The bureaucratic asterisk is likely meant to avoid upsetting senior executives whove spent much longer trying to get on the panel, without luck. She went on to a more traditional M&A role in the industrials team. 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,. I wonder if you could talk a little bit about when you joined as chief strategy officer in that role, what you did to listen and learn about both the parts of the business that you might have been less familiar with, but also the end user, if you will, the consumer. 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. Goldman Sachs Group Inc will pump $500 million into companies led, . I suspect that theres only so far a brand like Marcus can go in terms of meeting the needs of underserved consumers. And that you knew that you needed to listen and learn from the rest of the businesses, but that also you needed to learn about consumers, given that a growing part of the bank strategy was Marcus. Goldman Sachs 209K subscribers Subscribe 4.6K views 5 years ago Despite China's macro headwinds, Stephanie Hui, head of the Merchant Banking Division in Asia Pacific Ex-Japan, identifies the. In so many ways. And so I did that. Im Jennifer Tescher, and Id love to hear your ideas for future guests and your reactions to the show. 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. But by the way, you cant do that always at scale. Build a resilient workforce by prioritizing finhealth for employees. We recommend using Google Chrome, Mozilla Firefox, Apple Safari, or . And so 85% of all venture capital dollars goes to all male founded teams. But then there are customers that are General Motors customers and that are Apple customers and that thats much broader and what do they need? The company had previously partnered on its credit cards with Barclays. Particularly consumers in Marcus, youve talked a lot about the role youre in now is really about people. Stephanie Cohen: Goldman Sachs. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. Click the AdBlock Plus button on your browser and select Disable on Observer.com. Become a business insider with the latest news. We do it externally. Stephanie Cohen is Global Co-Head of Consumer and Wealth Management at Goldman Sachs, the only woman to currently lead one of the firm's four revenue divisions. In case you cant find any email from our side, please check the spam folder. In January 2021, she was appointed global co-head of consumer and wealth management. Log in to our website to save your bookmarks. Goldman now has credit-card deals with These stories and more in banking news this week. 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. And then to your point, the clients and the customers in those businesses that were ultimately serving. She is also a Global Executive sponsor of the Women's Network. And then we have this great program where we work with companies on financial wellness for their employees and we call that Ayco. 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. STEPHANIE COHEN, GLOBAL HEAD OF PLATFORM SOLUTIONS, 45. She grew up in Augusta, Ga., and holds an MA in Investigative Journalism from The Cronkite School. Stephanie Cohen is one the bank's highest-ranking female . 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 Cohen is now the management committee's youngest, with the rare label of 'ex officio' member. But in Marcus and in consumer, we want to bring the best of Goldman Sachs capability to them directly on their phone, wherever they are and however they want to be served. And how do you feel about essentially being a change agent in this way? 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. Its pretty amazing feat that youve managed to essentially build a homegrown digital business from inside this storied institution. 117-14 _____ Printed for the use of the Committee on Natural . She also spearheaded Launch With GS, the organizations $500 million commitment to invest in diverse-led companies and investment managers, and GS Accelerate, the firms in-house innovation engine. "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. Internet Explorer is no longer supported on our website. . In The News Closing the Gender Investing Gap By Stephanie Cohen, Chief Strategy Officer, Goldman Sachs June 19, 2018 I've worked my whole career in an industry dominated by men. And so kind of being happy with that rather than it being a negative, it being a positive I think its one of the most important life lessons and figure skating teaches you that in spades. And so I think that Ive learned over time that while being an individual contributor and being really fantastic at what you do, actually the way to really get stuff done is make everyone around you better. Goldman Sachs Group And it will be interesting to think about how you leverage your vast capabilities and capital. Consequently, they can be prickly customers. <p><img src="https://static1.businessinsider.com/image/5c40b6cbb492cb3ebd48300a-2400/gettyimages-1048898186.jpg" border="0" alt="Goldman Sachs CEO David Solomon" data . And in doing that, we want to fundamentally change the way people experience financial services and in doing that improve their lives. And that starts with our own people. 2021, ``ENVIRONMENTAL JUSTICE FOR ALL ACT'' ===== LEGISLATIVE HEARING before the COMMITTEE ON NATURAL RESOURCES U.S. HOUSE OF REPRESENTATIVES ONE HUNDRED SEVENTEENTH CONGRESS SECOND SESSION _____ Tuesday, February 15, 2022 _____ Serial No. How does this all fit together? Which is that theres a specific type of customer thats the Marcus customer. Im wondering how youre viewing that experience in light of the coming launch of these new products for Marcus customers? 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. Goldman Sachs consumer exec Stephanie Cohen explains why the Wall Street bank just inked a $2.2 billion home-improvement lending deal; . I was a big bank diversity hire. New York: The venue was the Gotham Club an exclusive den inside the San Francisco Giants home stadium. Cohen joined Goldman Sachs as an Analyst in 1999, was named Managing Director in 2008 and Partner in 2014. Its complicated. One, we want to be the bank on your phone. 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. Tiger Trump and nothing to ex-husband Donald Trump. She is also a Global Executive sponsor of the Women's Network. 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 . And how can we serve them where they are with the capabilities of Goldman Sachs? And so I would expect that some of this will end up being, as you said, not necessarily directly, but through partners. Cohen is now the committees youngest, with the rare label of ex officio" member. That meant Cohen had to work closely with the then-CEO of the Fiat-Chrysler group, Sergio Marchionne, sometimes camping out for talks in Detroit or paying visits to the U.S. Treasury Department. In a sign of her rising stature, Cohen was selected to lead the creation of a new unit to service a critical client base for Goldman Sachs the private-equity firms, family offices and other strategic investors who are a force of their own in the deal-making world. I didnt have that term before, but as a giver. Now I have to turn the conversation a little bit back to you for a minute, because youre a lifer at Goldman Sachs. And in this new role in particular, but I was doing some of this as chief strategy officer, but now doing much more of it, I think you really have to figure out how you can listen to customers directly. Mr Solomon teased a sale, saying Goldman was exploring "strategic alternatives". And so were doing that with Apple, but also well do it with General Motors. 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 /. And this year were going to launch Marcus Invest and checking and a credit card partnership with General Motors. And the reality is that is the right advice for our clients. Goldman Sachs Group Inc. named John Mallory and Meena Flynn as co-heads of global private wealth management, a business that's key to the bank's aim to diversify revenue streams beyond its core. and By the way, thats only been sped up over the last year or so, given everything thats gone on. Getting out of our silos, hearing from other people, other perspectives we might not hear from otherwise and finding the interconnections. To learn more about the work and research we do, please visit emerge.finhealthnetwork.org. For Members Only Federal Credit Union in Chicago, which was founded by the African American sorority Alpha Kappa Alpha, is focused on helping members build generational wealth. Yeah, were really excited about the Marcus Invest product, which will launch this quarter. 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. Im doing it every day. 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. We want to be the bank on your phone, she says. Goldman Sachs is exploring "strategic alternatives" for its nascent consumer banking business. This is a subscriber only feature Subscribe Now to get daily updates on WhatsApp. 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.' And so this real focus on execution, which I no doubt learned by being a mergers and acquisitions banker inside of Goldman Sachs. That makes a lot of sense. 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. Stephanie Cohen: 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. Jennifer Tescher: 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. After, it was the bank's Stephanie Cohen who reiterated that Goldman is considering strategic alternatives for its consumer lending business. You can connect with me on Twitter @JenTescher. And so the main thing Im focused on is people internally and externally. By continuing to use our site you agree to our Terms of Use and Privacy Policy. Stephanie Cohen, Goldman's co-head of consumer and wealth management, is working on setting up a second base for herself in Dallas. Yeah. The second thing is this kind of get stuff done attitude. 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? And what were doing in our division is we do it a couple of different ways. You are now subscribed to our newsletters. This account of her ascent is based on interviews with people whove worked with Cohen, who asked not to be named discussing their interactions. I wonder if you might reflect a little bit on how Goldman is really trying to make good on this idea of inclusive capitalism when it comes to forms of identity, gender identity, race and ethnicity, et cetera. Text. Talk a little bit about how you do that as a leader. Yeah, I think that is, as we think about these two self reinforcing strategies that were pursuing consumer, thats one of the I think the really hopefully great ideas we have around it. But she is quick to point out that this is no PR ploy on behalf of the bank: "This is not philanthropy. Thank you for inviting me. . The . Chief Strategy Officer, Goldman Sachs Much has been made over the past few months about Stephanie Cohen's age. When Goldmans board gathered on the West Coast in late June, she gave a presentation on that groups work. Its been really fun getting to know all of them. 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. You went there right out of graduating from the University of Illinois and youve experienced a tremendous amount of success. And then we did the Apple card. This copy is for your personal, non-commercial use only. Im a big question asker too. 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. 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. [1] [2] Prior to March 2008, she was the firm's Chief Investment Strategist. Cindy Ord/Getty Images for Girlboss Rally NYC 2018. Stephanie Cohen is Global Head of Platform Solutions and a member of the Management Committee. Jennifer Tescher: Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. Unlike traders, who can shoot to prominence within Wall Street firms at a very young age, Cohens career tracked that of the typical banker, climbing to be managing director in the class of 2008. Cohen said Goldman has been focused on fortifying its relationships with universities to help attract engineering talent to D-FW. 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 . 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. Download the Mint app and read premium stories. Copyright HT Digital Streams Limited All rights reserved. I know many of them, but it says something entirely different to have someone at the operating committee level. I went on a listening tour. To read our full stories, please turn off your ad blocker.We'd really appreciate it. One, we have our advisor led businesses. You pack a lot into a day. 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. And so were not going to do that on our own. A checking account is currently in beta, according to Cohen. The High. And of course, people want access to an advisor. Over 99% goes to all white teams. And the question is, how do you do that at scale? General Motors The best way to do this is to have a long-term view. Stephanie Cohen: A Goldman Sachs banker will have to pay his ex-wife more cash after she appealed her 2 million divorce settlement despite being set to inherit 100 million from her Saudi father. Figuring out how what youre doing is affecting people. The activist investor is crying foul, claiming the Dallas-based bank harassed one of his board candidates into withdrawing and rejected the nomination of another. Cohen, 41, joined Goldman Sachs in. Stephanie joined Goldman Sachs as an analyst in 1999, was named managing director in 2008, and became a partner in 2014. Its a great point. She is one of seven women named on the committee and is 10 years younger than the average man on the team. Carter Johnson and Hayley Cuccinello. We want to be your primary bank. It could be meal delivery services, paying for working out, or makeup and clothes. Speaker Bio: Stephanie Cohen is Goldman Sachs' Chief Strategy Officer and a member of the Management Committee. Jennifer Tescher: The delicate transaction was a milestone in the carmakers comeback after the financial crisis. You are just one step away from creating your watchlist! 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. But she doesn't see what the fuss is about. Got it. On September 29, 2020 . to talk about career, money and life. Financial Health Pulse 2022 Chicago Report, Jennifer Tescher | Leaning Forward for FinHealth. 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. And so we have this situation where you have an under invested asset class and theyre going to out return and you never see that. And just a few weeks ago, she was asked to jointly lead the banks global consumer and wealth management division. This copy is for your personal, non-commercial use only. The 43-year-old. Goldman's $2.2 billion acquisition of GreenSky allows the bank to beef up its customer base and gives it access to the fintech's network of more than 10,000 merchants. 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. Hier kommt Frau Goldman Sachs. 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. Natalie Walters, Business reporter. And so now one of the things, weve tried and a new skill actually inside of Goldman, which is this experimentation. Jennifer Tescher: 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).. And so, while theres a lot of sadness in that, were hopefully, the idea is turning that into opportunity. They are not only of course the right thing to do, but it is the only way to run the business. And were going to be better if we do that. The world is awash in capital and you never see that. She also serves as trustee for the Board of The Economic Club of New York. She is also a member of the Partnership Committee, Global Diversity Committee, Firmwide Enterprise Risk Committee and Firmwide Finance Committee. Is the idea here that Marcus customers eventually become Goldman Sachs customers, if you will? In mid-July, the company announced it will promote David Solomon to succeed Lloyd Blankfein as chief executive officer. How big the Dallas operation will get is a source of regular speculation in the North Texas real estate community. Stephanie Cohen: Stephanie Cohen has been at Goldman Sachs for more than 23 years. Stephanie Cohen, cohead of Goldman's consumer and wealth group, is the only woman heading one of the bank's primary business divisions. And then we did savings. Banker Stephanie Cohen was appointed to lead the consumer and wealth management division at Goldman Sachs, a New York-based investment bank and financial services company. I talked a little bit about all the businesses that Tucker and I are managing and they include these advisor led wealth management businesses that we have been in for decades. Flagstar Bank launches its next mortgage-tech accelerator while Walmart and Citi partner on a supplier loan program. Wow, this is so devastating. There werent a lot ofinvestment bankers that looked like me. "They are like-minded brands that are meeting people where they are," Cohen said. Goldman chief executive David Solomon announced Tuesday that he has shuffled the executive ranks once again, this time making Stephanie Cohen co-head of the $2 trillion megabank's consumer. 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. 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 was previously based in New York where she reported for The Motley Fool, TheStreet and Business Insider. You also have mentioned to me before that when you became the chief strategy officer, the very first book you read was The Unbanking of America. Our goal in our vision, in our people, is to empower our clients and customers to achieve their financial goals and we think help them live better lives. [House Hearing, 117 Congress] [From the U.S. Government Publishing Office] H.R. And what we are and what were trying to become is we have these two self reinforcing strategies. In 2019, Goldman launched an Apple credit card, and last January it rolled out a GM credit card. It celebrated the repayment by handing employees buttons that said Paid.". Goldman Sachs has chosen Stephanie Cohen as co-head of its consumer and wealth management . Theres a savings portion of Marcus. 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 so I would be that person that was like, Please just explain this to me from the base level. And when you get to that base level, you actually start to understand not only the products and how theyre all executed, but how it affects an end customer. https://www.barrons.com/articles/barrons-100-most-influential-women-in-u-s-finance-stephanie-cohen-51615543200. Prior to her current role, Stephanie drove strategy, M&A, strategic investing, and partnerships as the firm's chief strategy officer. Prior to her current role, Stephanie drove strategy, M&A, strategic investing, and partnerships as the firm's chief strategy officer. Things like auto pay. 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. Some inside the bank wonder whether shes destined to rise even higher. Ms. Cohen, also 32, is an independent marketing consultant in Chicago. 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. Earlier in her career, Ms. Cohen worked in New York in the M&A department. And so I would really, I would kind of exclamation point on that point. 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. But advertising revenue helps support our journalism. Remove some to bookmark this image. Since the start of this year, Cohen has held the weighty title of chief strategy officer leading a team that helps decide where the bank should pursue new lines of business or acquisitions of its own. She also serves as trustee for the Board of The Economic Club of New York. Well, I guess were not going to be on the human schedule because were in our fifth year, not quite adolescence, but as you said, time really does fly. William (Bill) Sachs Goldman, the scion of a prominent family of Jewish philanthropists in San Francisco and himself a board member of the New Israel Fund, died in a crash of his private plane. 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. You can learn more about how we use cookies by reviewing our Privacy Policy.Dismiss, Global Co-Head of Consumer and Wealth Management. It was a pre-COVID time period. Our 150 years of financial services experience and things like risk and compliance, our scale, which is our ability to invest, but also the balance sheet, which provides the ability to provide things like credit and great relationships with people like Apple and GM. 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. Stephanie Cohen, MFT is a specialist in Psychiatry: Child/Adolescent who has an office at 710 S Broadway Street, Walnut Creek, CA 94596 and can be reached at 1-925-295-4145. Stephanie Cohen: You can use that as something that bothers you, or you can use that as a point of differentiation. She is also a Global Executive Sponsor of the Women's Network and a member of the Management Committee, the most senior governing leadership body at the firm. 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. 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. Jung, weiblich, Bankerin: Stephanie Cohen macht bei Goldman Sachs Karriere. 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. 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. Now weve put a bunch of features into our products to help people make better decisions. She is the daughter . 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. In January 2021, she was appointed global co-head of consumer and wealth management. Marcus. And then how do you take that into your next role? We think technology is in a place where you can really have a bank on your phone. It'll just take a moment. And so were having a great time, really engaging with our team. Its really complex. For example, one of the things I learned early on was that when I was on big conference calls with lots of people, everyone would know when I spoke because I was the only woman., If you work in a company and you want to become the CEO or the CFO, when you look at the person who has the role, and you might think, Im nothing like that person, so I can never do that., Instead, I found it really helpful to look at abroadgroup ofpeople and look for things that I like or relate to. 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. 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. 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. And by the way, how it made them actually better customers over time, because we got them through a really tough period. 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. 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. We've detected you are on Internet Explorer. Money 20/20 USA 2021 Speaker Oct 24, 2021 One of the first people that called me after the announcement that I was going to be the co-head of this division, was a friend and they wanted help managing their financial lives, but not just theirs, but their family. Yeah. Learn about the important intersection of healthcare and financial heath.