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The reason banks have so many Vice Presidents is that to bind a company to a contract, you need to be a corporate officer. A Vice President is a corporate offi

The reason banks have so many Vice Presidents is that to bind a company to a contract, you need to be a corporate officer. A Vice President is a corporate officer but a director isn't. If you want to issue loans, etc, you practically need this authority. If a relatively low level employee in one part of the business is a VP, that creates pressure to make lower level people in other parts of the business VPs also. Some of this may be historical, but this as I understand it is why almost everyone at a bank is a Vice President.

kgwgk 4y ago
> A Vice President is a corporate officer but a director isn't. Director is typically above Vice President in financial firms. I’m not sure I follow your reasoning.
- newsclues 4y ago
  Officer = legal responsibility Director = high level manager (of other managers)
  - kgwgk 4y ago
    You think that the vice-presidents are officers and the directors above them are not? Do the VPs lose their legal responsibilities and powers when they are promoted?
  - esja 4y ago
    Directors are also officers, just more senior than VPs.
esja 4y ago
No, Directors are also corporate officers (and more senior than VPs).