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It was during a stint in the conflict and business selection group that her work stood out, according to a person who worked with her at the time. In less than a year, Goldman Sachs has grown its North Texas presence from more than 2,000 employees to nearly 4,000. And so we think this idea of really starting with a clean sheet of paper and building financial services that puts the customer at the center, is something that we can do directly through Marcus and we can do through our partners. Youre just one more inch and I would have landed that jump. And theres a way to do that for a Marcus customer, but maybe theres over time a different way to do that for a General Motors customer or others that we partner with. Stephanie Cohen, head of platform solutions, said scale would help the business reach profitability by 2025. And I remember these moments of falling really hard and your parents, your coach is like, Oh my. I know many of them, but it says something entirely different to have someone at the operating committee level. Before that, she was the firm's Chief Strategy Officer, where she drove strategy, Mergers & Acquisitions (M&A), strategic investing and partnerships for the firm. Which is that theres a specific type of customer thats the Marcus customer. After, it was the bank's Stephanie Cohen who reiterated that Goldman is considering strategic alternatives for its consumer lending business. The delicate transaction was a milestone in the carmakers comeback after the financial crisis. This has been EMERGE Everywhere, a Financial Health Network production. When Goldmans board gathered on the West Coast in late June, she gave a presentation on that groups work. Jennifer Tescher: In this article that I had written, I talked about how originally, the mob was after Wall Street, if you will. These stories and more in banking news this week. Goldman named 60 new partners on Thursday. Now I have to turn the conversation a little bit back to you for a minute, because youre a lifer at Goldman Sachs. Since then, the 41-year-old has charted a rapid rise inside Goldman Sachs, landing a seat last week on its most coveted decision-making body. Certainly youre gifted and talented. We have the ability to have access to our clients in Texas but also more broadly across the United States and internationally. And besides those numbers being kind of horrific, they are a misallocation of capital. The latest group includes 32 white men, giving them a 53 per cent share of the promotions, the demographic's smallest representation on record. Its going to be two this year. Stephanie Cohen: I mentioned at the top, youre the youngest member of the banks management committee. It was here on an evening last December when roughly 100 women from the investment banking world gathered at an event billed as a leadership dinner. Whether thats direct disbursements in our loans, meaning when you sign up for a Marcus loan, we can directly pay off your other debts. Stephanie Cohen: Prior to that, Ms. Cohen was a Vice President in the Industrials and Merger Leadership Groups in San Francisco. Stephanie Cohen, culture builder, lifelong learner, thanks so much for joining me on Emerge Everywhere. Jennifer Tescher: In mid-July, the company announced it will promote David Solomon to succeed Lloyd Blankfein as chief executive officer. Jun 22 Stephanie Cohen: Chief Strategy Officer at Goldman Sachs. Im realizing through this conversation that youre really a culture builder. Jung, weiblich, Bankerin: Stephanie Cohen macht bei Goldman Sachs Karriere. Goldman plans to add checking to Marcus later this year but doesnt have a set date, Cohen said. Ms. Cohen serves on the National Board of Directors of College Spring and as a member of the Board of Quill.org. Theres just so many things that you learn from the richness of those individual conversations. By the way, a lot of people who spend their careers in financial services. We call those businesses, private wealth management and personal financial management. Already a member? And what we are and what were trying to become is we have these two self reinforcing strategies. March 02, 2023, 14:16 IST. For the best Barrons.com experience, please update to a modern browser. And I think in some ways, this podcast is an outgrowth of my curious nature. No question. She graduated cum laude from New York University and received an M.B.A. in May from Indiana University. If her tenure there is successful, it could pave the way for Cohen to make history at the firm. We get it: you like to have control of your own internet experience. We're getting to the moment where we can help someone holistically manage their financial lives," Stephanie Cohen,. Download the Mint app and read premium stories. The . Yeah. And so reading The Unbanking of America was kind of an emotional journey for me, which was that I cant believe I dont know this. Click the AdBlock Plus button on your browser and select Disable on Observer.com. The caucus started as a small gathering a decade ago organized by Stephanie Cohen then an up-and-coming banker at Goldman Sachs, who was vexed by the chummy boys network thats long dominated the business of guiding mergers and acquisitions. And then we have another part of that business where we embed our capabilities into the ecosystems of our partners and thats basically what were doing with the Apple card. Welcome to EMERGE Everywhere. Wow. Tell me more about that choice and sort of what youve learned from it. In January 2021, she was appointed global co-head of consumer and wealth management. As the banks chief strategy officer, she brought clarity and focus, including a new commitment to diversity and inclusion. By doing that, you can actually, authentically be the person you want without assuming that you have to be someone else., Make it easier to make the right decisions. And so you didnt get into this chief strategy officer role with a real clear job description. That theres sort of a graduation approach and that if I engage folks early with more basic financial products and services, theyll ultimately become the wealth management customers of tomorrow? My husband and I were talking about it last night, we all still need a lot of help. Cohen said she expected Platform Solutions to break even on a pre-tax basis by 2025 after it lost $3 billion in nearly three years. We think technology is in a place where you can really have a bank on your phone. Below are steps you can take in order to whitelist Observer.com on your browser: Click the AdBlock button on your browser and select Don't run on pages on this domain. Prior to her current role, Stephanie drove strategy, M&A, strategic investing, and partnerships as the firm's chief strategy officer. The 43-year-old. And so I did that and I mirrored that with my people. For reprint and licensing requests for this article, https://www.linkedin.com/in/mary-ellen-egan-97506b5/, Banking on sisterhood: A Black sorority launches a credit union. He will report to Stephanie Cohen, Goldman's global co-head of consumer and wealth management. Yeah. Jennifer Tescher: That thats clearly a very important part of your role and has been. Goldman Sachs mulls deal options after consumer flop. to talk about career, money and life. Im Jennifer Tescher, and Id love to hear your ideas for future guests and your reactions to the show. Young, female, banker: Stephanie Cohen has made a career at Goldman Sachs. I did a lot of it and a couple of other things that I just think are a little bit of tricks in doing this. You started out with a very simple proposition, which was, lets help you refinance the credit card debt you have and really make sure that were doing that in a high quality way that really puts the customer at the center. We could have a whole conversation you and me, just on this topic so lets do that another time. She is also on the national board of the nonprofit group Reading Partners, which focuses on literacy in grammar schools, helping underprivileged kids who are behind in reading. We want to be the bank on your phone, she says. Cohen, 41, joined Goldman Sachs in 1999 as an analyst and worked her way up in the investment banking division to managing director in 2008 and partner six years later. CompTIA expects that to grow to nearly 7,700 net new positions this year, the fifth-highest total nationally. Im a lifelong learner. A lot of investment bankers have the attention span of a gnat," said Stephen DeFalco, who was the CEO of Crane & Co. before Goldman Sachs helped sell the company. She is also a Global Executive sponsor of the Women's Network. Goldman Sachs Group wants to be your digital banker, and it has assigned the job to Stephanie Cohen, marking her second year on the Barrons list. And were going to be better if we do that. And the question, which is kind of an obvious question is why now? I used to get off the ice from practices and be soaking wet because you just are cleaning up the ice falling because its the only way to learn a new skill. Learn about the important intersection of healthcare and financial heath. Flagstar Bank launches its next mortgage-tech accelerator while Walmart and Citi partner on a supplier loan program. Wow, this is so devastating. Im not certified to be helpful, but we do get a lot of questions and it helps you to understand just how many people have these questions and how many people could really use help in managing their finances. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. And then on the other side of the people equation is our clients and our customers. Its great for a woman to be achieving this level of success at Goldman and shes certainly capable of going further," Nugent said. And there are so many different organizations and Jen, your organization is one of them where, how can we all work together to try to fix this? But I would sit in meetings and just be like, Im sorry, Im just going to ask this from the most basic level. And to this point of financial services being really complicated, I think lots of people sit in a lot of meetings and everyone else thinks that everyone else understands something and they actually dont. And in doing that, we want to fundamentally change the way people experience financial services and in doing that improve their lives. https://www.barrons.com/articles/barrons-100-most-influential-women-in-u-s-finance-stephanie-cohen-51615543200. Click the AdBlock Plus button on your browser and select Enabled on this site. And if you look at those businesses, the thing that we have focused on in those businesses is providing holistic advice to individuals and to families and to helping them get the right diversified portfolio for them. In 2019, Goldman launched an Apple credit card, and last January it rolled out a GM credit card. How you recruit, you retain and you develop your own people and there are many things that were doing around that, but it also gets to the way of how you serve your clients. Because maybe the content, or for example, we have something called Marcus Insights, which helps people aggregate their accounts and really provide insights into how theyre spending their money and better budget. In 2021, Goldman Sachs announced the One Million Black Women initiative, a $10-billion investment initiative focused on investing in Black women to, ``drive investment in housing, health care, access to capital, education, job creation and workforce advancement, digital connectivity, and financial health.'' In 2020, JPMorgan Chase . And we are lucky because we get to spend our entire days focusing on people. Measurement made easy for your organization. Figuring out how what youre doing is affecting people. Here are her five best pieces of advice on work and personal finance for professional women. For example, theres a bunch of statistics showing that if you give people the option toinvest in a 401(k) plan, many people wont do it. You went there right out of graduating from the University of Illinois and youve experienced a tremendous amount of success. Some inside the bank wonder whether shes destined to rise even higher. It didn't go well. We do it externally. Stephanie joined Goldman Sachs as an analyst in 1999, was named managing director in 2008, and became a partner in 2014. The world is awash in capital and you never see that. And also, we didnt really know exactly what that was going to look and feel like, but what we figured out is actually people really do like it. Hier kommt Frau Goldman Sachs. Cohen, 41, joined Goldman Sachs in. In brief remarks about the Federal Reserve's handling of COVID-19 crises, the governor said the central bank's asset-buying program is taking longer to unwind than its emergency lending facilities. Stephanie is head of Private Equity in Asia and global co-head of Growth Equity within Goldman Sachs Asset Management. Yeah. A great question. And that we were going to build an ecosystem around it. DuringStephanie Cohens first 15 years at Goldman Sachs, her career ladder didnt look much different than that of a typical investment banker. Her elevation was the most noticeable in the group of four tapped to join the management committee, and not just because its comprised mostly of men. Stephanie Cohen, global co-head of consumer and wealth management at Goldman Sachs, speaks during a dedication ceremony of the company's branded terrace at the University of Texas at Dallas. Were really excited about our Marcus Invest launch and were really excited internally because it brings together the best of our wealth management business with the best of our consumer business. Cohen, whos worked with large corporate clients including 3M Co. a relationship previously fostered by Solomon was named to the strategy post after Stephen Scherr, the previous mantle-holder, was tapped to build out the consumer-banking unit. I suspect that theres only so far a brand like Marcus can go in terms of meeting the needs of underserved consumers. Im excited to see how that develops. Stephanie Cohen is global co-head of Consumer and Wealth Management at Goldman Sachs, a member of the firms Management Committee, and global executive sponsor of the Womens Network. Stephanie Cohen is global co-head of Consumer and Wealth Management at Goldman Sachs, a member of the firm's Management Committee, and global executive sponsor of the Women's Network. By continuing to use our site you agree to our. "We believe that there is a real need for consumers to better manage their financial lives, and we have the capabilities to serve them," Cohen said. because investing and helping companies grow is our business," Stephanie Cohen, Goldman Sachs' chief strategy officer . The regions tech workforce is projected to expand 17% over the next decade. Its funny because as chief strategy officer, people do this, Do you sit around and just have really big thoughts? No, ideas are really nice, but its about execution. The High. And that means that we need to go from being about a product, to really having solutions and building holistic relationships with our customers and by building that entire product suite and making it something thats simple and transparent, easy for millions of people to access, we think were going to do that. Your session has expired, please login again. Here are her five best pieces of advice on work and personal finance for professional women. And its been so fascinating to watch the frankly, explosive growth of the business. And that has definitely been sped up by whats gone on with COVID. Company president John Waldron and Stephanie Cohen, global head of the Platform Solutions unit, echoed Solomon's comments about the bank's consumer business, signalling a further retreat from its . And so what are we? In August, The Dallas Morning News reported that Goldman is eyeing a new skyscraper project on the edge of downtown Dallas as a location for up to 6,000 workers. Build a resilient workforce by prioritizing finhealth for employees. Feb 2, 2021, 8:42 AM. That makes a lot of sense. To learn more about the work and research we do, please visit emerge.finhealthnetwork.org. You cant have two different meetings where you talk about market share and growth and margins and then you have another meeting where you talk about diversity. 2021-11-30T13:05:49.103Z. And I have to say, I was a little bit surprised that that was the book you chose. Dallas is quite central, Cohen said. They most recently attended, or will attend, Money 20/20 USA 2021 on Oct 24, 2021 . Tiger Trump and nothing to ex-husband Donald Trump. Youve got to figure out whats important to you and what you really want to spendmoney on. Its really complex. And then weve also done that with Walmart and Amazon in terms of providing credit to their merchants. Ultimately, I think thats, to your point on this moment in time, I think were in a place where the world is changing so fast that knowing every single about history is important. Thank you for inviting me. I do think were in this moment where thats this really perfect combination for the type of world that were in. She is also a Global Executive sponsor of the Women's Network. Prior to assuming her current role, Ms. Cohen was Co-Head of the Consumer and Wealth Management Division. Diversity in the ranks at Goldman and at the companies it invests in is a priority for Cohen. Ms. Alan Cohen, Goldman Sachs Group Inc.'s head of compliance and the longest-serving internal cop on Wall Street, is vacating his seat after 13 years. She started as an analyst in 1999 and has held a series of leadership positions in mergers and acquisitions. And then it turned on Robinhood and Goldman is in such an interesting place because youre both Wall Street and youre a FinTech in a way. Stephanie Cohen Global Head of Platform Solutions February 2023. Stephanie Cohen, Goldman's co-head of consumer and wealth management, is working on setting up a second base for herself in Dallas. Well, I think Im biased, but I think I have the best job at Goldman Sachs. She is also a member of the Firmwide Asset Liability Committee and the Global Inclusion and Diversity Committee, serving as a Global Executive sponsor of the Women's Network. Thats not something anyone told us to do so we didnt listen in terms of having a conversation, but we watched the way that customers are interacting with our product and were learning from that. And my mom who is a history teacher at some point and really cares about history and I love history and read it. Shes about 10 years younger than the average man already on the committee, after becoming a partner just four years ago. But in July of this year, she scored a seat on the banks most elite decision-making team, a 33-person management committee appointed by new CEODavid Solomon. Stephanie, welcome to Emerge Everywhere. Talk a little bit about how you do that as a leader. Because you cant do things exactly the same way. Again, in my role as chief strategy officer, the way that we talk about it then, and certainly the way were talking about it now is that inclusion and diversity are absolutely strategic imperatives. Key deals there included Chryslers repayment of a loan from the US government, people familiar with the matter said, asking not to be identified discussing private information. And so I think its embedded in your question, but I think its a fair question. And then how do you take that into your next role? And it sounds like you had to do a lot of learning because your time at Goldman, which is long, had largely been in a variety of M and A roles. And hopefully again, thats millions of customers that we will speak to and we can be helpful to. And the last thing Ill say on it is I love going to visit our offices outside of the US particularly in places like Asia, because theyre in a different place as it relates to the development of financial services. Goldman Sachs Group Inc will pump $500 million into companies led, . Money 20/20 USA 2021 Speaker Oct 24, 2021 Its the ultimate man-cave. Stephanie Cohen: Theres a savings portion of Marcus. We have more than 7,500 people in our division globally. It had revenue of $1.5 billion in 2021. You mentioned Marcus, I think its fair to say that four plus years ago when Goldman Sachs launched Marcus, it wasnt exactly what anyone was expecting to have a titan of Wall Street, all of a sudden building a business to focus on the financial needs of everyday people. As an investment banker for close to 20 years, my presence in board rooms was often an anomaly. Stephanie Cohen is one the bank's highest-ranking female . And of course, people want access to an advisor. Its complicated. You can learn more about how we use cookies by reviewing our Privacy Policy.Dismiss, Global Co-Head of Consumer and Wealth Management. She is also a member of the Partnership Committee, Global Diversity Committee, Firmwide Enterprise Risk Committee and Firmwide Finance Committee. Goldman Sachs CEO shuffles consumer banking, wealth management leaders [CNBC] Tags. The consumer and wealth management team in Dallas is close to 1,200 now, which is about how many are on the same team in New York, said Cohen, who also noted that employees are back in the office in the U.S. Cohens division, consumer and wealth management, includes the consumer banking platform Marcus, which launched in 2016 followed by an app in January 2020 that allows consumers to do everyday banking. In her new role overseeing consumer and wealth management for the organization, she shepherds a vision for diversity and inclusion that prioritizes broad consumer access to high-quality financial solutions. Goldman Sachs Group Inc's Chief Executive David Solomon told investors on Tuesday the bank is considering "strategic alternatives" for its consumer arm, raising prospects for a potential sale after the business lost billions of dollars. In January 2021, she was appointed global co-head of consumer and wealth management. To order presentation-ready copies for distribution to your colleagues, clients or customers visit http://www.djreprints.com. A Goldman Sachs lifer who rose through the ranks of mergers and acquisitions after starting as an analyst fresh out of college, Stephanie Cohen, 42, became chief strategy officer in January. Dallas is now Goldmans second-biggest U.S. office outside of New York, surpassing Salt Lake City. Before that, she was Global Head of Financial Sponsor M&A in the Investment Banking Division (IBD). And I raise all of that because its really important that this idea of inclusion and diversity gets to every level of the organization and people realize how deeply embedded it is in your business and your strategy and Launch with GS is an example of, the board initiative is an example, but there are many others. Youve mentioned the fact that soon youre going to be launching a new set of investment options and opportunities. Already, Steven Mnuchin has been tapped as Treasury secretary, Stephen K. Bannon was named senior adviser and Gary D. Cohn, Goldman's president, is expected to direct the National Economic Council. There werent a lot ofinvestment bankers that looked like me. And the question is, how do you do that at scale? And how can we serve them where they are with the capabilities of Goldman Sachs? Text. Im doing it every day. Its important, but the world is changing so fast that just being someone who analyzes whats happened historically and trying to put that on the future, I think doesnt really work. How do you look at the data in a way that really helps you? Ive run, as you said, the consumer and wealth management business with my partner, Tucker York. And so now one of the things, weve tried and a new skill actually inside of Goldman, which is this experimentation. They are part of Goldman Sachs and we are really excited to serve them with the best of Goldman Sachs digitally. Prior to assuming her current role, Ms. Cohen was Co-Head of the Consumer and Wealth Management Division. The bureaucratic asterisk is likely meant to avoid upsetting senior executives whove spent much longer trying to get on the panel, without luck. Stephanie Cohen: And then because while we can access millions of customers, the way that we can really have impact is by taking those capabilities and embedding it into the ecosystems of our partners. And so what were really saying is were really proud advocates for inclusive capitalism and theres no better way to do that than to serve millions of consumers. Stephanie Hui, Head of the Merchant Banking Division in Asia Pacific Ex-Japan, Goldman Sachs Voices of Experience "Earlier in my career, I was more reserved about expressing my views," said Stephanie Hui, head of the Merchant Banking Division in Asia Pacific Ex-Japan at Goldman Sachs. So, youre just moving into this new role as global co-head of consumer and wealth management and this puts you in charge of the consumer bank and Marcus by Goldman Sachs. Goldman Sachs' embattled full-time boss and part-time deejay David Solomon tried to put a positive spin Tuesday on the company's failed foray into consumer banking. She joined Goldman Sachs as an Analyst in 1999, was named Managing Director in 2008 and Partner in 2014. We recommend using Google Chrome, Mozilla Firefox, Apple Safari, or . As founder and CEO of the Financial Health Network, Ive spent my career breaking down silos by engaging with innovators across industries, and now, Im sharing those conversations with you. You can connect with me on Twitter @JenTescher. You are just one step away from creating your watchlist! Tell us a little bit about where you expect to focus most of your time and attention this year. This is a subscriber only feature Subscribe Now to get daily updates on WhatsApp. On Monday, the company unveiled a branded terrace at the University of Texas at Dallas in Richardson that it hopes will inspire students to want to learn more about Goldman Sachs, she said. Our people find Dallas a really, really great place to live and raise a family.. . Chief Strategy Officer, Goldman Sachs Much has been made over the past few months about Stephanie Cohen's age. And so the main thing Im focused on is people internally and externally. When I walked into a board room, theyd expect a very tall man, but instead theyd get a relatively shortwoman. It could be meal delivery services, paying for working out, or makeup and clothes. And I do think were in this moment of have a lot of people around, have them continuously getting better, be focused on execution and kind of getting stuff done, but being constantly learning in the process. Cohen, who oversees 11,000 employees in her division, said that the business is divided along three lines: ultra-high- wealth households; companies and their employees; and consumers. Im glad that you talked about inclusive capitalism because one of the more notable pronouncements from your boss, Goldman chair and CEO David Solomon, was that Goldman was only going to be willing to take companies public if they had at least one woman on their board. Correction: A previous version of this article mistakenly stated that Cohen became a managing partner at Goldman Sachs in 2008. And you talked about that mission, and I want to come back to it because it really is there every day when our people design our products. The reality is, theres basically two different states where people have some money and they either want to figure out a way to invest it or save it or spend it or they want to do something and they need to figure out how to pay for that. And at least I believe and I think its fair to say that theyre amazing. Got it. Over 99% goes to all white teams. So I heard you mention that youre getting ready to add a set of investment tools for Marcus customers and that makes me think about what weve been witnessing over the last couple of weeks with the GameStop frenzy. Remove some to bookmark this image. If they want to build companies that are going to succeed, having diverse voices around the table is one of the most important things that they can do. See you next time. I suspect theres also something to it about the moment were living in, the era were living in. My team, I talk about this all this time, its getting to yes way, which is you see a problem and instead of showing up with a problem, you show up with a solution and you work your way through the solution. Stephanie Cohen: Wells Fargo, eyeing growth in credit cards, lands hotel chain as partner, First Foundation row with Abbott Cooper moves closer to court, Senate Banking Republicans warn Fed not to go too far in capital review, Fed's Bowman: Regulators should monitor Treasuries market function, Flagstar gives $1 million to fix appraisal industry's lack of diversity, What banks need to know about the White House's cybersecurity strategy.
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