That's still very common in finance. It's a relatively low level title.

Isn’t the hierarchy Analyst < Associate < VP < SVP < Managing Director?

This is why I always laugh when people point out title inflation in tech like it’s unique or egregious. Finance has been like this for much longer.

There is a method behind this madness (... or rather title inflation). This webpage explains it pretty well (it is a bit tongue in cheek but it is Friday).

https://epicureandealmaker.blogspot.com/2013/03/curriculum-v...

A variant I've seen (at a couple of European investment banks):

Analyst -> Associate -> Assistant VP -> VP -> Director -> Managing Director

VP in my group had only 8 people under him. It's just a glorified manager although you do get a desk at the end of the row backed against the wall.