Fancy Titles Abound in Investment Banks, Don't Indicate Seniority
-
Investment banks commonly give fancy titles like VP, Director, MD to large numbers of employees - these do not indicate seniority/authority like similar titles in other industries
-
Reasons include inflating employee egos, impressing clients, compensation for lower salaries
-
At Goldman Sachs, about 40% of employees are VPs - estimated to be 10,000-12,000 currently
-
Mahua Moitra was one of thousands of VPs at JP Morgan - does not mean she was in a very senior position
-
Fancy titles in investment banks have diminished perceived authority associated with those designations versus similar titles in other sectors