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. More on Stephanie. Goldman Sachs mulls deal options after consumer flop. In less than a year, Goldman Sachs has grown its North Texas presence from more than 2,000 employees to nearly 4,000. As the banks chief strategy officer, she brought clarity and focus, including a new commitment to diversity and inclusion. In the latest in a rapid career of. 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. Particularly consumers in Marcus, youve talked a lot about the role youre in now is really about people. I love it and its the advice I give people all the time. 01 Mar 2023 02:08:06 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. And I talked to you about three things that I think have helped me and the teams around me be successful. 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. 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. She also spearheaded . It had revenue of $1.5 billion in 2021. Stephanie Cohen is Global Co-Head of Consumer and Wealth Management at Goldman Sachs, the only woman to currently lead one of the firm's four revenue divisions. 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. This $90 million Liked by Stephanie. 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 . Its a great point. Change is underway in the financial services industry and it's disrupt or be disrupted. 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. And so I would expect that some of this will end up being, as you said, not necessarily directly, but through partners. Listening is the most important thing that I do. For example, when I am 60 and look back, what might I need the most? Ms. And then we have this great program where we work with companies on financial wellness for their employees and we call that Ayco. Before that, she was Global Head of Financial Sponsor M&A in the Investment Banking Division (IBD). But she is quick to point out that this is no PR ploy on behalf of the bank: "This is not philanthropy. You are just one step away from creating your watchlist! 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. Upon arriving, her trajectory changed, and she has remained at the firm for over two decades in a variety of roles. 2021, ``ENVIRONMENTAL JUSTICE FOR ALL ACT'' ===== LEGISLATIVE HEARING before the COMMITTEE ON NATURAL RESOURCES U.S. HOUSE OF REPRESENTATIVES ONE HUNDRED SEVENTEENTH CONGRESS SECOND SESSION _____ Tuesday, February 15, 2022 _____ Serial No. Jennifer Tescher: Copyright 2022 HT Digital Streams Ltd All Right Reserved. 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. The San Francisco bank entered into a multiyear partnership with Choice Hotels, which operates brands such as Radisson, Comfort and Econo Lodge. because investing and helping companies grow is our business," Stephanie Cohen, Goldman Sachs' chief strategy officer . Not much is scary after that. 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. Or what lessons have you taken from that and in your leadership roles at Goldman? She is a key architect of the bank's . Shell be among seven women on the 33-person panel. More than 90% of appraisers are white, and researchers have found that bias leads to lower valuations for homeowners of color. Welcome to EMERGE Everywhere. Cohen is now the committees youngest, with the rare label of ex officio" member. Its great for a woman to be achieving this level of success at Goldman and shes certainly capable of going further," Nugent said. Natalie is an award-winning reporter who covers banks, crypto, fraud, deals and other money topics for The Dallas Morning News. Jennifer Tescher: See you next time. 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. How you recruit, you retain and you develop your own people and there are many things that were doing around that, but it also gets to the way of how you serve your clients. My guest today is one of the most powerful women on Wall Street. Diversity, equity and inclusion are core to our mission, see why. On September 29, 2020, Stephanie Cohen, Goldman Sachs' Chief Strategy. 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. It celebrated the repayment by handing employees buttons that said Paid.". But she really got it. STEPHANIE COHEN, GLOBAL HEAD OF PLATFORM SOLUTIONS, 45. Im a lifelong learner. 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. Now weve put a bunch of features into our products to help people make better decisions. 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. Wow. A step-by-step guide for HR professionals. But Ive also noticed that when women start talking to friends about business ideas, they actually want to help each other.. They are part of Goldman Sachs and we are really excited to serve them with the best of Goldman Sachs digitally. Jennifer Tescher: In brief remarks about the Federal Reserve's handling of COVID-19 crises, the governor said the central bank's asset-buying program is taking longer to unwind than its emergency lending facilities. Jennifer Tescher: The banking industry appears to be stuck when it comes to diversifying the leadership ranks. How do you look at the data in a way that really helps you? And of course, people want access to an advisor. What it really was, was it was where people went when they had really great ideas and they just wanted to get it done. Sign In. 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. She is also a Global Executive sponsor of the Women's Network. And so I would really, I would kind of exclamation point on that point. New York: The venue was the Gotham Club an exclusive den inside the San Francisco Giants home stadium. 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. 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. Feb 2, 2021, 8:42 AM. Im a big question asker too. In this article that I had written, I talked about how originally, the mob was after Wall Street, if you will. How has that influenced you? Unlike traders, who can shoot to prominence within Wall Street firms at a very young age, Cohens career tracked that of the typical banker, climbing to be managing director in the class of 2008. Prior to that, Ms. Cohen was a Vice President in the Industrials and Merger Leadership Groups in San Francisco. 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. Correction: A previous version of this article mistakenly stated that Cohen became a managing partner at Goldman Sachs in 2008. 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. Prior to assuming her current role, Ms. Cohen was Co-Head of the Consumer and Wealth Management Division. The bank says the candidates failed to make full disclosures. She joined Goldman Sachs as an Analyst in 1999, was named Managing Director in 2008 and Partner in 2014. 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. Looks like you have exceeded the limit to bookmark the image. Goldman Sachs has tapped a former Uber executive to lead its fledgling consumer banking division, . 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. And so the main thing Im focused on is people internally and externally. 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. The caucus started as a small gathering a decade ago organized by Stephanie Cohen then an up-and-coming banker at Goldman Sachs, who was vexed by the chummy boys network thats long dominated the business of guiding mergers and acquisitions. So much. And what are we trying to become? 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. Click the AdBlock Plus button on your browser and select Enabled on this site. 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. Ms. Cohen serves on the National Board of Directors of College Spring and as a member of the Board of Quill.org. 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 it will be interesting to think about how you leverage your vast capabilities and capital. Goldman Sachs has created a new consumer and wealth management division co-led by Stephanie Cohen. Stephanie Cohen, head of platform solutions, said scale would help the business reach profitability by 2025. And at least I believe and I think its fair to say that theyre amazing. Stephanie Cohen has participated in 2 events. Figuring out how what youre doing is affecting people. She was previously based in New York where she reported for The Motley Fool, TheStreet and Business Insider. We call those businesses, private wealth management and personal financial management. Over 99% goes to all white teams. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. And the idea really brings together the reason by the way, why we have our consumer and wealth management businesses all together. Predict the closing value of sensex and win free subscription. Youre just one more inch and I would have landed that jump. Its going to be two this year. And so I would be that person that was like, Please just explain this to me from the base level. And when you get to that base level, you actually start to understand not only the products and how theyre all executed, but how it affects an end customer. Tell us a little bit about where you expect to focus most of your time and attention this year. 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 so hopefully people see when they go on our app or go on our website, that our language is easy to read and clear. For the best Barrons.com experience, please update to a modern browser. And just a few weeks ago, she was asked to jointly lead the banks global consumer and wealth management division. And then how do you take that into your next role? Great. Some there have earmarked her as a candidate to become the first woman to lead the investment banking division, the banks most profitable arm. Goldman Sachs CEO shuffles consumer banking, wealth management leaders [CNBC] Tags. Explore how to make financial services a force for good. 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. Today, the consumer business at Goldman has more than 14 million customers and over $100 billion in deposits and $16 billion in cards and loans. She is now even given the place at the top of the bank. [House Hearing, 117 Congress] [From the U.S. Government Publishing Office] H.R. They are Goldman Sachs customers. 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. Stephanie Cohen, culture builder, lifelong learner, thanks so much for joining me on Emerge Everywhere. Which is that theres a specific type of customer thats the Marcus customer. We think technology is in a place where you can really have a bank on your phone. Stephanie Cohen has been at Goldman Sachs for more than 23 years. Young, female, banker: Stephanie Cohen has made a career at Goldman Sachs. Cindy Ord/Getty Images for Girlboss Rally NYC 2018. to talk about career, money and life. 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. "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. Ms. Cohen was Sector Captain for General Industrials in the Global Industrials Group and a member of the M&A Group in IBD. I mentioned at the top, youre the youngest member of the banks management committee. The regions tech workforce is projected to expand 17% over the next decade. We want to be your primary bank. In mid-July, the company announced it will promote David Solomon to succeed Lloyd Blankfein as chief executive officer. "They are like-minded brands that are meeting people where they are," Cohen said. Jun 22 Stephanie Cohen: Chief Strategy Officer at Goldman Sachs. These stories and more in banking news this week. 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. If you liked this episode, please review the show and subscribe wherever you get your podcasts. 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. Financial Health Pulse 2022 Chicago Report, Jennifer Tescher | Leaning Forward for FinHealth. Cohens elevation to the committee followed just days later strong evidence she has the incoming CEOs confidence. Stephanie Cohen, Goldman's co-head of consumer and wealth management, is working on setting up a second base for herself in Dallas. I love that you had that visceral experience from the book and particularly given the role youre in now. They most recently attended, or will attend, Money 20/20 USA 2021 on Oct 24, 2021 . 2021-11-30T13:05:49.103Z. Stephanie Cohen is one the bank's highest-ranking female . And the reason why we decided now was the right time for Goldman Sachs is because one, technology. And so I did that and I mirrored that with my people. Talk a little bit about how Marcus has evolved and where you see that business heading now that youve reached, say adolescence. You went there right out of graduating from the University of Illinois and youve experienced a tremendous amount of success. This is a subscriber only feature Subscribe Now to get daily updates on WhatsApp. And were going to be better if we do that. Some of that could be due to the fact that there are fewer women in venture capital and fewer women founders. I do think were in this moment where thats this really perfect combination for the type of world that were in. 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. Stephanie Cohen is Goldman Sachs' Chief Strategy Officer and an Ex Officio member of the Management Committee. There werent a lot ofinvestment bankers that looked like me. 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. Goldman Sachs Group Inc's Chief Executive David Solomon and top executives will give investors an update on their strategy on Tuesday. 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. E ine Stunde mit . The delicate transaction was a milestone in the carmakers comeback after the financial crisis. Cohen, 41, joined Goldman Sachs in. So I heard you mention that youre getting ready to add a set of investment tools for Marcus customers and that makes me think about what weve been witnessing over the last couple of weeks with the GameStop frenzy. And how do you feel about essentially being a change agent in this way? Instead, I found it really helpful to look at a, people and look for things that I like or relate to. She is the daughter . CompTIA expects that to grow to nearly 7,700 net new positions this year, the fifth-highest total nationally. Someone get Stephanie Cohen a set of hair clippers. Log in to our website to save your bookmarks. I suspect theres also something to it about the moment were living in, the era were living in. Stephanie Cohen: And we are lucky because we get to spend our entire days focusing on people. Goldman Sachs is exploring "strategic alternatives" for its nascent consumer banking business. Your session has expired, please login again. 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. The best way to do this is to have a long-term view. 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. Actually, I got on a plane a lot. By continuing to use our site you agree to our. Jennifer Tescher: 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. 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. The phrase is often used as company jargon for a sale or merger. 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. Goldman also will provide six student scholarships for $10,000 each at UTD over the next three years. Goldman plans to add checking to Marcus later this year but doesnt have a set date, Cohen said. terms: Goldman Sachs Banks Stephanie Cohen Succession. And that starts with our own people. We want to be the bank on your phone, she says. 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. Dallas is now Goldmans second-biggest U.S. office outside of New York, surpassing Salt Lake City. And in doing that, we want to fundamentally change the way people experience financial services and in doing that improve their lives. 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. The reality is, theres basically two different states where people have some money and they either want to figure out a way to invest it or save it or spend it or they want to do something and they need to figure out how to pay for that. Stephanie Cohen is global co-head of Consumer and Wealth Management at Goldman Sachs, a member of the firms Management Committee, and global executive sponsor of the Womens Network. Youve mentioned the fact that soon youre going to be launching a new set of investment options and opportunities. 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. Stephanie Cohen: Stephanie earned an AB in Biology, summa cum laude, from Harvard . And the last thing Ill say on it is I love going to visit our offices outside of the US particularly in places like Asia, because theyre in a different place as it relates to the development of financial services. Tiger Trump and nothing to ex-husband Donald Trump. And then we did the Apple card. 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. 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. I suspect that theres only so far a brand like Marcus can go in terms of meeting the needs of underserved consumers. Below are steps you can take in order to whitelist Observer.com on your browser: Click the AdBlock button on your browser and select Don't run on pages on this domain. Internet Explorer is no longer supported on our website. Prior to her current role, Stephanie drove strategy, M&A, strategic investing, and partnerships as the firm's chief strategy officer. How we set it up made it easier for them and then how it affected their lives going forward. and Dallas is quite central, Cohen said. I often say that feedback is a gift and I had a lot of people who gave me a lot of feedback along the way. ", 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. A checking account is currently in beta, according to 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.
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