We have businesses that do that and were really excited to do that as well. Stephanie Cohen Global Head of Platform Solutions February 2023. And that we were going to build an ecosystem around it. Stephanie Cohen, cohead of Goldman's consumer and wealth group, is the only woman heading one of the bank's primary business divisions. That thats clearly a very important part of your role and has been. Anita Gutwein, Stephanie Cohen - Weddings - The New York Times And so the main thing Im focused on is people internally and externally. Its important, but the world is changing so fast that just being someone who analyzes whats happened historically and trying to put that on the future, I think doesnt really work. She is one of seven women named on the committee and is 10 years younger than the average man on the team. My Doctor Online | Stephanie Cohen - Kaiser Permanente In this episode, Jennifer and Stephanie discuss how the bank is leveraging fintech and personalized solutions to meet diverse consumer needs, while empowering clients and customers to reach their financial goals. 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. Goldman Sachs CEO David Solomon Is Shaking Things Up at Wall Street's . Goldman Sachs executives to rally investors in New York 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. 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. https://www.barrons.com/articles/barrons-100-most-influential-women-in-u-s-finance-stephanie-cohen-51615543200. Yeah. Prior to her current role, Stephanie drove strategy, M&A, strategic investing, and partnerships as the firm's chief strategy officer. Goldman Sachs Group Inc's Chief Executive David Solomon and top executives will give investors an update on their strategy on Tuesday. 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. Its complicated. 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. She said the senior leadership team understands that diversity and inclusion is a "business imperative'' and that "this needs to be discussed in the same meetings where we talk about revenue or investment strategies. And when I was in my role as chief strategy officer, we created this thing called Accelerate, which we call our internal innovation engine. Figuring out how what youre doing is affecting people. Alan Cohen, Goldman Sachs Group Inc.'s head of compliance and the longest-serving internal cop on Wall Street, is vacating his seat after 13 years. One, it affects how you manage your own people. Goldman's Stephanie Cohen rises to management committee, as youngest You are just one step away from creating your watchlist! Mr . A great question. She joined Goldman Sachs as an Analyst in 1999, was named Managing Director in 2008 and Partner in 2014. "LeaseQuery has found a way to deliver easy-to-use solutions to their clients' complex problems," said Stephanie Cohen, Goldman Sachs' chief strategy officer who founded Launch With GS, an . And then weve also done that with Walmart and Amazon in terms of providing credit to their merchants. Goldman Sachs CEO David Solomon fends off attacks over Marcus flop 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. 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. 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. 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. 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. And then we have this great program where we work with companies on financial wellness for their employees and we call that Ayco. Im doing it every day. 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. 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. 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. 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. 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. Goldman Sachs to invest $500 million in women-run companies And were going to be better if we do that. And the reason why we decided now was the right time for Goldman Sachs is because one, technology. Upon arriving, her trajectory changed, and she has remained at the firm for over two decades in a variety of roles. And so in skating you fall all the time. because investing and helping companies grow is our business," Stephanie Cohen, Goldman Sachs' chief strategy officer . Copyright 2022 HT Digital Streams Ltd All Right Reserved. Stephanie Cohen: And so, while theres a lot of sadness in that, were hopefully, the idea is turning that into opportunity. And thats how we ultimately came up with the strategies, which I talked about earlier in terms of going direct and what we call financial cloud. Click the AdBlock Plus button on your browser and select Disable on Observer.com. Goldman Sachs Names Stephanie Cohen as Head of Strategy 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. 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. She started as an analyst in 1999 and has held a series of leadership positions in mergers and acquisitions. In less than a year, Goldman Sachs has grown its North Texas presence from more than 2,000 employees to nearly 4,000. Outside of work, Cohen spends time with her husband and young son, who "helps me hone my negotiation skills," she laughs. And by the way, how it made them actually better customers over time, because we got them through a really tough period. Goldman Sachs mulls deal options after consumer flop. The latest group includes 32 white men, giving them a 53 per cent share of the promotions, the demographic's smallest representation on record. Why Goldman's Marcus project failed and what it means for CEO Solomon Log in to our website to save your bookmarks. Ms. Cohen serves on the National Board of Directors of College Spring and as a member of the Board of Quill.org. Jennifer Tescher: 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,. Stephanie Cohen - Global Head, Goldman Sachs Platform Solutions Now I have to turn the conversation a little bit back to you for a minute, because youre a lifer at Goldman Sachs. Stephanie Cohen: And its been so fascinating to watch the frankly, explosive growth of the business. Before that, she was Global Head of Financial Sponsor M&A in the Investment Banking Division (IBD). No question. Goldman Sachs has created a new consumer and wealth management division co-led by Stephanie Cohen. 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. Senior Editor, Women's Programs, American Banker. Stephanie Cohen - New York, New York, United States - LinkedIn Goldman Sachs Continues to Simplify With Personnel Moves I think I learned that at a really young age. 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. Talk a little bit about how you do that as a leader. 01 Mar 2023 02:08:06 PDF Investor Day: Platform Solutions 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. The consumer and wealth management team in Dallas is close to 1,200 now, which is about how many are on the same team in New York, said Cohen, who also noted that employees are back in the office in the U.S. Cohens division, consumer and wealth management, includes the consumer banking platform Marcus, which launched in 2016 followed by an app in January 2020 that allows consumers to do everyday banking. 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. And besides those numbers being kind of horrific, they are a misallocation of capital. Because you cant do things exactly the same way. And of course, people want access to an advisor. 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. Women. Stephanie Cohen: Stephanie Cohen is Goldman Sachs' Chief Strategy Officer and an Ex Officio member of the Management Committee. Because consumer banking has been around for a really long time. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. And we are lucky because we get to spend our entire days focusing on people. I really felt like I hadnt learned it. By continuing to use our site you agree to our. We have the ability to have access to our clients in Texas but also more broadly across the United States and internationally. 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. 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. 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. [1] [2] Prior to March 2008, she was the firm's Chief Investment Strategist. 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. Stephanie Cohen to co-head consumer and wealth management at Goldman Learn about the important intersection of healthcare and financial heath. It celebrated the repayment by handing employees buttons that said Paid.". Yeah, I think its this idea of being a learner. And you asked me about the focus. Wow, this is so devastating. Some there have earmarked her as a candidate to become the first woman to lead the investment banking division, the banks most profitable arm. 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 that investing can be intimidating for a lot of people. This is good-return investing.". We've detected you are on Internet Explorer. It didn't go well. Build a resilient workforce by prioritizing finhealth for employees. For the best Barrons.com experience, please update to a modern browser. 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? And so thats really what were trying to do with what were doing in consumer and in Marcus. 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. One, we want to be the bank on your phone. Company president John Waldron and Stephanie Cohen, global head of the Platform Solutions unit, echoed Solomon's comments about the bank's consumer business, signalling a further retreat from its . 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. 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. Youve only been in this new role for just a few months and weve talked a fair bit about the great work you did when you were chief strategy officer starting in 2018. Text. She graduated cum laude from New York University and received an M.B.A. in May from Indiana University. Goldman Sachs Changes 60 Slightly Less White, Less Male - Dealbreaker Collage of David Solomon . Flagstar Bank launches its next mortgage-tech accelerator while Walmart and Citi partner on a supplier loan program. And since then, youve begun offering all kinds of things. I really enjoyed hearing about how you go about listening. By years end, 40% of its employees were working in those locations, the company said. . 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. 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. 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.' Its really complex. Cohens elevation to the committee followed just days later strong evidence she has the incoming CEOs confidence. She has worked onhistoric large corporate deals, including Chryslers repayment of a U.S. government loan, which marked the automakers comeback after the 2008 Financial Crisis. 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. 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. And then how do you take that into your next role? 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. Feb 2, 2021, 8:42 AM. Stephanie Cohen, head of platform solutions, said scale would help the business reach profitability by 2025. Stephanie earned an AB in Biology, summa cum laude, from Harvard . Marcus. Yeah. 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. "They are like-minded brands that are meeting people where they are," Cohen said. 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? And so you didnt get into this chief strategy officer role with a real clear job description. Jung, weiblich, Bankerin: Stephanie Cohen macht bei Goldman Sachs Karriere. I was a big bank diversity hire. You, it turns out I learned, were once a competitive figure skater growing up. 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. Stephanie Cohen, Chief Strategy Officer, Goldman Sachs - Topio Networks Copyright HT Digital Streams Limited All rights reserved. And in doing that, we want to fundamentally change the way people experience financial services and in doing that improve their lives. They are Goldman Sachs customers. Because for us, this is a business and a strategic imperative. And so 85% of all venture capital dollars goes to all male founded teams. Jennifer, it is great to be here. Here are her five best pieces of advice on work and personal finance for professional women. Click the AdBlock Plus button on your browser and select Enabled on this site. And at least I believe and I think its fair to say that theyre amazing. Someone get Stephanie Cohen a set of hair clippers. Talk a little bit about how Marcus has evolved and where you see that business heading now that youve reached, say adolescence. See our career opportunities. And how do you feel about essentially being a change agent in this way? I do think were in this moment where thats this really perfect combination for the type of world that were in. An error has occurred, please try again later. wants to be your digital banker, and it has assigned the job to Stephanie Cohen, marking her second year on the Barrons list. and Stephanie Cohen: Stephanie Cohen is now the management committee's youngest, with the rare label of 'ex officio' member. Measurement made easy for your organization. The High. 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. We want to use simple, transparent and valuable products to help people manage their financial lives. Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. Money 20/20 USA 2021 Speaker Oct 24, 2021 If her tenure there is successful, it could pave the way for Cohen to make history at the firm. Tiger Trump and nothing to ex-husband Donald Trump. A Flagstar executive said the mortgage-focused bank is "not just going to sit on the sidelines and watch this happen.". And so I think its embedded in your question, but I think its a fair question. She is also a member of the Partnership Committee, Global Diversity Committee, Firmwide Enterprise Risk Committee and Firmwide Finance Committee. Things like auto pay. Thank you for inviting me. So much. Stephanie Cohen: Hier kommt Frau Goldman Sachs - FAZ.NET "We have savings, lending, investing, and we're close to launching checking. We want to be the bank on your phone, she says. And so I did that and I mirrored that with my people. 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. It'll just take a moment. Now weve put a bunch of features into our products to help people make better decisions. Stephanie, welcome to Emerge Everywhere. One, we have our advisor led businesses. Goldman Names Two Execs to Lead Private Wealth Management Some inside the bank wonder whether shes destined to rise even higher. You are now subscribed to our newsletters. 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. And I talked to you about three things that I think have helped me and the teams around me be successful. The . 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 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. 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. A checking account is currently in beta, according to Cohen. Jennifer Tescher: On September 29, 2020, Stephanie Cohen, Goldman Sachs' Chief Strategy. Its going to be two this year. In January 2021, she was appointed global co-head of consumer and wealth management. And so the next question is, how do you listen to the data? 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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 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. 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. Its not a one size fits all product and solution. Goldman Shakes Up Units in Fresh Push to Win Over Investors And hopefully again, thats millions of customers that we will speak to and we can be helpful to. And in order to do that, youve got to do a couple of things. One of the first people that called me after the announcement that I was going to be the co-head of this division, was a friend and they wanted help managing their financial lives, but not just theirs, but their family. Stephanie Hui - Partner - Goldman Sachs | LinkedIn Jennifer Tescher: She is also a Global Executive Sponsor of the Women's Network and a member of the Management Committee, the most senior governing leadership body at the firm. And as youve mentioned, weve been through an evolution and the reality is we had to start somewhere so we started with loans as you talked about and we really felt like we were doing that in a different way and were proud of what we launched. But I would sit in meetings and just be like, Im sorry, Im just going to ask this from the most basic level. And to this point of financial services being really complicated, I think lots of people sit in a lot of meetings and everyone else thinks that everyone else understands something and they actually dont. 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. Diversity, equity and inclusion are core to our mission, see why. You have to talk about all that in one place, because its the only way to win, but its also the only way to serve customers and ultimately help them achieve their goals. 1 Executive Summary Primary drivers Key focus areas INVESTOR DAY 2023 PLATFORM SOLUTIONS .
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