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You mentioned the Apple card. I do think were in this moment where thats this really perfect combination for the type of world that were in. Copyright 2022 HT Digital Streams Ltd All Right Reserved. terms: Goldman Sachs Banks Stephanie Cohen Succession. Cohens elevation to the committee followed just days later strong evidence she has the incoming CEOs confidence. 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. And I love learning. <p><img src="https://static1.businessinsider.com/image/5c40b6cbb492cb3ebd48300a-2400/gettyimages-1048898186.jpg" border="0" alt="Goldman Sachs CEO David Solomon" data . [1] [2] Prior to March 2008, she was the firm's Chief Investment Strategist. 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. STEPHANIE COHEN, GLOBAL HEAD OF PLATFORM SOLUTIONS, 45. Cohen declined to give projections for growth in Dallas or say whether Goldman is considering such a move. And that starts with our own people. 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.. She started as an analyst in 1999 and has held a series of leadership positions in mergers and acquisitions. I love that you had that visceral experience from the book and particularly given the role youre in now. I was a big bank diversity hire. Instead, I found it really helpful to look at a, people and look for things that I like or relate to. 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. Cindy Ord/Getty Images for Girlboss Rally NYC 2018. 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. Its great for a woman to be achieving this level of success at Goldman and shes certainly capable of going further," Nugent said. 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. To learn more about the work and research we do, please visit emerge.finhealthnetwork.org. By doing that, you can actually, authentically be the person you want without assuming that you have to be someone else., Make it easier to make the right decisions. 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 | Management Committee - Stephanie Cohen Thank you for inviting me. Jung, weiblich, Bankerin: Stephanie Cohen macht bei Goldman Sachs Karriere. And the question is, how do you do that at scale? Goldman also will provide six student scholarships for $10,000 each at UTD over the next three years. And how can we serve them where they are with the capabilities of Goldman Sachs? She started as an analyst in 1999 and has held a series of leadership positions in mergers and acquisitions. 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. Im glad youre drilling in on it. Stephanie Cohen: Chief Strategy Officer at Goldman Sachs HerStory Created 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. Im excited to see how that develops. 1 Executive Summary Primary drivers Key focus areas INVESTOR DAY 2023 PLATFORM SOLUTIONS . And the reason why we decided now was the right time for Goldman Sachs is because one, technology. And how do you feel about essentially being a change agent in this way? The reality is that investing can be intimidating for a lot of people. Stephanie Cohen: Cohen said she expected Platform Solutions to break even on a pre-tax basis by 2025 after it lost $3 billion in nearly three years. Stephanie Cohen: 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. 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. 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. Goldman Sachs Group Inc's Chief Executive David Solomon and top executives will give investors an update on their strategy on Tuesday. Collage of David Solomon . Im actually a former journalist. And by the way, that portfolio is different for different people. Click the AdBlock Plus button on your browser and select Disable on Observer.com. Goldman Sachs Names Stephanie Cohen as Head of Strategy Jennifer Tescher: 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. Natalie Walters, Business reporter. Best of Both Worlds: Goldman Sachs' Stephanie Cohen Jo Ann Barefoot 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. Stephanie Cohen: Whether thats direct disbursements in our loans, meaning when you sign up for a Marcus loan, we can directly pay off your other debts. Diversity, equity and inclusion are core to our mission, see why. And so kind of being happy with that rather than it being a negative, it being a positive I think its one of the most important life lessons and figure skating teaches you that in spades. 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. Internet Explorer is no longer supported on our website. Got it. In so many ways. Goldman plans to add checking to Marcus later this year but doesnt have a set date, Cohen said. Yeah. 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. But by the way, you cant do that always at scale. Secondly, culturally. Do you have any ideas or things youve thought about in terms of how to leverage your capabilities in this regard? Well, I guess were not going to be on the human schedule because were in our fifth year, not quite adolescence, but as you said, time really does fly. But she is quick to point out that this is no PR ploy on behalf of the bank: "This is not philanthropy. LeaseQuery Announces $40 Million in Series A Funding Women. Which is that theres a specific type of customer thats the Marcus customer. Cohen is now the committees youngest, with the rare label of ex officio" member. Im a lifelong learner. It celebrated the repayment by handing employees buttons that said Paid.". Cohen drives strategy, Mergers & Acquisitions (M&A . 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. See you next time. She was previously based in New York where she reported for The Motley Fool, TheStreet and Business Insider. And so, while theres a lot of sadness in that, were hopefully, the idea is turning that into opportunity. Most Powerful Women in Banking: No. 12, Stephanie Cohen, Goldman Sachs This account of her ascent is based on interviews with people whove worked with Cohen, who asked not to be named discussing their interactions. 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).. 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. 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. 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. She also serves as trustee for the Board of The Economic Club of New York. Updated Jan. 17, 2017 9:10 pm ET. 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. 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. 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. Particularly consumers in Marcus, youve talked a lot about the role youre in now is really about people. . 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. CompTIA expects that to grow to nearly 7,700 net new positions this year, the fifth-highest total nationally. And what we are and what were trying to become is we have these two self reinforcing strategies. 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. Natalie is an award-winning reporter who covers banks, crypto, fraud, deals and other money topics for The Dallas Morning News. Stephanie Cohen is Global Head of Platform Solutions and a member of the Management Committee. 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. Ms. Cohen serves on the National Board of Directors of College Spring and as a member of the Board of Quill.org. 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. Here are her five best pieces of advice on work and personal finance for professional women. And weve turned that into a lot of different financial products, but the reality is were just trying to solve those problems for consumers. Its going to be two this year. Stephanie Cohen is joining Goldman's most elite tier, as its - mint She went on to a more traditional M&A role in the industrials team. Yeah, I think its this idea of being a learner. Stephanie Cohen: Remove some to bookmark this image. One, we want to be the bank on your phone. And so I did that and I mirrored that with my people. 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 hopefully again, thats millions of customers that we will speak to and we can be helpful to. 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. I really felt like I hadnt learned it. 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. Tell me more about that choice and sort of what youve learned from it. And the idea really brings together the reason by the way, why we have our consumer and wealth management businesses all together. And we think it does help people better manage their finances. In 2021, Goldman Sachs announced the One Million Black Women initiative, a $10-billion investment initiative focused on investing in Black women to, ``drive investment in housing, health care, access to capital, education, job creation and workforce advancement, digital connectivity, and financial health.'' In 2020, JPMorgan Chase . Our people find Dallas a really, really great place to live and raise a family.. Jennifer Tescher: I think Goldman has a growing number of excellent women at the firm. 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. In this article that I had written, I talked about how originally, the mob was after Wall Street, if you will. Because for us, this is a business and a strategic imperative. I suspect theres also something to it about the moment were living in, the era were living in. Goldman Sachs banker's wife to get millions after divorce Prior to her current role, Stephanie drove strategy, M&A, strategic investing, and partnerships as the firm's chief strategy officer. Not much is scary after that. 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. How we set it up made it easier for them and then how it affected their lives going forward. And I have to say, I was a little bit surprised that that was the book you chose. Stephanie Cohen, head of platform solutions, said scale would help the business reach profitability by 2025. She is one of seven women named on the committee and is 10 years younger than the average man on the team. https://www.barrons.com/articles/barrons-100-most-influential-women-in-u-s-finance-stephanie-cohen-51615543200. And that we were going to build an ecosystem around it. Yeah. 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. Certainly youre gifted and talented. And so I think its embedded in your question, but I think its a fair question. David Solomon lacks answers for Goldman Sachs's angry investors | The I suspect that theres only so far a brand like Marcus can go in terms of meeting the needs of underserved consumers. 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. There werent a lot ofinvestment bankers that looked like me. The Legacy of George Floyd: an Examination of Financial Services Goldman leadership shuffle puts woman atop consumer division See our career opportunities. Youre one of the few women whos risen to that level. So much. Outside of work, Cohen spends time with her husband and young son, who "helps me hone my negotiation skills," she laughs. Well, I think Im biased, but I think I have the best job at Goldman Sachs. Dallas led all metropolitan areas in 2021 in net tech job growth, adding 5,321 positions, according to a new report by CompTIA, the nonprofit association for the information technology industry. Stephanie Cohen is one the bank's highest-ranking female . This is a subscriber only feature Subscribe Now to get daily updates on WhatsApp. Global Financial Health Launch Decision: Send Em! Goldman Sachs's CEO David Solomon concedes that some of his efforts to Goldman Sachs mulls 'strategic alternatives' for consumer business The latest group includes 32 white men, giving them a 53 per cent share of the promotions, the demographic's smallest representation on record. General Motors Yeah, I think that is, as we think about these two self reinforcing strategies that were pursuing consumer, thats one of the I think the really hopefully great ideas we have around it. Finding Growth in China - Goldman Sachs' Stephanie Hui ", 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. My team, I talk about this all this time, its getting to yes way, which is you see a problem and instead of showing up with a problem, you show up with a solution and you work your way through the solution. And what were doing in our division is we do it a couple of different ways. Figuring out how what youre doing is affecting people. Some of that could be due to the fact that there are fewer women in venture capital and fewer women founders. A great question. On September 29, 2020, Stephanie Cohen, Goldman Sachs' Chief Strategy. You, it turns out I learned, were once a competitive figure skater growing up. I love it and its the advice I give people all the time. And so I think its this, how do you do that in a way where youre excelling at things and doing something that you really love, but combining it with all the other things that you have going on in your life and balancing it. And so I found the book and it was incredibly interesting, but also devastating in so many different ways, because it was very clear that the financial system was not working for most people. 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. And you asked me about the focus. Wow, this is so devastating. Goldman Sachs. One, we have our advisor led businesses. 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. Goldman Sachs CEO David Solomon fends off attacks over Marcus flop 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 Cohens first 15 years at Goldman Sachs, her career ladder didnt look much different than that of a typical investment banker. 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. Her appointment this summer to Goldman Sachs' management committee made her its youngest member. And by the way, if you take all of that and everything else were doing, weve now found that two out of three of our Marcus loans customers, after they take out a Marcus loan, their overall debt does decline. It was during a stint in the conflict and business selection group that her work stood out, according to a person who worked with her at the time. You are now subscribed to our newsletters. 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. 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. You can use that as something that bothers you, or you can use that as a point of differentiation. Shared by Stephanie Cohen At a critical moment for women's and family health, I am proud to share news of Maven Clinic's Series E, led by General Catalyst. Goldman now has credit-card deals with 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. And of course, people want access to an advisor. And so I did that. "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. 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. Youve got to figure out whats important to you and what you really want to spendmoney on. And then we have this great program where we work with companies on financial wellness for their employees and we call that Ayco. Are you okay? And being really happy because you could tell that you were almost there. We do it internally. These stories and more in banking news this week. Its been really fun getting to know all of them. In January 2021, she was appointed global co-head of consumer and wealth management. Stephanie Cohen, culture builder, lifelong learner, thanks so much for joining me on Emerge Everywhere. They most recently attended, or will attend, Money 20/20 USA 2021 on Oct 24, 2021 . Stephanie, welcome to Emerge Everywhere. My husband and I were talking about it last night, we all still need a lot of help. 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. And so thats really what were trying to do with what were doing in consumer and in Marcus. And we are lucky because we get to spend our entire days focusing on people. 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. It was a pre-COVID time period. My Doctor Online | Stephanie Cohen - Kaiser Permanente She is also a member of the Partnership Committee, Global Diversity Committee, Firmwide Enterprise Risk Committee and Firmwide Finance Committee. Some inside the bank wonder whether shes destined to rise even higher. The group, typically considered the killjoys within investment banking, have to tell senior bankers about the deals they cant pursue a tricky task in the best of times. Goldman Sachs Group Inc will pump $500 million into companies led, . Text. Were looking for mission-driven people to join our team. In mid-July, the company announced it will promote David Solomon to succeed Lloyd Blankfein as chief executive officer. And my mom who is a history teacher at some point and really cares about history and I love history and read it. We believe our investment in these strategic locations enables us to build centers of excellence around specific capabilities that support our business initiatives, the company said. She dug into the bones of the deal and was very compelling.". 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. . 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. I wonder if you could talk a little bit about when you joined as chief strategy officer in that role, what you did to listen and learn about both the parts of the business that you might have been less familiar with, but also the end user, if you will, the consumer. And that we were going to invest behind diverse managers because you needed to get money in the hands of diverse managers so that they could get money in the hands of diverse companies. 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. 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. and expects to roll out digital checking accounts in the next few months. Prior to assuming her current role, Ms. Cohen was Co-Head of the Consumer and Wealth Management Division. Already a member? 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. And one of the things that we kind of put out there in the wild was this idea of being able to pay your credit card bill multiple times a month in the Apple cart. And I think in some ways, this podcast is an outgrowth of my curious nature. Voice of Experience: Stephanie Cohen, Managing Director, Goldman Sachs 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. Im realizing through this conversation that youre really a culture builder. A checking account is currently in beta, according to Cohen. And by the way, how it made them actually better customers over time, because we got them through a really tough period. But she really got it. 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. Speaker Bio: Stephanie Cohen is Goldman Sachs' Chief Strategy Officer and a member of the Management Committee. I went on a listening tour. Stephanie Cohen - New York, New York, United States - LinkedIn One, it affects how you manage your own people. Key Takeaways From Goldman Sachs' Investor Day As an investment banker for close to 20 years, my presence in board rooms was often an anomaly. Stephanie Cohen, cohead of Goldman's consumer and wealth group, is the only woman heading one of the bank's primary business divisions. You pack a lot into a day. 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 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.