Internet Explorer is no longer supported on our website. Collage of David Solomon . 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 at least I believe and I think its fair to say that theyre amazing. I do think were in this moment where thats this really perfect combination for the type of world that were in. And the reason why we decided now was the right time for Goldman Sachs is because one, technology. 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. She also spearheaded . Cohen is now the committees youngest, with the rare label of ex officio" member. 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. 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. Stephanie Cohen has been at Goldman Sachs for more than 23 years. This account of her ascent is based on interviews with people whove worked with Cohen, who asked not to be named discussing their interactions. Wow, this is so devastating. . In so many ways. 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. . 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. Already, Steven Mnuchin has been tapped as Treasury secretary, Stephen K. Bannon was named senior adviser and Gary D. Cohn, Goldman's president, is expected to direct the National Economic Council. and Stephanie earned an AB in Biology, summa cum laude, from Harvard . Cohens elevation to the committee followed just days later strong evidence she has the incoming CEOs confidence. Ive run, as you said, the consumer and wealth management business with my partner, Tucker York. Meaning I end a lot of conversations with, How can I be most helpful to you? And I do try to give people really direct feedback because I think its the way to make them better in their own careers. Some inside the bank wonder whether shes destined to rise even higher. And I talked to you about three things that I think have helped me and the teams around me be successful. And how can we serve them? Goldman Sachs Group Cindy Ord/Getty Images for Girlboss Rally NYC 2018. But she doesn't see what the fuss is about. Prior to that, Ms. Cohen was a Vice President in the Industrials and Merger Leadership Groups in San Francisco. 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. 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. 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. 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. We call those businesses, private wealth management and personal financial management. Jennifer, it is great to be here. I suspect theres also something to it about the moment were living in, the era were living in. . Predict the closing value of sensex and win free subscription. And so the main thing Im focused on is people internally and externally. 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. I love it and its the advice I give people all the time. 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. 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. Its great for a woman to be achieving this level of success at Goldman and shes certainly capable of going further," Nugent said. And so I think its embedded in your question, but I think its a fair question. And then weve also done that with Walmart and Amazon in terms of providing credit to their merchants. DuringStephanie Cohens first 15 years at Goldman Sachs, her career ladder didnt look much different than that of a typical investment banker. 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. Stephanie, welcome to Emerge Everywhere. 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. Its a great point. And in doing that, we want to fundamentally change the way people experience financial services and in doing that improve their lives. Ms. Cohen was Sector Captain for General Industrials in the Global Industrials Group and a member of the M&A Group in IBD. Already a member? 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. Women. 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. Its complicated. Shes about 10 years younger than the average man already on the committee, after becoming a partner just four years ago. 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. The San Francisco bank entered into a multiyear partnership with Choice Hotels, which operates brands such as Radisson, Comfort and Econo Lodge. Over 99% goes to all white teams. Wells Fargo, eyeing growth in credit cards, lands hotel chain as partner, First Foundation row with Abbott Cooper moves closer to court, Senate Banking Republicans warn Fed not to go too far in capital review, Fed's Bowman: Regulators should monitor Treasuries market function, Flagstar gives $1 million to fix appraisal industry's lack of diversity, What banks need to know about the White House's cybersecurity strategy. "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. Feb 2, 2021, 8:42 AM. If her tenure there is successful, it could pave the way for Cohen to make history at the firm. 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 . 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. They are Goldman Sachs customers. 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. My guest today is one of the most powerful women on Wall Street. Carter Johnson and Hayley Cuccinello. 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. 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. Jennifer Tescher: And then we have this great program where we work with companies on financial wellness for their employees and we call that Ayco. 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. And so 85% of all venture capital dollars goes to all male founded teams. There werent a lot ofinvestment bankers that looked like me. You went there right out of graduating from the University of Illinois and youve experienced a tremendous amount of success. 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 . To read our full stories, please turn off your ad blocker.We'd really appreciate it. You can learn more about how we use cookies by reviewing our Privacy Policy.Dismiss, Global Co-Head of Consumer and Wealth Management. to talk about career, money and life. Stephanie Cohen, Goldman's co-head of consumer and wealth management, is working on setting up a second base for herself in Dallas. She is also a Global Executive sponsor of the Women's Network. The news, which . 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. Diversity in the ranks at Goldman and at the companies it invests in is a priority for Cohen. 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. Stephanie Cohen Global Head of Platform Solutions February 2023. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. The business is not yet profitable but is expected to hit revenue of $4 billion by 2024, she said. Cohen joined Goldman Sachs as an Analyst in 1999, was named Managing Director in 2008 and Partner in 2014. We've detected you are on Internet Explorer. Im excited to see how that develops. In case you cant find any email from our side, please check the spam folder. The second thing is this kind of get stuff done attitude. 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. 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. Goldman Sachs Group Inc's Chief Executive David Solomon and top executives will give investors an update on their strategy on Tuesday. 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 /. Stephanie Cohen: After, it was the bank's Stephanie Cohen who reiterated that Goldman is considering strategic alternatives for its consumer lending business. 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. Prior to her current role, Stephanie drove strategy, M&A, strategic investing, and partnerships as the firm's chief strategy officer. And one of the things that we kind of put out there in the wild was this idea of being able to pay your credit card bill multiple times a month in the Apple cart. And the idea really brings together the reason by the way, why we have our consumer and wealth management businesses all together. 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. Since the start of this year, Cohen has also transitioned from investment banking to serve as the bankschief strategy officer,leading a team that decides where the bank should pursue new lines of business. But she is quick to point out that this is no PR ploy on behalf of the bank: "This is not philanthropy. A great question. Ihr wird inzwischen sogar der Platz an der Bank-Spitze zugetraut. Here are her five best pieces of advice on work and personal finance for professional women. Goldman Sachs managers say one takeaway of the pandemic. How do you look at the data in a way that really helps you? Goldman Sachs. 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 . 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. 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. She also serves as trustee for the Board of The Economic Club of New York. Youre one of the few women whos risen to that level. 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. 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. 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. A Flagstar executive said the mortgage-focused bank is "not just going to sit on the sidelines and watch this happen.". terms: Goldman Sachs Banks Stephanie Cohen Succession. And so were having a great time, really engaging with our team. 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. 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? And so were not going to do that on our own. Goldman Sachs has chosen Stephanie Cohen as co-head of its consumer and wealth management . And besides those numbers being kind of horrific, they are a misallocation of capital. 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. A checking account is currently in beta, according to Cohen. General Motors Goldman plans to add checking to Marcus later this year but doesnt have a set date, Cohen said. It'll just take a moment. My husband and I were talking about it last night, we all still need a lot of help. She joined Goldman Sachs as an Analyst in 1999, was named Managing Director in 2008 and Partner in 2014. I think I learned that at a really young age. 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. Tiger Trump and nothing to ex-husband Donald Trump. Welcome to EMERGE Everywhere. Talk a little bit about how you do that as a leader. I suspect that theres only so far a brand like Marcus can go in terms of meeting the needs of underserved consumers. And you asked me about the focus. 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. And the thing I say all the time is that you cant talk about these things in two different places. Jennifer Tescher: Stephanie is head of Private Equity in Asia and global co-head of Growth Equity within Goldman Sachs Asset Management. The company had previously partnered on its credit cards with Barclays. 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? And just a few weeks ago, she was asked to jointly lead the banks global consumer and wealth management division. Upon arriving, her trajectory changed, and she has remained at the firm for over two decades in a variety of roles. Tell me more about that choice and sort of what youve learned from it. You mentioned the Apple card. And of course, people want access to an advisor. Ms. We have businesses that do that and were really excited to do that as well. And then as you mentioned, we have a digital consumer bank. Stephanie Cohen, global co-head of consumer and wealth management at Goldman Sachs, speaks during a dedication ceremony of the company's branded terrace at the University of Texas at Dallas. 117-14 _____ Printed for the use of the Committee on Natural . Diversity, equity and inclusion are core to our mission, see why. She is a key architect of the bank's . 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 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. 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. And its also, I think, no accident that youve also been anointed to the operating committee. Click the AdBlock Plus button on your browser and select Enabled on this site. 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. How big the Dallas operation will get is a source of regular speculation in the North Texas real estate community. She is the daughter . 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. As the banks chief strategy officer, she brought clarity and focus, including a new commitment to diversity and inclusion. 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. Stephanie Cohen: 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. And so, while theres a lot of sadness in that, were hopefully, the idea is turning that into opportunity. That thats clearly a very important part of your role and has been. We think technology is in a place where you can really have a bank on your phone. As an investment banker for close to 20 years, my presence in board rooms was often an anomaly. But advertising revenue helps support our journalism. And we are lucky because we get to spend our entire days focusing on people. 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. It celebrated the repayment by handing employees buttons that said Paid.". 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. Yeah, were really excited about the Marcus Invest product, which will launch this quarter. 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. She is also a member of the Partnership Committee, Global Diversity Committee, Firmwide Enterprise Risk Committee and Firmwide Finance Committee. 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. And I remember these moments of falling really hard and your parents, your coach is like, Oh my. 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. One, we have our advisor led businesses. She started as an analyst in 1999 and has held a series of leadership positions in mergers and acquisitions.

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