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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. 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. 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. Chief Strategy Officer, Goldman Sachs Much has been made over the past few months about Stephanie Cohen's age. And it kind of reminds you of how important getting on a plane and seeing people in person and experiencing them in their environment really is. Jennifer Tescher: The 43-year-old. 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. The latest group includes 32 white men, giving them a 53 per cent share of the promotions, the demographic's smallest representation on record. Talk to me a little bit about how thats happened. She is now even given the place at the top of the bank. E ine Stunde mit . 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. Become a business insider with the latest news. 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. Goldman Sachs managers say one takeaway of the pandemic. Its a great point. For Members Only Federal Credit Union in Chicago, which was founded by the African American sorority Alpha Kappa Alpha, is focused on helping members build generational wealth. And so were doing that with Apple, but also well do it with General Motors. Our people find Dallas a really, really great place to live and raise a family.. Actually, I got on a plane a lot. Prior to assuming her current role, Ms. Cohen was Co-Head of the Consumer and Wealth Management Division. In the latest in a rapid career of. 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. "We have savings, lending, investing, and we're close to launching checking. 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. Hier kommt Frau Goldman Sachs. Particularly consumers in Marcus, youve talked a lot about the role youre in now is really about people. We recommend using Google Chrome, Mozilla Firefox, Apple Safari, or . NEW YORK (Reuters) -Goldman Sachs Group Inc's Chief Executive David Solomon told investors on Tuesday the bank is considering "strategic alternatives" for its consumer arm, raising prospects for a . The business is not yet profitable but is expected to hit revenue of $4 billion by 2024, she said. And so we think this idea of really starting with a clean sheet of paper and building financial services that puts the customer at the center, is something that we can do directly through Marcus and we can do through our partners. And just a few weeks ago, she was asked to jointly lead the banks global consumer and wealth management division. 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. Goldman Sachs executive who led consumer banking launch set to depart Goldman Sachs Continues to Simplify With Personnel Moves 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. Measurement made easy for your organization. And in that business, we have two different pieces, one, which is Marcus, which you mentioned, which helps customers save, borrow, and soon invest and spend. Explore how to make financial services a force for good. See you next time. Here are her five best pieces of advice on work and personal finance for professional women. Ihr wird inzwischen sogar der Platz an der Bank-Spitze zugetraut. They are part of Goldman Sachs and we are really excited to serve them with the best of Goldman Sachs digitally. But Ive also noticed that when women start talking to friends about business ideas, they actually want to help each other.. 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. 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. There are places where theyre ahead and there are places where theyre behind and actually seeing that in a different environment, I think is another really interesting way to listen to what the world may become and to listen to ways that we can do things differently and better. Stephanie Cohen has been at Goldman Sachs for more than 23 years. My husband and I were talking about it last night, we all still need a lot of help. By continuing to use our site you agree to our. Ms. Cohen was Sector Captain for General Industrials in the Global Industrials Group and a member of the M&A Group in IBD. 01 Mar 2023 02:08:06 One Goldman Sachs go-to-market strategy combined with products developers love and can easily adopt 2 Business-to-business with innovative, client- and Someone get Stephanie Cohen a set of hair clippers. This copy is for your personal, non-commercial use only. Its going to be two this year. DuringStephanie Cohens first 15 years at Goldman Sachs, her career ladder didnt look much different than that of a typical investment banker. Ms. Cohen, also 32, is an independent marketing consultant in Chicago. You can use that as something that bothers you, or you can use that as a point of differentiation. But she is quick to point out that this is no PR ploy on behalf of the bank: "This is not philanthropy. I didnt have that term before, but as a giver. Yeah. The bureaucratic asterisk is likely meant to avoid upsetting senior executives whove spent much longer trying to get on the panel, without luck. In less than a year, Goldman Sachs has grown its North Texas presence from more than 2,000 employees to nearly 4,000. Stephanie Hui - Partner - Goldman Sachs | LinkedIn The Wall Street heavyweight, which had about 44,000 global employees at the end of 2021, is particularly focused on engineering talent in Dallas-Fort Worth, said Stephanie Cohen, who co-leads the consumer and wealth management division at Goldman. I do think were in this moment where thats this really perfect combination for the type of world that were in. 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. 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. But by the way, you cant do that always at scale. 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. How does this all fit together? 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. How big the Dallas operation will get is a source of regular speculation in the North Texas real estate community. . And were going to be better if we do that. And the question, which is kind of an obvious question is why now? Im actually a former journalist. Jennifer, it is great to be here. I love that you had that visceral experience from the book and particularly given the role youre in now. We do it externally. Outside of work, Cohen spends time with her husband and young son, who "helps me hone my negotiation skills," she laughs. 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. When I walked into a board room, theyd expect a very tall man, but instead theyd get a relatively shortwoman. Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. 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. And then how do you take that into your next role? 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. Young, female, banker: Stephanie Cohen has made a career at Goldman Sachs. And since then, youve begun offering all kinds of things. 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. And besides those numbers being kind of horrific, they are a misallocation of capital. In a sign of her rising stature, Cohen was selected to lead the creation of a new unit to service a critical client base for Goldman Sachs the private-equity firms, family offices and other strategic investors who are a force of their own in the deal-making world. 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. And then we did the Apple card. Jennifer Tescher: Cohen joined Goldman Sachs as an Analyst in 1999, was named Managing Director in 2008 and Partner in 2014. ", 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. And that means that we need to go from being about a product, to really having solutions and building holistic relationships with our customers and by building that entire product suite and making it something thats simple and transparent, easy for millions of people to access, we think were going to do that. 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. 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. Goldman's Compliance Chief Moves On - WSJ Jennifer Tescher: Change is underway in the financial services industry and it's disrupt or be disrupted. Goldman Sachs' Youngest Banker's Top 5 Career & Money - Observer Figuring out how what youre doing is affecting people. And its been so fascinating to watch the frankly, explosive growth of the business. 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. A great question. 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. Remove some to bookmark this image. 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. Stephanie Cohen, the 'female banker' is surely one to shatter the glass ceiling, all the CEOs of Goldman Sachs so far have been old white men. And 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. Ive run, as you said, the consumer and wealth management business with my partner, Tucker York. 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. 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 have 500 corporate clients, and we have the ability to provide financial wellness to all levels of employees," she said. Stephanie Cohen: Chief Strategy Officer at Goldman Sachs HerStory Created Its pretty amazing feat that youve managed to essentially build a homegrown digital business from inside this storied institution. and And that has definitely been sped up by whats gone on with COVID. Stephanie Cohen Global Head of Platform Solutions February 2023. Sign In. Were looking for mission-driven people to join our team. 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. Goldman Shakes Up Units in Fresh Push to Win Over Investors After, it was the bank's Stephanie Cohen who reiterated that Goldman is considering strategic alternatives for its consumer lending business. Im Jennifer Tescher, and Id love to hear your ideas for future guests and your reactions to the show. You should spendmoney on things that truly make you happy. Click the AdBlock Plus button on your browser and select Enabled on this site. 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. Last weekend, Cohen joined a panel at this years Girlboss Rally in New York, a two-day event to foster networking and learning among women entrepreneurs,to talk about career, money and life. 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. And I talked to you about three things that I think have helped me and the teams around me be successful. Goldman Sachs banker's wife to get millions after divorce Its been really fun getting to know all of them. Goldman Sachs | In The News - Closing the Gender Investing Gap I know many of them, but it says something entirely different to have someone at the operating committee level. Marcus. Prior to that, Ms. Cohen was a Vice President in the Industrials and Merger Leadership Groups in San Francisco. Goldman Sachs | Management Committee - Stephanie Cohen And just to go back to your very specific question on are we trying to take these customers and turn them into Goldman Sachs customers? 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. And the idea really brings together the reason by the way, why we have our consumer and wealth management businesses all together. Wells Fargo's asset cap has been in place for fi ve years, and there's no end in sight. I love it and its the advice I give people all the time. 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. Welcome to EMERGE Everywhere. We have more than 7,500 people in our division globally. Stephanie, welcome to Emerge Everywhere. Bloomberg on Twitter: "First, Goldman Sachs CEO David Solomon said it Goldman taps former Uber executive to lead its consumer bank Yeah, I think its this idea of being a learner. David Solomon says Goldman Sachs is exploring 'strategic alternatives We're getting to the moment where we can help someone holistically manage their financial lives," Stephanie Cohen,. She also serves as trustee for the Board of The Economic Club of New York. . wants to be your digital banker, and it has assigned the job to Stephanie Cohen, marking her second year on the Barrons list. The strategy document identifies potential avenues for cutting cybercriminals off from financing, as well as other actions banks can take. Stephanie Cohen quickly rose through the ranks at Goldman Sachs to become one of the youngest members of the banks senior leadership, joining just a small handful of women at that level. Stephanie Cohen - New York, New York, United States - LinkedIn 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. POWER Series: Stephanie Cohen - YouTube My moms a teacher and its just something. 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. The bank says the candidates failed to make full disclosures. Because maybe the content, or for example, we have something called Marcus Insights, which helps people aggregate their accounts and really provide insights into how theyre spending their money and better budget. Jennifer Tescher: For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. I went on a listening tour. By the way, a lot of people who spend their careers in financial services. The phrase is often used as company jargon for a sale or merger. And I have to say, I was a little bit surprised that that was the book you chose. Goldman Sachs to invest $500 mln in women-run companies 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 so reading The Unbanking of America was kind of an emotional journey for me, which was that I cant believe I dont know this. 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. Stephanie Cohen: Stephanie Cohen, Goldman's co-head of consumer and wealth management, is working on setting up a second base for herself in Dallas. 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. You pack a lot into a day. "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. 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 to co-head consumer and wealth management at Goldman This $90 million Liked by Stephanie. She also serves as trustee for the Board of The Economic Club of New York. And so 85% of all venture capital dollars goes to all male founded teams. H.r. 2021, ``Environmental Justice for All Act'' Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. And what were doing in our division is we do it a couple of different ways. Diversity, equity and inclusion are core to our mission, see why. 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. Goldman now has credit-card deals with If they want to build companies that are going to succeed, having diverse voices around the table is one of the most important things that they can do. You, it turns out I learned, were once a competitive figure skater growing up. Most Powerful Women 2019: Stephanie Cohen | Crain's New York Business If her tenure there is successful, it could pave the way for Cohen to make history at the firm. And this year were going to launch Marcus Invest and checking and a credit card partnership with General Motors. I was a big bank diversity hire. Stephanie Cohen: Hier kommt Frau Goldman Sachs - FAZ.NET Yeah. And hopefully again, thats millions of customers that we will speak to and we can be helpful to. 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. It celebrated the repayment by handing employees buttons that said Paid.". 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 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. Goldman Sachs Changes 60 Slightly Less White, Less Male - Dealbreaker Copyright 2022 HT Digital Streams Ltd All Right Reserved. Jennifer Tescher: Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. Now weve put a bunch of features into our products to help people make better decisions. Cohen, 41, joined Goldman Sachs in. She was previously based in New York where she reported for The Motley Fool, TheStreet and Business Insider. You are now subscribed to our newsletters. You can connect with me on Twitter @JenTescher. She grew up in Augusta, Ga., and holds an MA in Investigative Journalism from The Cronkite School. Goldman Sachs executives to rally investors in New York | Reuters She also spearheaded . Im Jennifer Tescher, journalist turned financial health champion. Ms. Cohen serves on the National Board of Directors of College Spring and as a member of the Board of Quill.org. 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. They are Goldman Sachs customers. And so, while theres a lot of sadness in that, were hopefully, the idea is turning that into opportunity. 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.