She is also a member of the Partnership Committee, Global Diversity Committee, Firmwide Enterprise Risk Committee and Firmwide Finance Committee. And how can we serve them? Goldman Sachs. 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. She is now even given the place at the top of the bank. Remove some to bookmark this image. Jun 22 Stephanie Cohen: Chief Strategy Officer at Goldman Sachs. Im a lifelong learner. 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. 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. I really enjoyed hearing about how you go about listening. 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. Goldman Sachs CEO David Solomon Is Shaking Things Up at Wall Street's A checking account is currently in beta, according to Cohen. But she is quick to point out that this is no PR ploy on behalf of the bank: "This is not philanthropy. And besides those numbers being kind of horrific, they are a misallocation of capital. Kristin Broughton Reprint For reprint and licensing requests for this article, click here. She started as an analyst in 1999 and has held a series of leadership positions in mergers and acquisitions. In mid-July, the company announced it will promote David Solomon to succeed Lloyd Blankfein as chief executive officer. I really felt like I hadnt learned it. Stephanie Cohen has been at Goldman Sachs for more than 23 years. Jennifer Tescher: Tell me more about that choice and sort of what youve learned from it. Updated Jan. 17, 2017 9:10 pm ET. Im actually a former journalist. And then we did savings. 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. The news, which . The company had previously partnered on its credit cards with Barclays. 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. 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. 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. I did that internally and I also did it externally. And I think in some ways, this podcast is an outgrowth of my curious nature. 2021-11-30T13:05:49.103Z. 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. And since then, youve begun offering all kinds of things. Here are her five best pieces of advice on work and personal finance for professional women. 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.' 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. Goldman Sachs Group Inc's Chief Executive David Solomon and top executives will give investors an update on their strategy on Tuesday. 01 Mar 2023 02:08:06 By doing that, you can actually, authentically be the person you want without assuming that you have to be someone else., Sam Bankman-Frieds Deceptions Allegedly Include Millions in Illegal Campaign Contributions, The Fed Raises Rates as Expected, But Spooks Investors With a Gloomy Forecast, Meta Is Sued for Allegedly Profiting From Hateful Content on Facebook in Ethiopia, Twitter Suspends @ElonJet, the Account Tracking Musks Private Flights. One Goldman Sachs go-to-market strategy combined with products developers love and can easily adopt 2 Business-to-business with innovative, client- and 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. Apple And that we were going to build an ecosystem around it. When Goldmans board gathered on the West Coast in late June, she gave a presentation on that groups work. Theyre sitting there every day and theyre trying to figure out how they can do things in a really complex financial world that are simple and transparent and valuable. 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. Voice of Experience: Stephanie Cohen, Managing Director, Goldman Sachs 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. 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. She joined Goldman Sachs as an Analyst in 1999, was named Managing Director in 2008 and Partner in 2014. And we think that this is a great way for people to think about investing. Yeah. And so this real focus on execution, which I no doubt learned by being a mergers and acquisitions banker inside of Goldman Sachs. One, we want to be the bank on your phone. Someone get Stephanie Cohen a set of hair clippers. 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. Click the AdBlock Plus button on your browser and select Enabled on this site. See you next time. Money 20/20 USA 2021 Speaker Oct 24, 2021 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. . She started as an analyst in 1999 and has held a series of leadership positions in mergers and acquisitions. Is the idea here that Marcus customers eventually become Goldman Sachs customers, if you will? 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. 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. But then there are customers that are General Motors customers and that are Apple customers and that thats much broader and what do they need? These stories and more in banking news this week. And it sounds like you had to do a lot of learning because your time at Goldman, which is long, had largely been in a variety of M and A roles. I do think were in this moment where thats this really perfect combination for the type of world that were in. Some of that could be due to the fact that there are fewer women in venture capital and fewer women founders. 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. 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,. Its going to be two this year. We think technology is in a place where you can really have a bank on your phone. Goldman Sachs CEO David Solomon fends off attacks over consumer banking The regions tech workforce is projected to expand 17% over the next decade. 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. Internet Explorer is no longer supported on our website. Marcus. More than 90% of appraisers are white, and researchers have found that bias leads to lower valuations for homeowners of color. You can learn more about how we use cookies by reviewing our Privacy Policy.Dismiss, Global Co-Head of Consumer and Wealth Management. We get it: you like to have control of your own internet experience. And hopefully again, thats millions of customers that we will speak to and we can be helpful to. And so thats really what were trying to do with what were doing in consumer and in Marcus. And so you didnt get into this chief strategy officer role with a real clear job description. 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. Prior to her current role, Stephanie drove strategy, M&A, strategic investing, and partnerships as the firm's chief strategy officer. 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. 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. Jung, weiblich, Bankerin: Stephanie Cohen macht bei Goldman Sachs Karriere. Cohen declined to give projections for growth in Dallas or say whether Goldman is considering such a move. "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 . They are not only of course the right thing to do, but it is the only way to run the business. Not much is scary after that. And at least I believe and I think its fair to say that theyre amazing. The delicate transaction was a milestone in the carmakers comeback after the financial crisis. Collage of David Solomon . Well, I think Im biased, but I think I have the best job at Goldman Sachs. Below are steps you can take in order to whitelist Observer.com on your browser: Click the AdBlock button on your browser and select Don't run on pages on this domain. Stephanie Cohen: This has been EMERGE Everywhere, a Financial Health Network production. Goldman Shakes Up Units in Fresh Push to Win Over Investors Financial Health Pulse 2022 Chicago Report, Jennifer Tescher | Leaning Forward for FinHealth. Which is that theres a specific type of customer thats the Marcus customer. Cohen drives strategy, Mergers & Acquisitions (M&A . Jennifer Tescher: Ms. Cohen serves on the National Board of Directors of CollegeSpring and as a member of the Board of Quill.org. to talk about career, money and life. 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. An error has occurred, please try again later. Goldman Sachs CEO David Solomon fends off attacks over Marcus flop 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. Copyright 2022 HT Digital Streams Ltd All Right Reserved. 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. Yeah, I think its this idea of being a learner. Tell us a little bit about where you expect to focus most of your time and attention this year. We have the ability to have access to our clients in Texas but also more broadly across the United States and internationally. Text. David Solomon lacks answers for Goldman Sachs's angry investors | The She is one of seven women named on the committee and is 10 years younger than the average man on the team. 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. 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 I talked to you about three things that I think have helped me and the teams around me be successful. How does this all fit together? In January 2021, she was appointed global co-head of consumer and wealth management. She graduated cum laude from New York University and received an M.B.A. in May from Indiana University. To further the bank's efforts to become a Main Street lender, Goldman now offers credit cards and buy now/pay later options for consumers. Ms. Cohen was Sector Captain for General Industrials in the Global Industrials Group and a member of the M&A Group in IBD. 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 its also, I think, no accident that youve also been anointed to the operating committee. 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. But as Marcus morphed from a side project to a focal point for investors hungry for a growth story, the business rapidly expanded and ultimately buckled under the weight of Solomon's ambitions . Net revenues for the consumer business in the second quarter were $608 million, 67% higher than the second quarter of 2021, primarily reflecting significantly higher balances on both credit card balances and higher deposit balances. Barron's 100 Most Influential Women in U.S. Finance: Stephanie Cohen 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. Display event - POWER Series: Stephanie Cohen - CFA Society Chicago And then, I think the most important thing is this idea of being willing to try and realize in the act of trying its not going to be perfect right away. In so many ways. Youve got to figure out whats important to you and what you really want to spendmoney on. Goldman Sachs executive who led consumer banking launch set to depart H.r. 2021, ``Environmental Justice for All Act'' Cohen joined Goldman Sachs as an Analyst in 1999, was named Managing Director in 2008 and Partner in 2014. Jennifer Tescher: Stephanie Cohen, global co-head of consumer and wealth management at Goldman Sachs, speaks during a dedication ceremony of the company's branded terrace at the University of Texas at Dallas. Jennifer Tescher: LEADERS Interview with Stephanie E. Cohen, Global Co-Head of Consumer 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 is now the management committee's youngest, with the rare label of 'ex officio' member. Prior to that, Ms. Cohen was a Vice President in the Industrials and Merger Leadership Groups in San Francisco. Its been really fun getting to know all of them. 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. It had revenue of $1.5 billion in 2021. General Motors Im excited to see how that develops. Ms. Cohen serves on the National Board of Directors of College Spring and as a member of the Board of Quill.org. Listening is the most important thing that I do. Earlier in her career, Ms. Cohen worked in New York in the M&A department. And in doing that, we want to fundamentally change the way people experience financial services and in doing that improve their lives. And so reading The Unbanking of America was kind of an emotional journey for me, which was that I cant believe I dont know this. LeaseQuery Announces $40 Million in Series A Funding Stephanie Hui - Partner - Goldman Sachs | LinkedIn Jennifer Tescher: wants to be your digital banker, and it has assigned the job to Stephanie Cohen, marking her second year on the Barrons list. Im Jennifer Tescher, and Id love to hear your ideas for future guests and your reactions to the show. Abby Joseph Cohen (born February 29, 1952) is an American economist and financial analyst on Wall Street. 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. Youve begun offering credit beyond debt consolidation. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. And so the next question is, how do you listen to the data? The other place that weve been embedding it is very deeply in our investing businesses, because what we noticed was that inclusive and diverse teams outperformed and they were under invested in. 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 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. And what we are and what were trying to become is we have these two self reinforcing strategies. terms: Goldman Sachs Banks Stephanie Cohen Succession. And so the main thing Im focused on is people internally and externally. Cohen said Goldman has been focused on fortifying its relationships with universities to help attract engineering talent to D-FW. Yeah. You pack a lot into a day. We could have a whole conversation you and me, just on this topic so lets do that another time. We call those businesses, private wealth management and personal financial management. And what are we trying to become? 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. DuringStephanie Cohens first 15 years at Goldman Sachs, her career ladder didnt look much different than that of a typical investment banker. And weve turned that into a lot of different financial products, but the reality is were just trying to solve those problems for consumers. 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. Thats not something anyone told us to do so we didnt listen in terms of having a conversation, but we watched the way that customers are interacting with our product and were learning from that. 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. Download the Mint app and read premium stories. Secondly, culturally. Wow. And its interesting though, because when we think about it and we talk about it and what we focus on every day, the mission is still the same. Log in to our website to save your bookmarks. In less than a year, Goldman Sachs has grown its North Texas presence from more than 2,000 employees to nearly 4,000. 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. Again, in my role as chief strategy officer, the way that we talk about it then, and certainly the way were talking about it now is that inclusion and diversity are absolutely strategic imperatives. 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. Im realizing through this conversation that youre really a culture builder. My guest today is one of the most powerful women on Wall Street. 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. After, it was the bank's Stephanie Cohen who reiterated that Goldman is considering strategic alternatives for its consumer lending business. NY Post Receives Flak for Calling Potential Successor to Goldman Sachs If her tenure there is successful, it could pave the way for Cohen to make history at the firm. Why Goldman's Marcus project failed and what it means for CEO Solomon There are places where theyre ahead and there are places where theyre behind and actually seeing that in a different environment, I think is another really interesting way to listen to what the world may become and to listen to ways that we can do things differently and better. 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. Before that, she was Global Head of Financial Sponsor M&A in the Investment Banking Division (IBD). To order presentation-ready copies for distribution to your colleagues, clients or customers visit http://www.djreprints.com. And you talked about that mission, and I want to come back to it because it really is there every day when our people design our products. 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. Some inside the bank wonder whether shes destined to rise even higher. 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. You can use that as something that bothers you, or you can use that as a point of differentiation. "We have savings, lending, investing, and we're close to launching checking. The 43-year-old. 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. 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. 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. Cindy Ord/Getty Images for Girlboss Rally NYC 2018. And I love learning. And so, one of the things we certainly talk about is the board initiative, which was that we werent going to take companies public unless they had at least one diverse board member. How you recruit, you retain and you develop your own people and there are many things that were doing around that, but it also gets to the way of how you serve your clients. Stephanie Cohen: The second thing is this kind of get stuff done attitude. As an investment banker for close to 20 years, my presence in board rooms was often an anomaly. Stephanie is head of Private Equity in Asia and global co-head of Growth Equity within Goldman Sachs Asset Management. 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. 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