She is the daughter . Or what lessons have you taken from that and in your leadership roles at Goldman? 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. "They are like-minded brands that are meeting people where they are," Cohen said. 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. Dallas is quite central, Cohen said. And so in skating you fall all the time. Got it. 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. Natalie is an award-winning reporter who covers banks, crypto, fraud, deals and other money topics for The Dallas Morning News. The news, which . Do you have any ideas or things youve thought about in terms of how to leverage your capabilities in this regard? Cohen joined Goldman Sachs as an Analyst in 1999, was named Managing Director in 2008 and Partner in 2014. Goldman Sachs has chosen Stephanie Cohen as co-head of its consumer and wealth management . We want to be the bank on your phone, she says. 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. One, it affects how you manage your own people. DuringStephanie Cohens first 15 years at Goldman Sachs, her career ladder didnt look much different than that of a typical investment banker. Great. I used to get off the ice from practices and be soaking wet because you just are cleaning up the ice falling because its the only way to learn a new skill. And 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? Its going to be two this year. Youve begun offering credit beyond debt consolidation. One, we want to be the bank on your phone. Stephanie Cohen, head of platform solutions, said scale would help the business reach profitability by 2025. terms: Goldman Sachs Banks Stephanie Cohen Succession. 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. 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. Im realizing through this conversation that youre really a culture builder. And so what were really saying is were really proud advocates for inclusive capitalism and theres no better way to do that than to serve millions of consumers. STEPHANIE COHEN, GLOBAL HEAD OF PLATFORM SOLUTIONS, 45. Learn about the important intersection of healthcare and financial heath. 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. 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. If they want to build companies that are going to succeed, having diverse voices around the table is one of the most important things that they can do. And the question is, how do you do that at scale? And so thats really what were trying to do with what were doing in consumer and in Marcus. 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. The bank says the candidates failed to make full disclosures. 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. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. Stephanie Cohen quickly rose through the ranks at Goldman Sachs to become one of the youngest members of the banks senior leadership, joining just a small handful of women at that level. The second thing is this kind of get stuff done attitude. 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. Certainly youre gifted and talented. It didn't go well. 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. Sign In. For example, when I am 60 and look back, what might I need the most? 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. The High. Prior to her current role, Stephanie drove strategy, M&A, strategic investing, and partnerships as the firm's chief strategy officer. We get it: you like to have control of your own internet experience. Talk a little bit about how you do that as a leader. Banker Stephanie Cohen was appointed to lead the consumer and wealth management division at Goldman Sachs, a New York-based investment bank and financial services company. She grew up in Augusta, Ga., and holds an MA in Investigative Journalism from The Cronkite School. 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. Stephanie Cohen, culture builder, lifelong learner, thanks so much for joining me on Emerge Everywhere. In January 2021, she was appointed global co-head of consumer and wealth management. Cohen is now the committees youngest, with the rare label of ex officio" member. 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. 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. 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. 2021-11-30T13:05:49.103Z. Its funny because as chief strategy officer, people do this, Do you sit around and just have really big thoughts? No, ideas are really nice, but its about execution. 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. How we set it up made it easier for them and then how it affected their lives going forward. He will report to Stephanie Cohen, Goldman's global co-head of consumer and wealth management. Your session has expired, please login again. 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. And thats really the most exciting thing about being able to run this division. Yeah. Stephanie Cohen, MFT is a specialist in Psychiatry: Child/Adolescent who has an office at 710 S Broadway Street, Walnut Creek, CA 94596 and can be reached at 1-925-295-4145. And my mom who is a history teacher at some point and really cares about history and I love history and read it. 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. Goldman now has credit-card deals with By the way, thats only been sped up over the last year or so, given everything thats gone on. Become a business insider with the latest news. Stephanie joined Goldman Sachs as an analyst in 1999, was named managing director in 2008, and became a partner in 2014. Tell me more about that choice and sort of what youve learned from it. 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. And how can we serve them? Since then, the 41-year-old has charted a rapid rise inside Goldman Sachs, landing a seat last week on its most coveted decision-making body. When Goldmans board gathered on the West Coast in late June, she gave a presentation on that groups work. 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. Im a big question asker too. And then we have another part of that business where we embed our capabilities into the ecosystems of our partners and thats basically what were doing with the Apple card. This is a subscriber only feature Subscribe Now to get daily updates on WhatsApp. Were looking for mission-driven people to join our team. 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. By continuing to use our site you agree to our Terms of Use and Privacy Policy. 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. 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. Where does the bank and the Fed go from here? Yeah. 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. Things like auto pay. And so, while theres a lot of sadness in that, were hopefully, the idea is turning that into opportunity. Internet Explorer not supported . Jennifer Tescher: Jennifer Tescher: The phrase is often used as company jargon for a sale or merger. And so I did that. Because you cant do things exactly the same way. 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 were not going to do that on our own. 1 Executive Summary Primary drivers Key focus areas INVESTOR DAY 2023 PLATFORM SOLUTIONS . And then to your point, the clients and the customers in those businesses that were ultimately serving. And so I would be that person that was like, Please just explain this to me from the base level. And when you get to that base level, you actually start to understand not only the products and how theyre all executed, but how it affects an end customer. 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. 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 I love learning. Wells Fargo's asset cap has been in place for fi ve years, and there's no end in sight. Jennifer, it is great to be here. [1] [2] Prior to March 2008, she was the firm's Chief Investment Strategist. 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,. Shes about 10 years younger than the average man already on the committee, after becoming a partner just four years ago. Consequently, they can be prickly customers. And I think in some ways, this podcast is an outgrowth of my curious nature. After, it was the bank's Stephanie Cohen who reiterated that Goldman is considering strategic alternatives for its consumer lending business. 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. 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. That makes a lot of sense. And this kind of idea of people wanting to experience financial services deeply embedded into ecosystems rather than being this separate action. As the banks chief strategy officer, she brought clarity and focus, including a new commitment to diversity and inclusion. Goldman also will provide six student scholarships for $10,000 each at UTD over the next three years. Correction: A previous version of this article mistakenly stated that Cohen became a managing partner at Goldman Sachs in 2008. And so were having a great time, really engaging with our team. 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. Actually, I got on a plane a lot. Talk a little bit about how Marcus has evolved and where you see that business heading now that youve reached, say adolescence. Are you okay? And being really happy because you could tell that you were almost there. Some of that could be due to the fact that there are fewer women in venture capital and fewer women founders. Our people find Dallas a really, really great place to live and raise a family.. It doesnt have to be one thing or the other; its about making spending decisions consciously rather than scrolling on your phone and thinking about what youshould spend on., What Ive noticed at Goldman Sachs isthat men tend to talk about investment opportunities amongst each other. 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. A step-by-step guide for HR professionals. 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? 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. We're getting to the moment where we can help someone holistically manage their financial lives," Stephanie Cohen,. 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. 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. The world is awash in capital and you never see that. And it will be interesting to think about how you leverage your vast capabilities and capital. I love that you had that visceral experience from the book and particularly given the role youre in now. Stephanie Cohen is Global Head of Platform Solutions and a member of the Management Committee. She started as an analyst in 1999 and has held a series of leadership positions in mergers and acquisitions. And so I did that and I mirrored that with my people. And the idea really brings together the reason by the way, why we have our consumer and wealth management businesses all together. 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. 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. Goldman Sachs Group Inc's Chief Executive David Solomon and top executives will give investors an update on their strategy on Tuesday. The bureaucratic asterisk is likely meant to avoid upsetting senior executives whove spent much longer trying to get on the panel, without luck. Stephanie Cohen is now the management committee's youngest, with the rare label of 'ex officio' member. Marcus is Goldman's digital-first consumer bank, offers customers saving accounts, personal loans and investment advisory services. In the latest in a rapid career of. 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. Earlier in her career, Ms. Cohen worked in New York in the M&A department. Stephanie Cohen is joining Goldman's most elite tier, as its youngest banker | Mint Get 60% off on Mint+The Economist Gainers & Losers Fri Feb 17 2023 15:29:29 Top Gainers Top Losers Home /. Stephanie Cohen: Stephanie Cohens first 15 years at Goldman Sachs, her career ladder didnt look much different than that of a typical investment banker. Cohen, whos worked with large corporate clients including 3M Co. a relationship previously fostered by Solomon was named to the strategy post after Stephen Scherr, the previous mantle-holder, was tapped to build out the consumer-banking unit. Youre one of the few women whos risen to that level. 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. 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 . This copy is for your personal, non-commercial use only. 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. There werent a lot ofinvestment bankers that looked like me. We've detected you are on Internet Explorer. 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. And hopefully again, thats millions of customers that we will speak to and we can be helpful to. 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. 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. Im doing it every day. And so now one of the things, weve tried and a new skill actually inside of Goldman, which is this experimentation. 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. 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. Stephanie Cohen is Goldman Sachs' Chief Strategy Officer and an Ex Officio member of the Management Committee. 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. Well, this is one of the most exciting versions of quote unquote embedded finance that Ive heard about in a long time. And what were hoping with Marcus Invest is through the content and through the ease with which people can go through the signup process and then the investment process, people are going to be able to interact with an investing in a way thats understandable, but also is going to help them achieve whatever financial goals that they have. And so were doing that with Apple, but also well do it with General Motors. It was here on an evening last December when roughly 100 women from the investment banking world gathered at an event billed as a leadership dinner. E ine Stunde mit . 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. Stephanie Cohen: She joined Goldman Sachs as an Analyst in 1999, was named Managing Director in 2008 and Partner in 2014. Theres the customer calls, which I love listening to. Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. As an investment banker for close to 20 years, my presence in board rooms was often an anomaly. Jennifer Tescher: The reality is that investing can be intimidating for a lot of people. 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. No question. Yeah, I think its this idea of being a learner. I think Goldman has a growing number of excellent women at the firm. Updated Jan. 17, 2017 9:10 pm ET. A checking account is currently in beta, according to Cohen. "We have savings, lending, investing, and we're close to launching checking. And that has definitely been sped up by whats gone on with COVID. And its been so fascinating to watch the frankly, explosive growth of the business. And when I was in my role as chief strategy officer, we created this thing called Accelerate, which we call our internal innovation engine. And by the way, how it made them actually better customers over time, because we got them through a really tough period. And this year were going to launch Marcus Invest and checking and a credit card partnership with General Motors. We have businesses that do that and were really excited to do that as well. I didnt have that term before, but as a giver. Shell be among seven women on the 33-person panel. In 2019, Goldman launched an Apple credit card, and last January it rolled out a GM credit card. Jennifer Tescher: By the way, a lot of people who spend their careers in financial services. And then we did savings. She also serves as trustee for the Board of The Economic Club of New York. Youre just one more inch and I would have landed that jump. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. We recommend using Google Chrome, Mozilla Firefox, Apple Safari, or . I went on a listening tour. Upon arriving, her trajectory changed, and she has remained at the firm for over two decades in a variety of roles. That meant Cohen had to work closely with the then-CEO of the Fiat-Chrysler group, Sergio Marchionne, sometimes camping out for talks in Detroit or paying visits to the U.S. Treasury Department. Women. 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. Stephanie Cohen: 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.
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