They are Goldman Sachs customers. Ms. Cohen was Sector Captain for General Industrials in the Global Industrials Group and a member of the M&A Group in IBD. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. 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. Goldman Sachs managers say one takeaway of the pandemic. Yeah. In the latest in a rapid career of. We have the ability to have access to our clients in Texas but also more broadly across the United States and internationally. "We have savings, lending, investing, and we're close to launching checking. he 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, Last weekend, Cohen joined a panel at this years. And thats really the most exciting thing about being able to run this division. You mentioned Marcus, I think its fair to say that four plus years ago when Goldman Sachs launched Marcus, it wasnt exactly what anyone was expecting to have a titan of Wall Street, all of a sudden building a business to focus on the financial needs of everyday people. Stephanie Cohen is Global Head of Platform Solutions and a member of the Management Committee. Its complicated. 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. Looks like you have exceeded the limit to bookmark the image. Listening is the most important thing that I do. I suspect theres also something to it about the moment were living in, the era were living in. Stephanie Cohens first 15 years at Goldman Sachs, her career ladder didnt look much different than that of a typical investment banker. . As of February 2017, she continues to serve as an advisory director at Goldman Sachs, after retiring from leadership of its Global Markets Institute. Internet Explorer not supported . Im certain that I had it before, but its really deeply ingrained in the Goldman Sachs culture, but I happen to naturally be, I guess what Adam Grant would describe as a giver. Explore how to make financial services a force for good. Natalie is an award-winning reporter who covers banks, crypto, fraud, deals and other money topics for The Dallas Morning News. Wow, this is so devastating. Talk a little bit about how you do that as a leader. I do think were in this moment where thats this really perfect combination for the type of world that were in. Im not certified to be helpful, but we do get a lot of questions and it helps you to understand just how many people have these questions and how many people could really use help in managing their finances. To read our full stories, please turn off your ad blocker.We'd really appreciate it. 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. 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. 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. 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. A step-by-step guide for HR professionals. And we think it does help people better manage their finances. And then as you mentioned, we have a digital consumer bank. 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. This is a subscriber only feature Subscribe Now to get daily updates on WhatsApp. And the question, which is kind of an obvious question is why now? 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. When Goldmans board gathered on the West Coast in late June, she gave a presentation on that groups work. Cohens elevation to the committee followed just days later strong evidence she has the incoming CEOs confidence. Cohen said Goldman has been focused on fortifying its relationships with universities to help attract engineering talent to D-FW. 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. 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. The bank says the candidates failed to make full disclosures. . Stephanie Cohen: [House Hearing, 117 Congress] [From the U.S. Government Publishing Office] H.R. Upon arriving, her trajectory changed, and she has remained at the firm for over two decades in a variety of roles. An error has occurred, please try again later. Stephanie Cohen: Is the idea here that Marcus customers eventually become Goldman Sachs customers, if you will? Jennifer Tescher: . 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. This copy is for your personal, non-commercial use only. She is also a Global Executive sponsor of the Women's Network. Some inside the bank wonder whether shes destined to rise even higher. Oops! . 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. "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. Outside of work, Cohen spends time with her husband and young son, who "helps me hone my negotiation skills," she laughs. Jennifer Tescher: 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. 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. Stephanie Cohen quickly rose through the ranks at Goldman Sachs to become one of the youngest members and one of only a few women on its management committee. 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 . Stephanie Cohen: We want to use simple, transparent and valuable products to help people manage their financial lives. Diversity in the ranks at Goldman and at the companies it invests in is a priority for Cohen. There werent a lot ofinvestment bankers that looked like me. When I walked into a board room, theyd expect a very tall man, but instead theyd get a relatively shortwoman. Where does the bank and the Fed go from here? I did a lot of it and a couple of other things that I just think are a little bit of tricks in doing this. The news, which . Jennifer Tescher: I think I learned that at a really young age. And so now one of the things, weve tried and a new skill actually inside of Goldman, which is this experimentation. 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. The . And so, while theres a lot of sadness in that, were hopefully, the idea is turning that into opportunity. To learn more about the work and research we do, please visit emerge.finhealthnetwork.org. But Ive also noticed that when women start talking to friends about business ideas, they actually want to help each other.. Stephanie, welcome to Emerge Everywhere. 117-14 _____ Printed for the use of the Committee on Natural . Already a member? 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.' CompTIA expects that to grow to nearly 7,700 net new positions this year, the fifth-highest total nationally. It doesnt have to be one thing or the other; its about making spending decisions consciously rather than scrolling on your phone and thinking about what youshould spend on., What Ive noticed at Goldman Sachs isthat men tend to talk about investment opportunities amongst each other. 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. On September 29, 2020 . The bureaucratic asterisk is likely meant to avoid upsetting senior executives whove spent much longer trying to get on the panel, without luck. 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 by the way, that portfolio is different for different people. 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. The delicate transaction was a milestone in the carmakers comeback after the financial crisis. Close. 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. 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 /. 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 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. You should spendmoney on things that truly make you happy. 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. Ultimately, I think thats, to your point on this moment in time, I think were in a place where the world is changing so fast that knowing every single about history is important. 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. Jennifer Tescher: The business is not yet profitable but is expected to hit revenue of $4 billion by 2024, she said. Jennifer Tescher: Tell us a little bit about where you expect to focus most of your time and attention this year. It celebrated the repayment by handing employees buttons that said Paid.". Over 99% goes to all white teams. And I talked to you about three things that I think have helped me and the teams around me be successful. 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. She is the daughter . And then on the other side of the people equation is our clients and our customers. And then it turned on Robinhood and Goldman is in such an interesting place because youre both Wall Street and youre a FinTech in a way. And so I did that. 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. The latest group includes 32 white men, giving them a 53 per cent share of the promotions, the demographic's smallest representation on record. Natalie Walters, Business reporter. Jennifer Tescher: And what are we trying to become? New York: The venue was the Gotham Club an exclusive den inside the San Francisco Giants home stadium. 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. 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. Cohen drives strategy, Mergers & Acquisitions (M&A . Ms. Cohen, also 32, is an independent marketing consultant in Chicago. Sign In. Goldman Sachs mulls deal options after consumer flop. Cohen, 41, joined Goldman Sachs in. Particularly consumers in Marcus, youve talked a lot about the role youre in now is really about people. 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. Because you cant do things exactly the same way. Diversity, equity and inclusion are core to our mission, see why. 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. The 9 biggest takeaways from Goldman Sachs' investor day, from a tense Q&A with CEO David Solomon to the tater tots for breakfast. 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. She is a key architect of the bank's . Getting out of our silos, hearing from other people, other perspectives we might not hear from otherwise and finding the interconnections. Here are her five best pieces of advice on work and personal finance for professional women. The phrase is often used as company jargon for a sale or merger. Cohen joined Goldman Sachs as an Analyst in 1999, was named Managing Director in 2008 and Partner in 2014. Im a lifelong learner. And so I would really, I would kind of exclamation point on that point. And weve turned that into a lot of different financial products, but the reality is were just trying to solve those problems for consumers. We've detected you are on Internet Explorer. You can learn more about how we use cookies by reviewing our Privacy Policy.Dismiss, Global Co-Head of Consumer and Wealth Management. How big the Dallas operation will get is a source of regular speculation in the North Texas real estate community. And then because while we can access millions of customers, the way that we can really have impact is by taking those capabilities and embedding it into the ecosystems of our partners. And since then, youve begun offering all kinds of things. 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. And besides those numbers being kind of horrific, they are a misallocation of capital. And so were doing that with Apple, but also well do it with General Motors. Goldman Sachs has chosen Stephanie Cohen as co-head of its consumer and wealth management . Prior to her current role, Stephanie drove strategy, M&A, strategic investing, and partnerships as the firms chief strategy officer. Our people find Dallas a really, really great place to live and raise a family.. And that starts with our own people. Youre one of the few women whos risen to that level. Goldman named 60 new partners on Thursday. 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 there are so many different organizations and Jen, your organization is one of them where, how can we all work together to try to fix this? 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 is this mindset about making everyone around you better and that were kind of better together and its this really focused teamwork partnership orientation that I think I learned at Goldman Sachs. 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. Dallas is quite central, Cohen said. She also spearheaded . 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. Its been really fun getting to know all of them. Some there have earmarked her as a candidate to become the first woman to lead the investment banking division, the banks most profitable arm. 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,. Jennifer Tescher: Jun 22 Stephanie Cohen: Chief Strategy Officer at Goldman Sachs. 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. 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. 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. 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. One, its this kind of practical thing, which is that if youre a competitive figure skater and youre going to school and youre trying to do other things, youre waking up for the 5:45 AM skating, skating before school, going to school, skating after school, getting homework done. I really felt like I hadnt learned it. 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. 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. Now I have to turn the conversation a little bit back to you for a minute, because youre a lifer at Goldman Sachs. In 2008, she managed Conflicts and Business Selection for IBD in the Americas. Yeah, I think its this idea of being a learner. And then weve also done that with Walmart and Amazon in terms of providing credit to their merchants. And what were doing in our division is we do it a couple of different ways. Were really excited about our Marcus Invest launch and were really excited internally because it brings together the best of our wealth management business with the best of our consumer business. 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. [1] [2] Prior to March 2008, she was the firm's Chief Investment Strategist. E ine Stunde mit . And that we were going to build an ecosystem around it. Change is underway in the financial services industry and it's disrupt or be disrupted. You can use that as something that bothers you, or you can use that as a point of differentiation. Wow. And so this real focus on execution, which I no doubt learned by being a mergers and acquisitions banker inside of Goldman Sachs. The world is awash in capital and you never see that. Yeah. Shell be among seven women on the 33-person panel. And my mom who is a history teacher at some point and really cares about history and I love history and read it. Click the AdBlock Plus button on your browser and select Disable on Observer.com. 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. 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. We recommend using Google Chrome, Mozilla Firefox, Apple Safari, or . March 02, 2023, 14:16 IST. Sometimes you have to tell people what they dont want to hear, and shes among the best Ive seen when she gives advice," said Eileen Nugent, a senior M&A lawyer who has advised on buyouts. Cindy Ord/Getty Images for Girlboss Rally NYC 2018. 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. 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. As an investment banker for close to 20 years, my presence in board rooms was often an anomaly. 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. Stephanie Cohen: 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. Instead, I found it really helpful to look at a, people and look for things that I like or relate to. Updated Jan. 17, 2017 9:10 pm ET. And in doing that, we want to fundamentally change the way people experience financial services and in doing that improve their lives. Abby Joseph Cohen (born February 29, 1952) is an American economist and financial analyst on Wall Street. <p><img src="https://static1.businessinsider.com/image/5c40b6cbb492cb3ebd48300a-2400/gettyimages-1048898186.jpg" border="0" alt="Goldman Sachs CEO David Solomon" data . Prior to assuming her current role, Ms. Cohen was Co-Head of the Consumer and Wealth Management Division. Youve begun offering credit beyond debt consolidation. You pack a lot into a day. Prior to her current role, Stephanie drove strategy, M&A, strategic investing, and partnerships as the firm's chief strategy officer. She also serves as trustee for the Board of The Economic Club of New York. General Motors The strategy document identifies potential avenues for cutting cybercriminals off from financing, as well as other actions banks can take. For the best Barrons.com experience, please update to a modern browser. Yeah. What it really was, was it was where people went when they had really great ideas and they just wanted to get it done. It was here on an evening last December when roughly 100 women from the investment banking world gathered at an event billed as a leadership dinner. I suspect that theres only so far a brand like Marcus can go in terms of meeting the needs of underserved consumers. 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 expects to roll out digital checking accounts in the next few months. A Flagstar executive said the mortgage-focused bank is "not just going to sit on the sidelines and watch this happen.". The San Francisco bank entered into a multiyear partnership with Choice Hotels, which operates brands such as Radisson, Comfort and Econo Lodge. Stephanie Cohen, cohead of Goldman's consumer and wealth group, is the only woman heading one of the bank's primary business divisions. Correction: A previous version of this article mistakenly stated that Cohen became a managing partner at Goldman Sachs in 2008. And I have to say, I was a little bit surprised that that was the book you chose. Collage of David Solomon . And the great thing about what were going to do with Marcus Invest and kind of in contrast to some of whats been going on over the last couple of weeks, is were going to take that capability, the capability to provide this diversified portfolio from our advisor led business into our digitally led business and really bring the best of Goldman Sachs capabilities and products to hopefully millions of consumers. This has been EMERGE Everywhere, a Financial Health Network production. They are not only of course the right thing to do, but it is the only way to run the business. 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Now weve put a bunch of features into our products to help people make better decisions. 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.
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