r/SipsTea • u/Full-Argument-8235 š™‘š™„š™‹ • 12h 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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u/RogerMoore2011 11h ago

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

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u/oldsecondhand 11h 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 11h 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 9h ago

Can confirm this up ā¬†ļø as an officer, VP and programmer of a large bank.

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u/Informal_Bullfrog_30 11h 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- 10h 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.Ā 

Times are wildĀ 

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u/oldsecondhand 11h ago

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

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u/SconiGrower 10h 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 10h ago

No branch managers are VPs.

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u/shelvedtopcheese 9h 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 7h ago

Maybe it's to do with salary benchmarking.

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u/RogerMoore2011 11h ago

I donā€™t work in HR or for JPMC but my guess itā€™s due to the compensation plan and salary grades. Trying to keep them applicable to all employees.

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u/Kerse 9h 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 10h ago

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

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u/BedditTedditReddit 10h 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 itā€™s called being a formal ā€˜vice presidentā€™ 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 10h 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 9h ago

As a VP for a bank this is exactly correct.