Personally I am not willing to jump the hoops to get in conventionally and I don't actually want to work there, I know I can't tolerate what I'd have to do to get hired there, but I am pretty sure I could stomach what I'd have to do to get acquired, if I made it my full time goal.
This also fits into the financial offer. I don't live in SV and some years ago a Google recruiter tracked me down and unfortunately the general terms of the job position meant a staggering hit to the standard of living of my entire family.... I just can't abuse my wife and kids like they wanted me to. What they proposed was pretty brutal compared to our current standard of living and budget. However... if they bought my startup, and I dumped the money into Mountain View real estate, essentially giving me a free house, well, that's different... with no multimillion dollar mortgage I could afford to work there for the original offer...
Its an interesting solution to hiring when you're located in housing bubble central.
...and he still had to go through that process. Do 'mere mortals' have to do 5+ in-person interviews?
I think what might be happening is some of the titles don't match between banks and tech. At a bank there are 1000s of "VPs" and so your friend may be at that level but really in Google and most tech companies that could be anything from a Senior Engineer/Team Lead/Director level. In tech, SVP is way way up there. An example is Marissa Mayer who only attained VP and never SVP before moving on to Yahoo.