It didn't go well. 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. 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 Sachs Group Inc will pump $500 million into companies led, founded or owned by women, as it steps up efforts to close the gender investing gap, the Wall Street bank said on Tuesday. 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. 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. 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. Build a resilient workforce by prioritizing finhealth for employees. When Goldmans board gathered on the West Coast in late June, she gave a presentation on that groups work. A Flagstar executive said the mortgage-focused bank is "not just going to sit on the sidelines and watch this happen.". 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. 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. She serves on the Partnership Committee, and is also on the Board of Advisors of Launch With GS, Goldman Sachs' $1 billion investment strategy grounded in the belief that diverse teams drive strong returns. Stephanie Cohen: 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. "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 . 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. Its the ultimate man-cave. Consequently, they can be prickly customers. And were going to be better if we do that. 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. Im Jennifer Tescher, journalist turned financial health champion. Its going to be two this year. Im a big question asker too. Tell us a little bit about where you expect to focus most of your time and attention this year. And in doing that, we want to fundamentally change the way people experience financial services and in doing that improve their lives. Stephanie Cohen is one the bank's highest-ranking female . because investing and helping companies grow is our business," Stephanie Cohen, Goldman Sachs' chief strategy officer . Internet Explorer not supported . What it really was, was it was where people went when they had really great ideas and they just wanted to get it done. They are not only of course the right thing to do, but it is the only way to run the business. You mentioned the Apple card. 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. 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. We call those businesses, private wealth management and personal financial management. For example, when I am 60 and look back, what might I need the most? Stephanie, welcome to Emerge Everywhere. And then the last thing was what weve already talked about, which is being super curious and kind of asking a million questions and really want to learn things from the base level. Well, I think Im biased, but I think I have the best job at Goldman Sachs. It celebrated the repayment by handing employees buttons that said Paid.". Log in to our website to save your bookmarks. As an investment banker for close to 20 years, my presence in board rooms was often an anomaly. Are you okay? And being really happy because you could tell that you were almost there. Goldman Sachs is exploring "strategic alternatives" for its nascent consumer banking business. See our career opportunities. We have the ability to have access to our clients in Texas but also more broadly across the United States and internationally. . We obviously have a lot going on and were excited about so many things and hopefully we get to talk about them, but what Im most looking forward to and where were spending most of our time is of course on people because were the division that focuses on people. Financial Health Pulse 2022 Chicago Report, Jennifer Tescher | Leaning Forward for FinHealth. 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. To read our full stories, please turn off your ad blocker.We'd really appreciate it. And this kind of idea of people wanting to experience financial services deeply embedded into ecosystems rather than being this separate action. . And how can we serve them where they are with the capabilities of Goldman Sachs? And so this real focus on execution, which I no doubt learned by being a mergers and acquisitions banker inside of Goldman Sachs. Here are her five best pieces of advice on work and personal finance for professional women. Stephanie Cohen is now the management committee's youngest, with the rare label of 'ex officio' member. Because you cant do things exactly the same way. Its great for a woman to be achieving this level of success at Goldman and shes certainly capable of going further," Nugent said. wants to be your digital banker, and it has assigned the job to Stephanie Cohen, marking her second year on the Barrons list. The regions tech workforce is projected to expand 17% over the next decade. Learn more about Marcus by Goldman Sachs and check out additional episodes of EMERGE Everywhere. 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. 01 Mar 2023 02:08:06 Talk to me a little bit about how thats happened. One, it affects how you manage your own people. 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. And so the main thing Im focused on is people internally and externally. 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. I find that being in the business that Im in, similar things happen at cocktail parties, I get random questions, financial questions and I think its clear that I am not a financial planner. Cohen, 41, joined Goldman Sachs in. And so you didnt get into this chief strategy officer role with a real clear job description. 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. Jennifer Tescher: Were hopeful that well create this self-enforcing ecosystem where people will say if they want to work in financial services and do cool things in fintech, this is one of the great places to go to do that, Cohen said. Im actually a former journalist. Jennifer Tescher: But she is quick to point out that this is no PR ploy on behalf of the bank: "This is not philanthropy. CompTIA expects that to grow to nearly 7,700 net new positions this year, the fifth-highest total nationally. And so in skating you fall all the time. More on Stephanie. She dug into the bones of the deal and was very compelling.". Explore how to make financial services a force for good. He will report to Stephanie Cohen, Goldman's global co-head of consumer and wealth management. Maybe If youll indulge me because I was chief strategy officer, well go up a level to the corporate strategy just for a second, which is that when we think about what were trying to do at Goldman Sachs, its to advance sustainable economic growth and financial opportunity. 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. We do it internally. More than 90% of appraisers are white, and researchers have found that bias leads to lower valuations for homeowners of color. The strategy document identifies potential avenues for cutting cybercriminals off from financing, as well as other actions banks can take. As of February 2017, she continues to serve as an advisory director at Goldman Sachs, after retiring from leadership of its Global Markets Institute. Theres a savings portion of Marcus. Shell be among seven women on the 33-person panel. 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. Great. In January 2021, she was appointed global co-head of consumer and wealth management. Ms. And so what were trying to do is no different, we were just doing it with one product and now were going to try to do it with a holistic product suite. And thats how we ultimately came up with the strategies, which I talked about earlier in terms of going direct and what we call financial cloud. And what were doing in our division is we do it a couple of different ways. And so thats really what were trying to do with what were doing in consumer and in Marcus. 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. The group, typically considered the killjoys within investment banking, have to tell senior bankers about the deals they cant pursue a tricky task in the best of times. I suspect theres also something to it about the moment were living in, the era were living in. 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. And I think theres a lot to learn about how culture builders do that, because I think a lot about the importance of stepping outside of our silos, that thats where, and that relates to the comments that you made about diversity. E ine Stunde mit . Cohen drives strategy, Mergers & Acquisitions (M&A . Youve mentioned the fact that soon youre going to be launching a new set of investment options and opportunities. I suspect that theres only so far a brand like Marcus can go in terms of meeting the needs of underserved consumers. We believe our investment in these strategic locations enables us to build centers of excellence around specific capabilities that support our business initiatives, the company said. Text. And the question, which is kind of an obvious question is why now? Wells Fargo's asset cap has been in place for fi ve years, and there's no end in sight. If you liked this episode, please review the show and subscribe wherever you get your podcasts. 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. 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. Youre one of the few women whos risen to that level. 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. We get it: you like to have control of your own internet experience. Global Financial Health Launch Decision: Send Em! The latest group includes 32 white men, giving them a 53 per cent share of the promotions, the demographic's smallest representation on record. Looks like you have exceeded the limit to bookmark the image. and expects to roll out digital checking accounts in the next few months. 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 so what are we? Chief Strategy Officer, Goldman Sachs Much has been made over the past few months about Stephanie Cohen's age. She is also a Global Executive sponsor of the Women's Network. Stephanie Cohen: Tiger Trump and nothing to ex-husband Donald Trump. to talk about career, money and life. These stories and more in banking news this week. I think I learned that at a really young age. In mid-July, the company announced it will promote David Solomon to succeed Lloyd Blankfein as chief executive officer. 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. Instead, I found it really helpful to look at a, people and look for things that I like or relate to. It could be meal delivery services, paying for working out, or makeup and clothes. . I know many of them, but it says something entirely different to have someone at the operating committee level. Dive Brief: Goldman Sachs on Tuesday named Stephanie Cohen co-head of the bank's consumer and wealth management business, making the 43-year-old arguably the most powerful woman at the company, and the first woman to lead a Goldman division since trading co-chief Isabelle Ealet left the bank in 2018, Bloomberg and the Financial Times reported . And that we were going to build an ecosystem around it. 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. Jennifer Tescher: 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. 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 learn more about the work and research we do, please visit emerge.finhealthnetwork.org. Marcus. Jennifer Tescher: Getting out of our silos, hearing from other people, other perspectives we might not hear from otherwise and finding the interconnections. I mentioned at the top, youre the youngest member of the banks management committee. 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. Theyre sitting there every day and theyre trying to figure out how they can do things in a really complex financial world that are simple and transparent and valuable. And at least I believe and I think its fair to say that theyre amazing. Goldman Sachs Group Inc will pump $500 million into companies led, . And we think it does help people better manage their finances. Carter Johnson and Hayley Cuccinello. 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 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. And this year were going to launch Marcus Invest and checking and a credit card partnership with General Motors. Stephanie Cohen Global Head of Platform Solutions February 2023. She is also a member of the Partnership Committee, Global Diversity Committee, Firmwide Enterprise Risk Committee and Firmwide Finance Committee. Yeah, I think its this idea of being a learner. 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.. 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 its also, I think, no accident that youve also been anointed to the operating committee. Ms. Cohen serves on the National Board of Directors of College Spring and as a member of the Board of Quill.org. There werent a lot ofinvestment bankers that looked like me. Copyright 2022 HT Digital Streams Ltd All Right Reserved. The news, which . Change is underway in the financial services industry and it's disrupt or be disrupted. And so now one of the things, weve tried and a new skill actually inside of Goldman, which is this experimentation. I really enjoyed hearing about how you go about listening. She is the daughter . 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. Sign In. Goldman Sachs has chosen Stephanie Cohen as co-head of its consumer and wealth management . By years end, 40% of its employees were working in those locations, the company said. [1] [2] Prior to March 2008, she was the firm's Chief Investment Strategist. 117-14 _____ Printed for the use of the Committee on Natural . 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. I think people have gotten to a place, and theres some good and theres some bad here where the phone is kind of really the center of everything that they do and how they interact with so many parts of their lives. Speaker Bio: Stephanie Cohen is Goldman Sachs' Chief Strategy Officer and a member of the Management Committee. 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. Copyright HT Digital Streams Limited All rights reserved. Which is that theres a specific type of customer thats the Marcus customer. On September 29, 2020 . 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. Talk a little bit about how Marcus has evolved and where you see that business heading now that youve reached, say adolescence. And the reason why we decided now was the right time for Goldman Sachs is because one, technology. Remove some to bookmark this image. Things like auto pay. Feb 2, 2021, 8:42 AM. 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. 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. Jennifer Tescher: But she doesn't see what the fuss is about. 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. They are Goldman Sachs customers. Jennifer Tescher: Goldman now has credit-card deals with Youve got to figure out whats important to you and what you really want to spendmoney on. Now I have to turn the conversation a little bit back to you for a minute, because youre a lifer at Goldman Sachs. And so 85% of all venture capital dollars goes to all male founded teams. Youve begun offering credit beyond debt consolidation. And by the way, that portfolio is different for different people. 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. Actually, I got on a plane a lot. 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. Flagstar Bank launches its next mortgage-tech accelerator while Walmart and Citi partner on a supplier loan program. And thats really the most exciting thing about being able to run this division. 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. Now weve put a bunch of features into our products to help people make better decisions. You went there right out of graduating from the University of Illinois and youve experienced a tremendous amount of success. Well, this is one of the most exciting versions of quote unquote embedded finance that Ive heard about in a long time. You are just one step away from creating your watchlist! It had revenue of $1.5 billion in 2021. Wow. Cohen declined to give projections for growth in Dallas or say whether Goldman is considering such a move. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. My husband and I were talking about it last night, we all still need a lot of help. Some there have earmarked her as a candidate to become the first woman to lead the investment banking division, the banks most profitable arm. Whether thats direct disbursements in our loans, meaning when you sign up for a Marcus loan, we can directly pay off your other debts. 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And so I do think this idea of bringing the best of Goldman Sachs, this corporate franchise and the relationships we have with those brands and then taking these in many cases, digital capabilities weve built in the consumer business and embedding them into those ecosystems in a way that serves their customers, I think is one of the ways that we can access this much broader audience. 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. By doing that, you can actually, authentically be the person you want without assuming that you have to be someone else., Sam Bankman-Frieds Deceptions Allegedly Include Millions in Illegal Campaign Contributions, The Fed Raises Rates as Expected, But Spooks Investors With a Gloomy Forecast, Meta Is Sued for Allegedly Profiting From Hateful Content on Facebook in Ethiopia, Twitter Suspends @ElonJet, the Account Tracking Musks Private Flights. 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. And how can we serve them? 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. Theres just so many things that you learn from the richness of those individual conversations. We want to use simple, transparent and valuable products to help people manage their financial lives. 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. 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 . The company had previously partnered on its credit cards with Barclays. Ms. Cohen was Sector Captain for General Industrials in the Global Industrials Group and a member of the M&A Group in IBD. And I have to say, I was a little bit surprised that that was the book you chose. Do you have any ideas or things youve thought about in terms of how to leverage your capabilities in this regard? She is one of seven women named on the committee and is 10 years younger than the average man on the team. Upon arriving, her trajectory changed, and she has remained at the firm for over two decades in a variety of roles.
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