The High. And then, were going to be part of fixing this and were going to have to work with a lot of people to fix it because the financial system is this intertwined organism. Or what lessons have you taken from that and in your leadership roles at Goldman? David Solomon says Goldman Sachs is exploring 'strategic alternatives Today, the consumer business at Goldman has more than 14 million customers and over $100 billion in deposits and $16 billion in cards and loans. 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. But, if you make the enrollment default and you have to opt out if you dont want to do it, more people end up investing in 401(k).. because investing and helping companies grow is our business," Stephanie Cohen, Goldman Sachs' chief strategy officer . Goldman named 60 new partners on Thursday. And by the way, if you take all of that and everything else were doing, weve now found that two out of three of our Marcus loans customers, after they take out a Marcus loan, their overall debt does decline. But she really got it. During Stephanie Cohen's first 15 years at Goldman Sachs, her career ladder didn't look much different than that of a typical investment banker. 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. She also serves as trustee for the Board of The Economic Club of New York. Jennifer Tescher: For the best Barrons.com experience, please update to a modern browser. The Wall Street heavyweight, which had about 44,000 global employees at the end of 2021, is particularly focused on engineering talent in Dallas-Fort Worth, said Stephanie Cohen, who co-leads the consumer and wealth management division at Goldman. Stephanie Cohen, a merger banker who has spent the past few years doing deals for private-equity firms and other big investors, will replace Stephen Scherr, who has held the role since 2014,. And weve turned that into a lot of different financial products, but the reality is were just trying to solve those problems for consumers. Talk a little bit about how you do that as a leader. 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. 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. Where does the bank and the Fed go from here? . She was previously based in New York where she reported for The Motley Fool, TheStreet and Business Insider. Bill Goldman, 38, historian, philanthropist and Levi Strauss heir It was a pre-COVID time period. And the great thing about what were going to do with Marcus Invest and kind of in contrast to some of whats been going on over the last couple of weeks, is were going to take that capability, the capability to provide this diversified portfolio from our advisor led business into our digitally led business and really bring the best of Goldman Sachs capabilities and products to hopefully millions of consumers. 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. to talk about career, money and life. Im going to start by saying that Ive gotten to where I am today because there are amazing people inside of Goldman Sachs and outside of Goldman Sachs who have been tremendously helpful to me. Stephanie Cohen, Goldman's co-head of consumer and wealth management, is working on setting up a second base for herself in Dallas. Goldman Sachs managers say one takeaway of the pandemic. Stephanie Cohen: You, it turns out I learned, were once a competitive figure skater growing up. Goldman Sachs to invest $500 mln in women-run companies [House Hearing, 117 Congress] [From the U.S. Government Publishing Office] H.R. In 2019, Goldman launched an Apple credit card, and last January it rolled out a GM credit card. Its pretty amazing feat that youve managed to essentially build a homegrown digital business from inside this storied institution. We get it: you like to have control of your own internet experience. If her tenure there is successful, it could pave the way for Cohen to make history at the firm. Women. You went there right out of graduating from the University of Illinois and youve experienced a tremendous amount of success. Prior to her current role, Stephanie drove strategy, M&A, strategic investing, and partnerships as the firm's chief strategy officer. Welcome to EMERGE Everywhere. 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 . Not much is scary after that. Cohen declined to give projections for growth in Dallas or say whether Goldman is considering such a move. Now I have to turn the conversation a little bit back to you for a minute, because youre a lifer at Goldman Sachs. Best of Both Worlds: Goldman Sachs' Stephanie Cohen Jo Ann Barefoot This has been EMERGE Everywhere, a Financial Health Network production. In 2008, she managed Conflicts and Business Selection for IBD in the Americas. The . And how can we serve them where they are with the capabilities of Goldman Sachs? And in that business, we have two different pieces, one, which is Marcus, which you mentioned, which helps customers save, borrow, and soon invest and spend. She is also a member of the Partnership Committee, Global Diversity Committee, Firmwide Enterprise Risk Committee and Firmwide Finance Committee. 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 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. Goldman Sachs discreetly seeks volunteers for Florida office; Dallas Thank you for inviting me. By continuing to use our site you agree to our. And I thought a lot about this because as you change into a new role, you have to think about what are the things that have helped you to be successful? One, we want to be the bank on your phone. She started as an analyst in 1999 and has held a series of leadership positions in mergers and acquisitions. 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. And so were doing that with Apple, but also well do it with General Motors. To further the bank's efforts to become a Main Street lender, Goldman now offers credit cards and buy now/pay later options for consumers. Sometimes you have to tell people what they dont want to hear, and shes among the best Ive seen when she gives advice," said Eileen Nugent, a senior M&A lawyer who has advised on buyouts. 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. And what were hoping with Marcus Invest is through the content and through the ease with which people can go through the signup process and then the investment process, people are going to be able to interact with an investing in a way thats understandable, but also is going to help them achieve whatever financial goals that they have. Theres just so many things that you learn from the richness of those individual conversations. Goldman Sachs mulls deal options after consumer flop. Cohen is now the committees youngest, with the rare label of ex officio" member. While wealth management services have been a mainstay for the 153-year-old investment bank, the shift to offering consumer banking happened less than six years ago. Feb 2, 2021, 8:42 AM. Some inside the bank wonder whether shes destined to rise even higher. She is also a Global Executive sponsor of the Women's Network. Stephanie Cohen, the 'female banker' is surely one to shatter the glass ceiling, all the CEOs of Goldman Sachs so far have been old white men. 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. Profile of Stephanie Cohen, Goldman Sachs Consumer and Wealth - Insider No question. 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. She has worked onhistoric large corporate deals, including Chryslers repayment of a U.S. government loan, which marked the automakers comeback after the 2008 Financial Crisis. 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 so the next question is, how do you listen to the data? Some there have earmarked her as a candidate to become the first woman to lead the investment banking division, the banks most profitable arm. Goldman Sachs executives to rally investors in New York | Reuters Goldman Sachs banker's wife to get millions after divorce "LeaseQuery has found a way to deliver easy-to-use solutions to their clients' complex problems," said Stephanie Cohen, Goldman Sachs' chief strategy officer who founded Launch With GS, an . And so you didnt get into this chief strategy officer role with a real clear job description. Stephanie, welcome to Emerge Everywhere. One Goldman Sachs go-to-market strategy combined with products developers love and can easily adopt 2 Business-to-business with innovative, client- and Goldman's Stephanie Cohen rises to management committee, as youngest And so hopefully people see when they go on our app or go on our website, that our language is easy to read and clear. Goldman Sachs's CEO David Solomon concedes that some of his efforts to "We have 500 corporate clients, and we have the ability to provide financial wellness to all levels of employees," she said. She went on to a more traditional M&A role in the industrials team. How do you look at the data in a way that really helps you? Its a great point. LEADERS Interview with Stephanie E. Cohen, Global Co-Head of Consumer 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. And hopefully again, thats millions of customers that we will speak to and we can be helpful to. Stephanie Cohen: The bank will aim to grow fees from asset and wealth management and drive better performance in its fintech unit, while taking more market share in its traditional powerhouses of trading and investment banking. Well, I think Im biased, but I think I have the best job at Goldman Sachs. Log in to our website to save your bookmarks. Goldman Names Two Execs to Lead Private Wealth Management Secondly, culturally. The reality is that investing can be intimidating for a lot of people. Ive run, as you said, the consumer and wealth management business with my partner, Tucker York. In mid-July, the company announced it will promote David Solomon to succeed Lloyd Blankfein as chief executive officer. Goldman Sachs | In The News - Closing the Gender Investing Gap Finding Growth in China - Goldman Sachs' Stephanie Hui And then, I think the most important thing is this idea of being willing to try and realize in the act of trying its not going to be perfect right away. 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. Cohen said Goldman has been focused on fortifying its relationships with universities to help attract engineering talent to D-FW. The bureaucratic asterisk is likely meant to avoid upsetting senior executives whove spent much longer trying to get on the panel, without luck. Meet the forward thinking leaders challenging the status quo and unleashing creative new ways of improving financial health by seeing their customers, employees, and communities in 3D. Its the ultimate man-cave. Second, in kind of a funny way, theres not much things that are hard and scary after youve lived with the you alone center of the ice, audience in front of you, judges behind you, couple of minutes to do something that youve practiced for hours upon hours. I do think were in this moment where thats this really perfect combination for the type of world that were in. Goldman Sachs has chosen Stephanie Cohen as co-head of its consumer and wealth management . Copyright 2022 HT Digital Streams Ltd All Right Reserved. She also spearheaded . But instead of it being about how if elected, she will be the first woman to be CEO, but instead they chose to call her 'female banker.' Goldman Sachs CEO David Solomon fends off attacks over Marcus flop And I love learning. Stephanie Cohen, a 41-year-old grad of the University of Illinois at Urbana-Champaign, has charted a rapid rise inside Goldman Sachs, landing a seat on its most-coveted decision-making. Some of that could be due to the fact that there are fewer women in venture capital and fewer women founders. Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. Goldman Sachs (GS-0.84%) CEO David Solomon has promoted Stephanie Cohen to co-head its consumer banking and wealth management division as part of an executive shuffle at the bank.. 2021-11-30T13:05:49.103Z. Particularly consumers in Marcus, youve talked a lot about the role youre in now is really about people. Now weve put a bunch of features into our products to help people make better decisions. I suspect theres also something to it about the moment were living in, the era were living in. Earlier in her career, Ms. Cohen worked in New York in the M&A department. and And its been so fascinating to watch the frankly, explosive growth of the business. Prior to assuming her current role, Ms. Cohen was Co-Head of the Consumer and Wealth Management Division. 1 Executive Summary Primary drivers Key focus areas INVESTOR DAY 2023 PLATFORM SOLUTIONS . Solomon, who recently laid off more than 3,200 workers in what was dubbed "David's Demolition Day," was pounded with questions from Wall Street analysts about the bank's . Yeah. And so thats really what were trying to do with what were doing in consumer and in Marcus. Stephanie Cohen: The Business Case for Inclusion Global Financial Health Launch Decision: Send Em! Prior to her current role, Stephanie drove strategy, M&A, strategic investing, and partnerships as the firm's chief strategy officer. How has that influenced you? 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. But as Marcus morphed from a side project to a focal point for investors hungry for a growth story, the business rapidly expanded and ultimately buckled under the weight of Solomon's ambitions . Youve only been in this new role for just a few months and weve talked a fair bit about the great work you did when you were chief strategy officer starting in 2018. Prior to her current role, Stephanie drove strategy, M&A, strategic investing, and partnerships as the firms chief strategy officer. . . And so, one of the things we certainly talk about is the board initiative, which was that we werent going to take companies public unless they had at least one diverse board member. And so I did that. 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 I would really, I would kind of exclamation point on that point. And we think it does help people better manage their finances. POWER Series: Stephanie Cohen - YouTube Stephanie Cohen is joining Goldman's most elite tier, as its youngest banker | Mint Get 60% off on Mint+The Economist Gainers & Losers Fri Feb 17 2023 15:29:29 Top Gainers Top Losers Home /. The business is not yet profitable but is expected to hit revenue of $4 billion by 2024, she said. Figuring out how what youre doing is affecting people. And so I would expect that some of this will end up being, as you said, not necessarily directly, but through partners. And in doing that, we want to fundamentally change the way people experience financial services and in doing that improve their lives. Stephanie Hui - Partner - Goldman Sachs | LinkedIn Stephanie Cohen: Chief Strategy Officer at Goldman Sachs HerStory Created Outside of work, Cohen spends time with her husband and young son, who "helps me hone my negotiation skills," she laughs. Goldman plans to add checking to Marcus later this year but doesnt have a set date, Cohen said. And so I think its this, how do you do that in a way where youre excelling at things and doing something that you really love, but combining it with all the other things that you have going on in your life and balancing it. And then weve also done that with Walmart and Amazon in terms of providing credit to their merchants. And we are lucky because we get to spend our entire days focusing on people. By continuing to use our site you agree to our Terms of Use and Privacy Policy. Im a lifelong learner. 01 Mar 2023 02:08:06 Unfortunately, weve been getting to know most of them over Zoom, which is not nearly as much fun as getting to know people in person, but we get to visit peoples homes through Zoom and see their kids and their pets. In a letter to Federal Reserve Chair Jerome Powell, Republican members of the Senate Banking Committee urge the central bank to be mindful of tailoring rules in its ongoing "holistic" capital review. Sign In. And the reason why we decided now was the right time for Goldman Sachs is because one, technology. The sale of that company, which has been making parts of the US currency bill going back to the 19th century, was among the last deals she worked on before moving to the executive suite. Stephanie Cohen - New York, New York, United States - LinkedIn As the banks chief strategy officer, she brought clarity and focus, including a new commitment to diversity and inclusion. Stephanie Cohen is Global Head of Platform Solutions and a member of the Management Committee. And so we felt like now is the right time where we can then take our capabilities, which were you alluded to this, but our capabilities in technology, but we could do the consumer technology with a blank sheet of paper. PDF Investor Day: Platform Solutions Money 20/20 USA 2021 Speaker Oct 24, 2021 Stephanie Cohen: Jennifer Tescher: Financial Health Pulse 2022 Chicago Report, Jennifer Tescher | Leaning Forward for FinHealth. She graduated cum laude from New York University and received an M.B.A. in May from Indiana University. Its complicated. New York: The venue was the Gotham Club an exclusive den inside the San Francisco Giants home stadium. Chief Strategy Officer, Goldman Sachs Much has been made over the past few months about Stephanie Cohen's age. Last weekend, Cohen joined a panel at this years Girlboss Rally in New York, a two-day event to foster networking and learning among women entrepreneurs,to talk about career, money and life. It was in some respects kind of an embarrassing realization to have worked in financial services for almost two decades and to realize that I didnt understand how the financial system operated and there were really complicated parts of the financial system that I understood from a capital markets perspective, but from a day to day, how does an average American experience the financial services system? 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. Its great for a woman to be achieving this level of success at Goldman and shes certainly capable of going further," Nugent said. In case you cant find any email from our side, please check the spam folder. And what were doing in our division is we do it a couple of different ways. 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. You mentioned the Apple card. You are now subscribed to our newsletters. And how can we serve them? Goldman Sachs Group wants to be your digital banker, and it has assigned the job to Stephanie Cohen, marking her second year on the Barron's list. That makes a lot of sense. Listening is the most important thing that I do. Im doing it every day. Its been really fun getting to know all of them. Our vision for this is that in the same way that we have developed a really good talent base in places like London and Hong Kong and New York, where people come to Goldman Sachs in order to work in finance and investment banking, I think there will be people who come to Dallas who want to work in fintech and want to do that at Goldman Sachs, said Cohen, who moved to Dallas from New York in August to lead the companys growth. Jennifer Tescher: In January 2021, she was appointed global co-head of consumer and wealth management. We call those businesses, private wealth management and personal financial management. And when I was in my role as chief strategy officer, we created this thing called Accelerate, which we call our internal innovation engine. We want to use simple, transparent and valuable products to help people manage their financial lives. Most Powerful Women in Banking: No. 12, Stephanie Cohen, Goldman Sachs Because for us, this is a business and a strategic imperative. Yeah. Theres the customer calls, which I love listening to. And its interesting though, because when we think about it and we talk about it and what we focus on every day, the mission is still the same.
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