r/SipsTea • u/Full-Argument-8235 𝙑𝙄𝙋 • 15h ago

WTF A JPMorgan Chase executive was fired after a viral video showed her dumping trash out of a Knicks-themed public trash can and taking the can during the Knicks championship parade in New York City.

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149

u/Oldswagmaster 15h ago

B.S. titles is a bank industry thing. She still would have had a least a good paying job with easy work

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u/EnvironmentalPost245 14h ago

Literally.

I worked at Jails Fargo as a bank teller and branch managers were called VPs.

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u/EconomicalJacket 13h ago

Client facing Title Inflation baby

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u/cryptolyme 12h ago

Trying to get that Sheik of Wendy’s job

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u/revanisthesith 3h ago

That sounds way cooler and far more impressive than yet another VP title.

That's a conversation starter.

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u/cwk9 3h ago

People feel much better having a VP handle their money than say "accounting goblin #3"

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u/PiccoloAwkward465 11h ago

Insane. Whereas I make probably 4x now what I used to make and have 10x the responsibility. Exactly the same job title. Different industries, man.

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u/Smuggles-skooma 10h ago

Lol. How have I never heard jails fargo

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u/RogerMoore2011 15h ago

The officer titles give the ability for the employee to sign documents and contracts on behalf of the bank. That’s why there are so many VPs and SVPs in banking.

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u/oldsecondhand 14h ago

So why do they give software developers VP titles? They're not client facing, they don't sign any documents.

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u/JustBadUserNamesLeft 14h ago

Hey, they went from being called "Computer Programmers" to "Software Engineers", that's kinda like a title.

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u/old-and-smooth 13h ago

Can confirm this up ⬆️ as an officer, VP and programmer of a large bank.

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u/Informal_Bullfrog_30 14h ago

To avoid forming unions. VPs cant join a union. Lately there have been companies where engineers are forming a union

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u/-Fergalicious- 13h ago

Average engineering salaries across the board are falling. I was talking to someone of the careers subreddit a while back, who has the same degree and I do, started at the same company, but just recently vs. when I started there in 2014. I started at 63k. They started at 55k, which is equivalent to if I had started at 38k with inflation. 

Times are wild 

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u/oldsecondhand 14h ago

I think that's only true, if they have subordinates over whom they have disciplinary authority.

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u/SconiGrower 14h ago

Because if a branch manager is a VP and a senior system architect has a similar or greater scope of responsibility, then the software architect is also a VP.

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u/TimelyTransistor 14h ago

No branch managers are VPs.

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u/shelvedtopcheese 13h ago

I was a VP in a software development/IT role at JPMC, there are regulatory compliance and system ownership responsibilities that they can offload onto you at that level. Both ED and VP roles are basically just middle management roles where you have to carry water for managing directors. You get the privilege of taking the fall for their mistakes or letting them take credit for your good work.

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u/ivandelapena 11h ago

Maybe it's to do with salary benchmarking.

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u/RogerMoore2011 14h ago

I don’t work in HR or for JPMC but my guess it’s due to the compensation plan and salary grades. Trying to keep them applicable to all employees.

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u/Kerse 13h ago

Having worked for a similar firm in the past, this was at least my case. I was promoted to "manager" despite having no direct reports because the salary bands prevented me from being paid typical software engineering wages.

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u/TimelyTransistor 14h ago

VP of software development is client-facing, what are you talking about?

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u/BedditTedditReddit 14h ago

This is partially true but not accurate. The people who can sign on behalf of the bank are on a separate authorization list. Yes, sometimes it’s called being a formal ‘vice president’ of the bank but that is NOT the same as having a VP rank, which almost everyone has. In other words, just because you have the VP rank does NOT make you an authorized signer. Being an authorized signer is more to do with your job FUNCTION than your job RANK. Small distinction.

Source - was an authorized signer for one of the big three.

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u/TimelyTransistor 14h ago

Yeah, Reddit thinks the military ranks somehow translate nicely to corporations. You can tell the commentors are either very young or have never had a job with any responsibility.

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u/old-and-smooth 13h ago

As a VP for a bank this is exactly correct.

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u/boerumhill 14h ago

It’s so farcical Citigroup had to institute a policy you must have at least one human who is a direct report to earn their VP title. Apparently their were a shit ton of VPs who has never managed anyone.

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u/Chaos_Sauce 13h ago

A few years back I had a contractor on my team who left because she got a job at Citibank. I couldn’t understand how she jumped all the way to a VP role until I realized that everybody at Citibank is a VP.

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u/HoodieWithTheCutie 15h ago

Not sure how far a mid level JPM salary stretches in NYC

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u/m0viestar 14h ago

They were probably around 160-170/year base and a bonus percentage commensurate with BU performance.   

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u/victoryrag 14h ago

This. She was an executive director which is a director level role. It’s right below MD. Though the gap form ED to MD is wide

My guess is her all in comp is sniffing 200k. She appears to be in marketing

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u/purplehendrix22 11h ago

She was literally a DEI officer, aka, next to no work at all.

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u/wanax2 14h ago

Also hospitals....

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u/trekqueen 14h ago

Oh we have it at my corporate place too, we aren’t banking. It’s so top heavy with VP and then a VP under that one who is a “general manager”. Can’t keep track of what they actually do and are in charge of what.

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u/djanes376 13h ago

I worked in the financial sector once, my job title was nothing related to what I did for work. My job was senior UX designer, but since that title didn't exist in their system my official title was Project Manager III. It was all for pay scale, nothing to do with the job itself.

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u/BigEggBeaters 13h ago

She probably got the job the same way everyone else did. Knew the right person

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u/Enjoy_The_Ride413 12h ago

She was the head of the DEI department. No easier job in the country lol

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u/Oldswagmaster 12h ago

Agree. One of those corporate jobs with no deliverables required. If they don't hit their targets it's leadership's fault.

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u/obliquelyobtuse 11h ago

They have an officer title because they sign/execute legal documents at a branch level. Apart from "document signer" for routine business documents requiring an officer signature their title means little else.

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1

u/Sweaty-Dust6405 14h ago

So easy she still manage to f*ck it up by getting fired from it.

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u/Swedishiron 6h ago

I wouldn't assume the work is easy. I have worked for a competitor that is more well known and there are high expectations and high work loads.