division in tha bank, rather than by title.

[mcap11]

if mid to large size bank, the number is close to infinity

worked at a large bank for a short bit, it was a joke

if you want to work 9am-3pm, not work hard, be surrounded by dolts and not have a career path, then it is the right job for you (oh, and not make any money)

[Sweep_the_Leg]

Yeah, the money sucks and you generally have to wear a suit. F that.

[Greenman72]

I worked at JPMChase. I had a Series 7 and virtually no experience. Bachelors in Spanish.

This qualified me to be a VP of JPMorgan Chase.

[spunboy]

• I work at a large bank - buy side analyst.
• I am a VP. It doesn’t mean squat.
• The money does suck, relatively. Still in the top 10% of wage earners, so I shouldn’t complain.
• I work from 7:30am - 5:30pm daily.
• I do not wear a suit. Dress shirts or polos, depending on the weather.

At large banks, the EVP title carries real weight.

[bchad]

Yes, when the President and CEO of a bank is unable to fulfill his duties and obligations, the task does not fall to a Vice President.

[brain_wash_your_face]

Tons of VPs, although there is variability in how much it means depending what department you are in. For example, I’d imagine every client facing person in retail banking has a VP title.

This is not equivalent to a VP in investment banking, trading, asset management, etc. Often those are post_MBA positions that make good money.

[system]

Mr. Stormy, one local bank in particular that I observed had 33 different vice presidents each earning over 200 thousand dollars a year. Now, I had spent the last two months analyzing what all these guys do, and I still can’t figure it out. One thing I do know is that the bank lost 110 million dollars last year, and I’ll bet that half of that was spent in all the paperwork going back and forth between all these vice presidents.

[stormyhotel]

Thanks for ya’ll input.

[rawraw]

@CFAvsMBA

Mr. Stormy, one local bank in particular that I observed had 33 different vice presidents each earning over 200 thousand dollars a year. Now, I had spent the last two months analyzing what all these guys do, and I still can’t figure it out. One thing I do know is that the bank lost 110 million dollars last year, and I’ll bet that half of that was spent in all the paperwork going back and forth between all these vice presidents.

Depends on their job function. They may be sifting through Basel III right now.

I assume you know the income numbers from the UBPR. Was their efficiency ratio elevated?

[comp_sci_kid]

Tier 1 banks have plenty of VPs

[ofthedivision17]

@Greenman72

I worked at JPMChase. I had a Series 7 and virtually no experience. Bachelors in Spanish.

This qualified me to be a VP of JPMorgan Chase.

I work for a bank with its own broker-dealer affiliate. Every “Financial Consultant” is granted the AVP title. Not only do these guys with 8th grade educations and a Series 7 license claim to be financial advisors, they also hold themselves out to be the “Vice President” of the bank. At best, it’s a gross misrepresentation.

However, I have seen the title used to honor loyal employees on their service anniversaries. My supervisor was granted the AVP title on his 15th anniversary with the bank. He does not use it on his business card or email signature, but I could tell that he appreciated the gesture.

[iheartiheartmath]

@CFAvsMBA

Mr. Stormy, one local bank in particular that I observed had 33 different vice presidents each earning over 200 thousand dollars a year. Now, I had spent the last two months analyzing what all these guys do, and I still can’t figure it out. One thing I do know is that the bank lost 110 million dollars last year, and I’ll bet that half of that was spent in all the paperwork going back and forth between all these vice presidents.

Gordon Ghetto

[guestuser]

@rawraw

@CFAvsMBA

Mr. Stormy, one local bank in particular that I observed had 33 different vice presidents each earning over 200 thousand dollars a year. Now, I had spent the last two months analyzing what all these guys do, and I still can’t figure it out. One thing I do know is that the bank lost 110 million dollars last year, and I’ll bet that half of that was spent in all the paperwork going back and forth between all these vice presidents.

Depends on their job function. They may be sifting through Basel III right now.

I assume you know the income numbers from the UBPR. Was their efficiency ratio elevated?

You, sir, need to go watch the movie Wall Street. Watch it twice. Watch it until you can quote all the best lines. Trust me, I’m doing you a favor here. Being able to have entire conversations using only Wall Street, American Psycho, and Boiler Room quotes = instant career boost. Forget about the CFA, this is where it’s at.

[QuantJock_MBA]

+1