Oops! Stephanie Cohen: 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. Feb 2, 2021, 8:42 AM. The news, which . Goldman Sachs executives to rally investors in New York | Reuters The best way to do this is to have a long-term view. Shared by Stephanie Cohen At a critical moment for women's and family health, I am proud to share news of Maven Clinic's Series E, led by General Catalyst. Things like auto pay. 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. Money 20/20 USA 2021 Speaker Oct 24, 2021 She started as an analyst in 1999 and has held a series of leadership positions in mergers and acquisitions. You can use that as something that bothers you, or you can use that as a point of differentiation. Theres a savings portion of Marcus. She said the senior leadership team understands that diversity and inclusion is a "business imperative'' and that "this needs to be discussed in the same meetings where we talk about revenue or investment strategies. What it really was, was it was where people went when they had really great ideas and they just wanted to get it done. Stephanie Cohen: Two former Goldman Sachs executives have been indicted for conspiring in a multibillion-dollar theft from the Malaysian investment fund known as 1MDB, a scandal that could cost Goldman as. 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. 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. 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. Cohen, 41, joined Goldman Sachs in. No question. Goldman's Stephanie Cohen rises to management committee, as youngest I think I learned that at a really young age. The business is not yet profitable but is expected to hit revenue of $4 billion by 2024, she said. terms: Goldman Sachs Banks Stephanie Cohen Succession. . Jennifer Tescher: Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. to talk about career, money and life. And that we were going to invest behind diverse managers because you needed to get money in the hands of diverse managers so that they could get money in the hands of diverse companies. Goldman Sachs CEO David Solomon fends off attacks over Marcus flop And that starts with our own people. 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. Jennifer Tescher: You are now subscribed to our newsletters. I really enjoyed hearing about how you go about listening. Goldman Sachs has created a new consumer and wealth management division co-led by Stephanie Cohen. When I started as chief strategy officer, I had, of course that realization that you said exactly, which is okay, Ive been at Goldman Sachs 17, 18 years and Ive been sitting in the investment bank and Ive learned a lot, but there is a lot about what we even do at Goldman Sachs that I dont understand. Ihr wird inzwischen sogar der Platz an der Bank-Spitze zugetraut. She graduated cum laude from New York University and received an M.B.A. in May from Indiana University. Tell me more about that choice and sort of what youve learned from it. Stephanie Cohen, head of platform solutions, said scale would help the business reach profitability by 2025. And we are lucky because we get to spend our entire days focusing on people. In 2008, she managed Conflicts and Business Selection for IBD in the Americas. Goldman Sachs. And its also, I think, no accident that youve also been anointed to the operating committee. Marcus. And this year were going to launch Marcus Invest and checking and a credit card partnership with General Motors. Marianne Lake Is Not Having A Good Month - Dealbreaker Because consumer banking has been around for a really long time. Tiger Trump and nothing to ex-husband Donald Trump. The High. I mentioned at the top, youre the youngest member of the banks management committee. . But Ive also noticed that when women start talking to friends about business ideas, they actually want to help each other.. Click the AdBlock Plus button on your browser and select Enabled on this site. She was previously based in New York where she reported for The Motley Fool, TheStreet and Business Insider. Abby Joseph Cohen (born February 29, 1952) is an American economist and financial analyst on Wall Street. 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. Global Financial Health Launch Decision: Send Em! Remove some to bookmark this image. The . Youre just one more inch and I would have landed that jump. And then on the other side of the people equation is our clients and our customers. Im realizing through this conversation that youre really a culture builder. "We have 500 corporate clients, and we have the ability to provide financial wellness to all levels of employees," she said. Youve mentioned the fact that soon youre going to be launching a new set of investment options and opportunities. Shell be among seven women on the 33-person panel. Cohen is a Goldman Sachs lifer who started at the bank as an analyst back in 1999, spending time in New York and San Francisco. Stephanie Cohen, cohead of Goldman's consumer and wealth group, is the only woman heading one of the bank's primary business divisions. 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. 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. Some of my favorite ones have been, we created a customer assistance program right as COVID was starting to help people so that they could defer loan payments and credit card payments and just listening to why it mattered to them. General Motors By the way, a lot of people who spend their careers in financial services. 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. Text. And when I was in my role as chief strategy officer, we created this thing called Accelerate, which we call our internal innovation engine. "They are like-minded brands that are meeting people where they are," Cohen said. 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. She is also a Global Executive sponsor of the Women's Network. Stephanie Cohen is joining Goldman's most elite tier, as its - mint Cindy Ord/Getty Images for Girlboss Rally NYC 2018. The strategy document identifies potential avenues for cutting cybercriminals off from financing, as well as other actions banks can take. Stephanie Cohen: In the latest in a rapid career of promotions, Cohen, 43, took over as co-head of consumer and wealth management in January, overseeing consumer bank Marcus, which has racked up $97 billion in deposits. Jennifer Tescher: . To learn more about the work and research we do, please visit emerge.finhealthnetwork.org. You, it turns out I learned, were once a competitive figure skater growing up. 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. 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. 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. Dallas led all metropolitan areas in 2021 in net tech job growth, adding 5,321 positions, according to a new report by CompTIA, the nonprofit association for the information technology industry. 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. Stephanie Cohen: And so were having a great time, really engaging with our team. I know many of them, but it says something entirely different to have someone at the operating committee level. Stephanie Cohen Authors/Speakers Financial Health Network Goldman Sachs mulls deal options after consumer flop - ET BFSI How do you look at the data in a way that really helps you? Cohen joined Goldman Sachs as an Analyst in 1999, was named Managing Director in 2008 and Partner in 2014. 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. And so I found the book and it was incredibly interesting, but also devastating in so many different ways, because it was very clear that the financial system was not working for most people. Goldman plans to add checking to Marcus later this year but doesnt have a set date, Cohen said. 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. First, Goldman Sachs CEO David Solomon said it. As of February 2017, she continues to serve as an advisory director at Goldman Sachs, after retiring from leadership of its Global Markets Institute. Im wondering how youre viewing that experience in light of the coming launch of these new products for Marcus customers? Goldman Sachs Continues to Simplify With Personnel Moves Its the ultimate man-cave. Prior to her current role, Stephanie drove strategy, M&A, strategic investing, and partnerships as the firm's chief strategy officer. 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. Looks like you have exceeded the limit to bookmark the image. 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. Goldman Sachs to invest $500 million in women-run companies 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. 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. And so the main thing Im focused on is people internally and externally. In the latest in a rapid career of. Here are her five best pieces of advice on work and personal finance for professional women. 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. Is the idea here that Marcus customers eventually become Goldman Sachs customers, if you will? Yeah. When I walked into a board room, theyd expect a very tall man, but instead theyd get a relatively shortwoman. Learn about the important intersection of healthcare and financial heath. Why Goldman's Marcus project failed and what it means for CEO Solomon Its pretty amazing feat that youve managed to essentially build a homegrown digital business from inside this storied institution. Yeah. Goldman Sachs Changes 60 Slightly Less White, Less Male - Dealbreaker Stephanie is head of Private Equity in Asia and global co-head of Growth Equity within Goldman Sachs Asset Management. And in order to do that, youve got to do a couple of things. 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. Natalie is an award-winning reporter who covers banks, crypto, fraud, deals and other money topics for The Dallas Morning News. You can connect with me on Twitter @JenTescher. The second thing is this kind of get stuff done attitude. Goldman Sachs Group Inc's Chief Executive David Solomon and top executives will give investors an update on their strategy on Tuesday. Ms. Cohen serves on the National Board of Directors of CollegeSpring and as a member of the Board of Quill.org. 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. Become a business insider with the latest news. And you asked me about the focus. 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. And then as you mentioned, we have a digital consumer bank. Goldman Sachs mulls deal options after consumer flop Prior to assuming her current role, Ms. Cohen was Co-Head of the Consumer and Wealth Management Division. Prior to assuming her current role, Ms. Cohen was Co-Head of the Consumer and Wealth Management Division. 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. 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. And so now one of the things, weve tried and a new skill actually inside of Goldman, which is this experimentation. You should spendmoney on things that truly make you happy. Stephanie Cohen is Global Head of Platform Solutions and a member of the Management Committee. Then President John Waldron repeated it. You are just one step away from creating your watchlist! Ive run, as you said, the consumer and wealth management business with my partner, Tucker York. Bloomberg on Twitter: "First, Goldman Sachs CEO David Solomon said it It was a pre-COVID time period. The 9 biggest takeaways from Goldman Sachs' investor day, from a tense Q&A with CEO David Solomon to the tater tots for breakfast. You mentioned the Apple card. You have to talk about all that in one place, because its the only way to win, but its also the only way to serve customers and ultimately help them achieve their goals. And its been so fascinating to watch the frankly, explosive growth of the business. 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. Stephanie Cohen, culture builder, lifelong learner, thanks so much for joining me on Emerge Everywhere. In its 2021 annual report released in February, Goldman said it had established key strategic locations that included Dallas, Salt Lake City, Singapore, Warsaw and Bengaluru. LeaseQuery Announces $40 Million in Series A Funding This account of her ascent is based on interviews with people whove worked with Cohen, who asked not to be named discussing their interactions. Which is that theres a specific type of customer thats the Marcus customer. NEW YORK (Reuters) -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 . Goldman Sachs picks first woman to run large division in years And so the next question is, how do you listen to the data? The company had previously partnered on its credit cards with Barclays. And it will be interesting to think about how you leverage your vast capabilities and capital. 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. Copyright HT Digital Streams Limited All rights reserved. Actually, I got on a plane a lot. And the idea really brings together the reason by the way, why we have our consumer and wealth management businesses all together. And the reason why we decided now was the right time for Goldman Sachs is because one, technology. Stephanie joined Goldman Sachs as an analyst in 1999, was named managing director in 2008, and became a partner in 2014. We have more than 7,500 people in our division globally. Im excited to see how that develops. And were going to be better if we do that. I suspect theres also something to it about the moment were living in, the era were living in. On September 29, 2020 . And so this real focus on execution, which I no doubt learned by being a mergers and acquisitions banker inside of Goldman Sachs. In this episode, Jennifer and Stephanie discuss how the bank is leveraging fintech and personalized solutions to meet diverse consumer needs, while empowering clients and customers to reach their financial goals. And so in skating you fall all the time. 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 /. Barron's 100 Most Influential Women in U.S. Finance: Stephanie Cohen 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. Talk a little bit about how you do that as a leader. And I love learning. 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. New York: The venue was the Gotham Club an exclusive den inside the San Francisco Giants home stadium. This is a subscriber only feature Subscribe Now to get daily updates on WhatsApp. Her appointment this summer to Goldman Sachs' management committee made her its youngest member. 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. I didnt have that term before, but as a giver. Sign In. 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. Stephanie Cohen quickly rose through the ranks at Goldman Sachs to become one of the youngest members of the banks senior leadership, joining just a small handful of women at that level. Some of that could be due to the fact that there are fewer women in venture capital and fewer women founders. Shes about 10 years younger than the average man already on the committee, after becoming a partner just four years ago. Copyright 2022 HT Digital Streams Ltd All Right Reserved. Im doing it every day. Whether thats direct disbursements in our loans, meaning when you sign up for a Marcus loan, we can directly pay off your other debts. Youve begun offering credit beyond debt consolidation. The reality is that investing can be intimidating for a lot of people. Goldman taps former Uber executive to lead its consumer bank How big the Dallas operation will get is a source of regular speculation in the North Texas real estate community. Where does the bank and the Fed go from here? Goldman Sachs CEO David Solomon Is Shaking Things Up at Wall Street's She also spearheaded . How has that influenced you? Log in to our website to save your bookmarks. 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. The 43-year-old. In January 2021, she was appointed global co-head of consumer and wealth management. 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. Goldman Sachs CEO David Solomon fends off attacks over consumer banking Because you cant do things exactly the same way. And weve turned that into a lot of different financial products, but the reality is were just trying to solve those problems for consumers. The other place that weve been embedding it is very deeply in our investing businesses, because what we noticed was that inclusive and diverse teams outperformed and they were under invested in. Bringing in young talent and training those people will benefit not just Goldman but other companies around the city looking for engineering talent, she said. Diversity in the ranks at Goldman and at the companies it invests in is a priority for Cohen. And hopefully again, thats millions of customers that we will speak to and we can be helpful to. 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. We want to use simple, transparent and valuable products to help people manage their financial lives. More on Stephanie. 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. A checking account is currently in beta, according to Cohen. ", Cohen led "Launch with GS," the bank's $1 billion commitment to increase access to capital for women, Black, Latino and other diverse entrepreneurs and investors. 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. After getting an offer to work at Goldman Sachs in investment banking out of school, she thought she would work there for two years and then attend law school. Or what lessons have you taken from that and in your leadership roles at Goldman? Are you okay? And being really happy because you could tell that you were almost there. Change is underway in the financial services industry and it's disrupt or be disrupted. 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. Cohen declined to give projections for growth in Dallas or say whether Goldman is considering such a move. 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. 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. 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. Key Takeaways From Goldman Sachs' Investor Day 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. And we think it does help people better manage their finances. 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. 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. The Legacy of George Floyd: an Examination of Financial Services 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. And the reality is that is the right advice for our clients. Female banker emerges as possible successor to Goldman Sachs CEO Because for us, this is a business and a strategic imperative. Goldman Sachs discreetly seeks volunteers for Florida office; Dallas Stephanie Cohen: Click the AdBlock Plus button on your browser and select Disable on Observer.com. He will report to Stephanie Cohen, Goldman's global co-head of consumer and wealth management. Well, this is one of the most exciting versions of quote unquote embedded finance that Ive heard about in a long time. And so, while theres a lot of sadness in that, were hopefully, the idea is turning that into opportunity.
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