Ms. Cohen also led Launch With GS, Goldman Sachs $1 billion commitment to invest in companies and investment managers with diverse leadership, as well as GS Accelerate, the firms in-house innovation engine. Oops! A checking account is currently in beta, according to Cohen. This has been EMERGE Everywhere, a Financial Health Network production. But advertising revenue helps support our journalism. We do it internally. 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. And so what are we? Stephanie Cohen: Goldman Sachs. Sign In. There werent a lot ofinvestment bankers that looked like me. "We have 500 corporate clients, and we have the ability to provide financial wellness to all levels of employees," she said. And so you didnt get into this chief strategy officer role with a real clear job description. 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. Some of that could be due to the fact that there are fewer women in venture capital and fewer women founders. You can use that as something that bothers you, or you can use that as a point of differentiation. To order presentation-ready copies for distribution to your colleagues, clients or customers visit http://www.djreprints.com. Actually, I got on a plane a lot. 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. When I walked into a board room, theyd expect a very tall man, but instead theyd get a relatively shortwoman. She is one of seven women named on the committee and is 10 years younger than the average man on the team. 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. We have the ability to have access to our clients in Texas but also more broadly across the United States and internationally. Is the idea here that Marcus customers eventually become Goldman Sachs customers, if you will? 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. Getting out of our silos, hearing from other people, other perspectives we might not hear from otherwise and finding the interconnections. To read our full stories, please turn off your ad blocker.We'd really appreciate it. In so many ways. If you liked this episode, please review the show and subscribe wherever you get your podcasts. You mentioned the Apple card. Stephanie Cohen: Her appointment this summer to Goldman Sachs' management committee made her its youngest member. Now I have to turn the conversation a little bit back to you for a minute, because youre a lifer at Goldman Sachs. Already a member? Things like auto pay. Goldman Sachs Group Inc will pump $500 million into companies led, . 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. And what are we trying to become? Stephanie Cohen, culture builder, lifelong learner, thanks so much for joining me on Emerge Everywhere. I really felt like I hadnt learned it. And my mom who is a history teacher at some point and really cares about history and I love history and read it. And what we are and what were trying to become is we have these two self reinforcing strategies. 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. 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. We have businesses that do that and were really excited to do that as well. The regions tech workforce is projected to expand 17% over the next decade. This $90 million Liked by Stephanie. What it really was, was it was where people went when they had really great ideas and they just wanted to get it done. 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. Talk a little bit about how you do that as a leader. And you asked me about the focus. The world is awash in capital and you never see that. A Goldman Sachs banker will have to pay his ex-wife more cash after she appealed her 2 million divorce settlement despite being set to inherit 100 million from her Saudi father. 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. Collage of David Solomon . . We'll send you a myFT Daily Digest email rounding up the latest Goldman Sachs Group news every morning. And of course, people want access to an advisor. 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. A great question. This is good-return investing.". Before that, she was the firm's Chief Strategy Officer, where she drove strategy, Mergers & Acquisitions (M&A), strategic investing and partnerships for the firm. Goldman plans to add checking to Marcus later this year but doesnt have a set date, 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. Stephanie Cohen: Im excited to see how that develops. She dug into the bones of the deal and was very compelling.". Stephanie Cohen, cohead of Goldman's consumer and wealth group, is the only woman heading one of the bank's primary business divisions. 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. The latest group includes 32 white men, giving them a 53 per cent share of the promotions, the demographic's smallest representation on record. Stephanie Cohen is one the bank's highest-ranking female . Goldman Sachs is exploring "strategic alternatives" for its nascent consumer banking business. Goldman Sachs Group Inc's Chief Executive David Solomon and top executives will give investors an update on their strategy on Tuesday. Dallas is now Goldmans second-biggest U.S. office outside of New York, surpassing Salt Lake City. 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. Change is underway in the financial services industry and it's disrupt or be disrupted. 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 news, which . This is a subscriber only feature Subscribe Now to get daily updates on WhatsApp. We have more than 7,500 people in our division globally. Prior to assuming her current role, Ms. Cohen was Co-Head of the Consumer and Wealth Management Division. And so were having a great time, really engaging with our team. 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. Are you okay? And being really happy because you could tell that you were almost there. Shell be among seven women on the 33-person panel. The High. 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. And so I would really, I would kind of exclamation point on that point. Youve begun offering credit beyond debt consolidation. 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. How has that influenced you? I think I learned that at a really young age. Yeah, were really excited about the Marcus Invest product, which will launch this quarter. Yeah. Cohen drives strategy, Mergers & Acquisitions (M&A . 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. Internet Explorer not supported . After, it was the bank's Stephanie Cohen who reiterated that Goldman is considering strategic alternatives for its consumer lending business. Predict the closing value of sensex and win free subscription. Ms. Cohen, also 32, is an independent marketing consultant in Chicago. We call those businesses, private wealth management and personal financial management. Our vision for this is that in the same way that we have developed a really good talent base in places like London and Hong Kong and New York, where people come to Goldman Sachs in order to work in finance and investment banking, I think there will be people who come to Dallas who want to work in fintech and want to do that at Goldman Sachs, said Cohen, who moved to Dallas from New York in August to lead the companys growth. And so thats really what were trying to do with what were doing in consumer and in Marcus. And weve turned that into a lot of different financial products, but the reality is were just trying to solve those problems for consumers. I did that internally and I also did it externally. And that really created an environment where no ones afraid to ask kind of the dumb question, because Stephanies always asking the dumb question because I really wanted to learn. We want to be your primary bank. And so we created Launch with GS, which was our commitment to closing the diversity investing gap, where we said we were going to invest in companies founded, owned and led by diverse founders and diverse management. 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. Im a big question asker too. Were looking for mission-driven people to join our team. So much. Do you have any ideas or things youve thought about in terms of how to leverage your capabilities in this regard? I didnt have that term before, but as a giver. They are Goldman Sachs customers. 117-14 _____ Printed for the use of the Committee on Natural . 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? I love that you had that visceral experience from the book and particularly given the role youre in now. Shes about 10 years younger than the average man already on the committee, after becoming a partner just four years ago. Goldman Sachs (GS-0.84%) CEO David Solomon has promoted Stephanie Cohen to co-head its consumer banking and wealth management division as part of an executive shuffle at the bank.. And at least I believe and I think its fair to say that theyre amazing. 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. 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. Feb 2, 2021, 8:42 AM. She is also a member of the Firmwide Asset Liability Committee and the Global Inclusion and Diversity Committee, serving as a Global Executive sponsor of the Women's Network. March 02, 2023, 14:16 IST. For the best Barrons.com experience, please update to a modern browser. Two former Goldman Sachs executives have been indicted for conspiring in a multibillion-dollar theft from the Malaysian investment fund known as 1MDB, a scandal that could cost Goldman as. Secondly, culturally. We want to be the bank on your phone, she says. Stephanie Cohen: Not much is scary after that. How do you look at the data in a way that really helps you? And when I was in my role as chief strategy officer, we created this thing called Accelerate, which we call our internal innovation engine. We do it externally. She grew up in Augusta, Ga., and holds an MA in Investigative Journalism from The Cronkite School. 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 9 biggest takeaways from Goldman Sachs' investor day, from a tense Q&A with CEO David Solomon to the tater tots for breakfast. 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. Goldman named 60 new partners on Thursday. Explore how to make financial services a force for good. And I talked to you about three things that I think have helped me and the teams around me be successful. Yeah. 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. 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 if you look at those businesses, the thing that we have focused on in those businesses is providing holistic advice to individuals and to families and to helping them get the right diversified portfolio for them. Abby Joseph Cohen (born February 29, 1952) is an American economist and financial analyst on Wall Street. I love it and its the advice I give people all the time. Its a great point. But by the way, you cant do that always at scale. . You started out with a very simple proposition, which was, lets help you refinance the credit card debt you have and really make sure that were doing that in a high quality way that really puts the customer at the center. 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. 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. William (Bill) Sachs Goldman, the scion of a prominent family of Jewish philanthropists in San Francisco and himself a board member of the New Israel Fund, died in a crash of his private plane. Goldman Sachs Group 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 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. One Goldman Sachs go-to-market strategy combined with products developers love and can easily adopt 2 Business-to-business with innovative, client- and But, if you make the enrollment default and you have to opt out if you dont want to do it, more people end up investing in 401(k).. I think Goldman has a growing number of excellent women at the firm. 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. Here are her five best pieces of advice on work and personal finance for professional women. And so were doing that with Apple, but also well do it with General Motors. 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. 01 Mar 2023 02:08:06 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. Become a business insider with the latest news. 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. We could have a whole conversation you and me, just on this topic so lets do that another time. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. That theres sort of a graduation approach and that if I engage folks early with more basic financial products and services, theyll ultimately become the wealth management customers of tomorrow? 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. Maybe If youll indulge me because I was chief strategy officer, well go up a level to the corporate strategy just for a second, which is that when we think about what were trying to do at Goldman Sachs, its to advance sustainable economic growth and financial opportunity. And the question is, how do you do that at scale? In this article that I had written, I talked about how originally, the mob was after Wall Street, if you will. 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. [House Hearing, 117 Congress] [From the U.S. Government Publishing Office] H.R. 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. 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. 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: She also serves as trustee for the Board of The Economic Club of New York. 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. Log in to our website to save your bookmarks. Theres just so many things that you learn from the richness of those individual conversations. ", 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. But Ive also noticed that when women start talking to friends about business ideas, they actually want to help each other.. 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. 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. The strategy document identifies potential avenues for cutting cybercriminals off from financing, as well as other actions banks can take. Or what lessons have you taken from that and in your leadership roles at Goldman? Its really complex. Mr Solomon teased a sale, saying Goldman was exploring "strategic alternatives". . Im a lifelong learner. 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. Our people find Dallas a really, really great place to live and raise a family.. I was a big bank diversity hire. Our 150 years of financial services experience and things like risk and compliance, our scale, which is our ability to invest, but also the balance sheet, which provides the ability to provide things like credit and great relationships with people like Apple and GM. 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 this year were going to launch Marcus Invest and checking and a credit card partnership with General Motors. Because for us, this is a business and a strategic imperative. Diversity, equity and inclusion are core to our mission, see why. 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. Correction: A previous version of this article mistakenly stated that Cohen became a managing partner at Goldman Sachs in 2008. 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. Wow. 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. Stephanie Cohen Global Head of Platform Solutions February 2023. Figuring out how what youre doing is affecting people. Jennifer Tescher: And this kind of idea of people wanting to experience financial services deeply embedded into ecosystems rather than being this separate action. 2021-11-30T13:05:49.103Z. She started as an analyst in 1999 and has held a series of leadership positions in mergers and acquisitions. 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. On September 29, 2020, Stephanie Cohen, Goldman Sachs' Chief Strategy. I suspect that theres only so far a brand like Marcus can go in terms of meeting the needs of underserved consumers. STEPHANIE COHEN, GLOBAL HEAD OF PLATFORM SOLUTIONS, 45. She is a key architect of the bank's . Goldman Sachs consumer exec Stephanie Cohen explains why the Wall Street bank just inked a $2.2 billion home-improvement lending deal; . The . And how can we serve them? The banking industry appears to be stuck when it comes to diversifying the leadership ranks. 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. And by the way, that portfolio is different for different people. 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.' 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. to talk about career, money and life. But she really got it. 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. Goldman Sachs Group Inc's Chief Executive David Solomon told investors on Tuesday the bank is considering "strategic alternatives" for its consumer arm, raising prospects for a potential sale after the business lost billions of dollars. When Goldmans board gathered on the West Coast in late June, she gave a presentation on that groups work. 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. . No question. 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. Welcome to EMERGE Everywhere. 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. Chief Strategy Officer, Goldman Sachs Much has been made over the past few months about Stephanie Cohen's age. Ive run, as you said, the consumer and wealth management business with my partner, Tucker York. Apple Some inside the bank wonder whether shes destined to rise even higher. Stephanie Cohen, Goldman's co-head of consumer and wealth management, is working on setting up a second base for herself in Dallas. 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 . And so what were trying to do is no different, we were just doing it with one product and now were going to try to do it with a holistic product suite. And so now one of the things, weve tried and a new skill actually inside of Goldman, which is this experimentation.