Merrill Lynch isn't a bank, it's more like a trading house. AVP is a somewhat inflated title, but that usage typically means something like "experienced employee" or "team lead". That's the highest a lot of people reach, in fact.
AVP is something like the equivalent of senior software engineer rather than team lead. There are even plenty of MDs that are just individual contributors.
Titles in finance usually reflect pay band rather than any sort of management role.
