One, we have our advisor led businesses. 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. No question. As of February 2017, she continues to serve as an advisory director at Goldman Sachs, after retiring from leadership of its Global Markets Institute. 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. 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. And so I would expect that some of this will end up being, as you said, not necessarily directly, but through partners. 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. 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. Bloomberg on Twitter: "First, Goldman Sachs CEO David Solomon said it 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. She also spearheaded . Stephanie Cohen has been at Goldman Sachs for more than 23 years. And so I would really, I would kind of exclamation point on that point. And so I think that Ive learned over time that while being an individual contributor and being really fantastic at what you do, actually the way to really get stuff done is make everyone around you better. And thats really the most exciting thing about being able to run this division. Im wondering how youre viewing that experience in light of the coming launch of these new products for Marcus customers? And then because while we can access millions of customers, the way that we can really have impact is by taking those capabilities and embedding it into the ecosystems of our partners. You should spendmoney on things that truly make you happy. And of course, people want access to an advisor. You can connect with me on Twitter @JenTescher. 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. And this year were going to launch Marcus Invest and checking and a credit card partnership with General Motors. You are just one step away from creating your watchlist! An error has occurred, please try again later. Its pretty amazing feat that youve managed to essentially build a homegrown digital business from inside this storied institution. Now weve put a bunch of features into our products to help people make better decisions. By the way, thats only been sped up over the last year or so, given everything thats gone on. And I thought a lot about this because as you change into a new role, you have to think about what are the things that have helped you to be successful? 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. She started as an analyst in 1999 and has held a series of leadership positions in mergers and acquisitions. Ms. Cohen was Sector Captain for General Industrials in the Global Industrials Group and a member of the M&A Group in IBD. Got it. Goldman Sachs | In The News - Closing the Gender Investing Gap You mentioned the Apple card. Stephanie Hui - Partner - Goldman Sachs | LinkedIn 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. And then we did the Apple card. 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. Click the AdBlock Plus button on your browser and select Enabled on this site. 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. The sale of that company, which has been making parts of the US currency bill going back to the 19th century, was among the last deals she worked on before moving to the executive suite. We'll send you a myFT Daily Digest email rounding up the latest Goldman Sachs Group news every morning. Stephanie Cohen: Ms. Cohen, also 32, is an independent marketing consultant in Chicago. 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. Im Jennifer Tescher, journalist turned financial health champion. Goldman plans to add checking to Marcus later this year but doesnt have a set date, Cohen said. 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. The delicate transaction was a milestone in the carmakers comeback after the financial crisis. 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. Were looking for mission-driven people to join our team. 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. Goldman Sachs has created a new consumer and wealth management division co-led by Stephanie Cohen. By continuing to use our site you agree to our. Women. 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. Because for us, this is a business and a strategic imperative. And at least I believe and I think its fair to say that theyre amazing. Ms. Cohen serves on the National Board of Directors of CollegeSpring and as a member of the Board of Quill.org. 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).. Her appointment this summer to Goldman Sachs' management committee made her its youngest member. 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. Goldman Sachs CEO David Solomon Is Shaking Things Up at Wall Street's The banking industry appears to be stuck when it comes to diversifying the leadership ranks. After, it was the bank's Stephanie Cohen who reiterated that Goldman is considering strategic alternatives for its consumer lending business. 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,. Here are her five best pieces of advice on work and personal finance for professional women. It was a pre-COVID time period. Updated Jan. 17, 2017 9:10 pm ET. Log in to our website to save your bookmarks. 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 we are lucky because we get to spend our entire days focusing on people. 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. And so now one of the things, weve tried and a new skill actually inside of Goldman, which is this experimentation. And then we did savings. 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. In mid-July, the company announced it will promote David Solomon to succeed Lloyd Blankfein as chief executive officer. https://www.barrons.com/articles/barrons-100-most-influential-women-in-u-s-finance-stephanie-cohen-51615543200. Talk to me a little bit about how thats happened. 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 . 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. 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. 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. Marcus is Goldman's digital-first consumer bank, offers customers saving accounts, personal loans and investment advisory services. And how can we serve them where they are with the capabilities of Goldman Sachs? Click the AdBlock Plus button on your browser and select Disable on Observer.com. I do think were in this moment where thats this really perfect combination for the type of world that were in. In the latest in a rapid career of. Jung, weiblich, Bankerin: Stephanie Cohen macht bei Goldman Sachs Karriere. In this article that I had written, I talked about how originally, the mob was after Wall Street, if you will. You can learn more about how we use cookies by reviewing our Privacy Policy.Dismiss, Global Co-Head of Consumer and Wealth Management. Correction: A previous version of this article mistakenly stated that Cohen became a managing partner at Goldman Sachs in 2008. 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. Stephanie Cohen, culture builder, lifelong learner, thanks so much for joining me on Emerge Everywhere. Then President John Waldron repeated it. Its the ultimate man-cave. Jennifer Tescher: 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. 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 . The latest group includes 32 white men, giving them a 53 per cent share of the promotions, the demographic's smallest representation on record. 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. 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. And when I was in my role as chief strategy officer, we created this thing called Accelerate, which we call our internal innovation engine. The regions tech workforce is projected to expand 17% over the next decade. Become a business insider with the latest news. 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. Change is underway in the financial services industry and it's disrupt or be disrupted. Goldman Sachs executives to rally investors in New York Shes about 10 years younger than the average man already on the committee, after becoming a partner just four years ago. I love that you had that visceral experience from the book and particularly given the role youre in now. 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? Marianne Lake Is Not Having A Good Month - Dealbreaker because investing and helping companies grow is our business," Stephanie Cohen, Goldman Sachs' chief strategy officer . Build a resilient workforce by prioritizing finhealth for employees. One Goldman Sachs go-to-market strategy combined with products developers love and can easily adopt 2 Business-to-business with innovative, client- and 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. Cohen drives strategy, Mergers & Acquisitions (M&A . Goldman Sachs Group Inc's Chief Executive David Solomon and top executives will give investors an update on their strategy on Tuesday. And so the next question is, how do you listen to the data? But advertising revenue helps support our journalism. Ms. Cohen serves on the National Board of Directors of College Spring and as a member of the Board of Quill.org. Stephanie Hui, Head of Merchant Banking [], Goldman Sachs Jennifer Tescher: Prior to assuming her current role, Ms. Cohen was Co-Head of the Consumer and Wealth Management Division. 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. 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. 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. The phrase is often used as company jargon for a sale or merger. Mr . During Stephanie Cohen's first 15 years at Goldman Sachs, her career ladder didn't look much different than that of a typical investment banker. Stephanie Cohen, cohead of Goldman's consumer and wealth group, is the only woman heading one of the bank's primary business divisions. Speaker Bio: Stephanie Cohen is Goldman Sachs' Chief Strategy Officer and a member of the Management Committee. When Goldmans board gathered on the West Coast in late June, she gave a presentation on that groups work. My husband and I were talking about it last night, we all still need a lot of help. 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. And we think it does help people better manage their finances. Senior Editor, Women's Programs, American Banker. Ihr wird inzwischen sogar der Platz an der Bank-Spitze zugetraut. In case you cant find any email from our side, please check the spam folder. 2021-11-30T13:05:49.103Z. Stephanie Cohen: 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. We could have a whole conversation you and me, just on this topic so lets do that another time. Female banker emerges as possible successor to Goldman Sachs CEO Talk a little bit about how you do that as a leader. Jennifer Tescher: 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. And just a few weeks ago, she was asked to jointly lead the banks global consumer and wealth management division. 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. Theres a savings portion of Marcus. DuringStephanie Cohens first 15 years at Goldman Sachs, her career ladder didnt look much different than that of a typical investment banker. In her new role overseeing consumer and wealth management for the organization, she shepherds a vision for diversity and inclusion that prioritizes broad consumer access to high-quality financial solutions. She also serves as trustee for the Board of The Economic Club of New York. Yeah. Flagstar Bank launches its next mortgage-tech accelerator while Walmart and Citi partner on a supplier loan program. 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. 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. She went on to a more traditional M&A role in the industrials team. David Solomon lacks answers for Goldman Sachs's angry investors | The Barron's 100 Most Influential Women in U.S. Finance: Stephanie Cohen In the latest in a rapid career of promotions, Cohen, 43, took over as co-head of consumer and wealth management in January, overseeing consumer bank Marcus, which has racked up $97 billion in deposits. Profile of Stephanie Cohen, Goldman Sachs Consumer and Wealth - Insider I know many of them, but it says something entirely different to have someone at the operating committee level. Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. Cohen is now the committees youngest, with the rare label of ex officio" member. She is also a member of the Partnership Committee, Global Diversity Committee, Firmwide Enterprise Risk Committee and Firmwide Finance Committee. We want to use simple, transparent and valuable products to help people manage their financial lives. Yeah. And then as you mentioned, we have a digital consumer bank. . Goldman Sachs Names Stephanie Cohen as Head of Strategy We have businesses that do that and were really excited to do that as well. Jennifer Tescher: Theres the customer calls, which I love listening to. And its been so fascinating to watch the frankly, explosive growth of the business. 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. Wow, this is so devastating. And how can we serve them? Goldman Sachs' Youngest Banker's Top 5 Career & Money - Observer 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. Already a member? We have the ability to have access to our clients in Texas but also more broadly across the United States and internationally. And so you didnt get into this chief strategy officer role with a real clear job description. It didn't go well. Explore how to make financial services a force for good. Yeah. She grew up in Augusta, Ga., and holds an MA in Investigative Journalism from The Cronkite School. They are not only of course the right thing to do, but it is the only way to run the business. Cohen, 41, joined Goldman Sachs in. You, it turns out I learned, were once a competitive figure skater growing up. We've detected you are on Internet Explorer. I think I learned that at a really young age. Youre just one more inch and I would have landed that jump. She is one of seven women named on the committee and is 10 years younger than the average man on the team. 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 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. . Im glad youre drilling in on it. You are now subscribed to our newsletters. And that you knew that you needed to listen and learn from the rest of the businesses, but that also you needed to learn about consumers, given that a growing part of the bank strategy was Marcus.