Jennifer Tescher: Stephanie Cohen: We have more than 7,500 people in our division globally. That makes a lot of sense. Im Jennifer Tescher, journalist turned financial health champion. E ine Stunde mit . See our career opportunities. "We have 500 corporate clients, and we have the ability to provide financial wellness to all levels of employees," she said. And what are we trying to become? 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. Figuring out how what youre doing is affecting people. 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. Tell us a little bit about where you expect to focus most of your time and attention this year. Copyright 2022 HT Digital Streams Ltd All Right Reserved. The reality is that investing can be intimidating for a lot of people. Stephanie Cohen: Actually, I got on a plane a lot. The news, which . But she doesn't see what the fuss is about. 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. To learn more about the work and research we do, please visit emerge.finhealthnetwork.org. I suspect that theres only so far a brand like Marcus can go in terms of meeting the needs of underserved consumers. In mid-July, the company announced it will promote David Solomon to succeed Lloyd Blankfein as chief executive officer. The High. Apple And then we did the Apple card. Were looking for mission-driven people to join our team. Stephanie Cohen, Goldman's co-head of consumer and wealth management, is working on setting up a second base for herself in Dallas. By continuing to use our site you agree to our Terms of Use and Privacy Policy. I was a big bank diversity hire. terms: Goldman Sachs Banks Stephanie Cohen Succession. Prior to her current role, Stephanie drove strategy, M&A, strategic investing, and partnerships as the firm's chief strategy officer. 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. After, it was the bank's Stephanie Cohen who reiterated that Goldman is considering strategic alternatives for its consumer lending business. 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. Ms. Cohen serves on the National Board of Directors of College Spring and as a member of the Board of Quill.org. And so were doing that with Apple, but also well do it with General Motors. Im not certified to be helpful, but we do get a lot of questions and it helps you to understand just how many people have these questions and how many people could really use help in managing their finances. Diversity, equity and inclusion are core to our mission, see why. Is the idea here that Marcus customers eventually become Goldman Sachs customers, if you will? Some of that could be due to the fact that there are fewer women in venture capital and fewer women founders. 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. But in July of this year, she scored a seat on the banks most elite decision-making team, a 33-person management committee appointed by new CEODavid Solomon. Goldman Sachs executives to rally investors in New York | Reuters 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. Things like auto pay. 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. Im realizing through this conversation that youre really a culture builder. Its the ultimate man-cave. Stephanie Cohen is Global Head of Platform Solutions and a member of the Management Committee. 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 . I love it and its the advice I give people all the time. Carter Johnson and Hayley Cuccinello. Goldman Sachs CEO shuffles consumer banking, wealth management leaders [CNBC] Tags. 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. Barron's 100 Most Influential Women in U.S. Finance: Stephanie Cohen 117-14 _____ Printed for the use of the Committee on Natural . Over 99% goes to all white teams. 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. And the idea really brings together the reason by the way, why we have our consumer and wealth management businesses all together. Certainly youre gifted and talented. 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. 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. Inside a massive transformation at powerhouse Wall Street bank Goldman More than 90% of appraisers are white, and researchers have found that bias leads to lower valuations for homeowners of color. STEPHANIE COHEN, GLOBAL HEAD OF PLATFORM SOLUTIONS, 45. 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. This account of her ascent is based on interviews with people whove worked with Cohen, who asked not to be named discussing their interactions. 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. As an investment banker for close to 20 years, my presence in board rooms was often an anomaly. And so were not going to do that on our own. 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. 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 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 to invest $500 mln in women-run companies Which is that theres a specific type of customer thats the Marcus customer. 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. 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. You should spendmoney on things that truly make you happy. And so thats really what were trying to do with what were doing in consumer and in Marcus. You also have mentioned to me before that when you became the chief strategy officer, the very first book you read was The Unbanking of America. You can connect with me on Twitter @JenTescher. 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. I did that internally and I also did it externally. PDF Investor Day: Platform Solutions And this year were going to launch Marcus Invest and checking and a credit card partnership with General Motors. Jennifer Tescher: Are you okay? And being really happy because you could tell that you were almost there. The bureaucratic asterisk is likely meant to avoid upsetting senior executives whove spent much longer trying to get on the panel, without luck. Internet Explorer is no longer supported on our website. Learn more about Marcus by Goldman Sachs and check out additional episodes of EMERGE Everywhere. And I do think were in this moment of have a lot of people around, have them continuously getting better, be focused on execution and kind of getting stuff done, but being constantly learning in the process. And so, while theres a lot of sadness in that, were hopefully, the idea is turning that into opportunity. 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. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. 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. For example, when I am 60 and look back, what might I need the most? 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, head of platform solutions, said scale would help the business reach profitability by 2025. This is a subscriber only feature Subscribe Now to get daily updates on WhatsApp. 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. You pack a lot into a day. When I walked into a board room, theyd expect a very tall man, but instead theyd get a relatively shortwoman. I think I learned that at a really young age. Before that, she was the firm's Chief Strategy Officer, where she drove strategy, Mergers & Acquisitions (M&A), strategic investing and partnerships for the firm. Wells Fargo's asset cap has been in place for fi ve years, and there's no end in sight. 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. And by the way, how it made them actually better customers over time, because we got them through a really tough period. Stephanie Cohen is Goldman Sachs' Chief Strategy Officer and an Ex Officio member of the Management Committee. In 2008, she managed Conflicts and Business Selection for IBD in the Americas. Im a big question asker too. There werent a lot ofinvestment bankers that looked like me. And it will be interesting to think about how you leverage your vast capabilities and capital. Consequently, they can be prickly customers. Goldman Sachs mulls deal options after consumer flop I didnt have that term before, but as a giver. and because investing and helping companies grow is our business," Stephanie Cohen, Goldman Sachs' chief strategy officer . 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. 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. She also serves as trustee for the Board of The Economic Club of New York. 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. 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. We think technology is in a place where you can really have a bank on your phone. No question. By years end, 40% of its employees were working in those locations, the company said. I think people have gotten to a place, and theres some good and theres some bad here where the phone is kind of really the center of everything that they do and how they interact with so many parts of their lives. 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. Marcus is Goldman's digital-first consumer bank, offers customers saving accounts, personal loans and investment advisory services. Stephanie Hui, Head of the Merchant Banking Division in Asia Pacific Ex-Japan, Goldman Sachs Voices of Experience "Earlier in my career, I was more reserved about expressing my views," said Stephanie Hui, head of the Merchant Banking Division in Asia Pacific Ex-Japan at Goldman Sachs. Dallas is quite central, Cohen said. It was in some respects kind of an embarrassing realization to have worked in financial services for almost two decades and to realize that I didnt understand how the financial system operated and there were really complicated parts of the financial system that I understood from a capital markets perspective, but from a day to day, how does an average American experience the financial services system? In the latest in a rapid career of. LeaseQuery Announces $40 Million in Series A Funding 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. And then on the other side of the people equation is our clients and our customers. Got it. Explore how to make financial services a force for good. You are now subscribed to our newsletters. Stephanie Cohen: Hier kommt Frau Goldman Sachs - FAZ.NET They are part of Goldman Sachs and we are really excited to serve them with the best of Goldman Sachs digitally. Goldman's Compliance Chief Moves On - WSJ The banking industry appears to be stuck when it comes to diversifying the leadership ranks. Goldman Sachs has chosen Stephanie Cohen as co-head of its consumer and wealth management . 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. And so 85% of all venture capital dollars goes to all male founded teams. You mentioned the Apple card. The latest group includes 32 white men, giving them a 53 per cent share of the promotions, the demographic's smallest representation on record. The San Francisco bank entered into a multiyear partnership with Choice Hotels, which operates brands such as Radisson, Comfort and Econo Lodge. Speaker Bio: Stephanie Cohen is Goldman Sachs' Chief Strategy Officer and a member of the Management Committee. Im doing it every day. He will report to Stephanie Cohen, Goldman's global co-head of consumer and wealth management. Yeah. 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. 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? The company had previously partnered on its credit cards with Barclays. 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. 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 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. And how do you feel about essentially being a change agent in this way? . Stephanie Cohen has participated in 2 events. Goldman Sachs Changes 60 Slightly Less White, Less Male - Dealbreaker Why Goldman's Marcus project failed and what it means for CEO Solomon I often say that feedback is a gift and I had a lot of people who gave me a lot of feedback along the way. 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. Yeah. The best way to do this is to have a long-term view. And what we are and what were trying to become is we have these two self reinforcing strategies. Goldman Sachs mulls deal options after consumer flop - ET BFSI Cindy Ord/Getty Images for Girlboss Rally NYC 2018. She joined Goldman Sachs as an Analyst in 1999, was named Managing Director in 2008 and Partner in 2014. To read our full stories, please turn off your ad blocker.We'd really appreciate it. 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. Kristin Broughton Reprint For reprint and licensing requests for this article, click here. Do you have any ideas or things youve thought about in terms of how to leverage your capabilities in this regard? 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 . Well, I think Im biased, but I think I have the best job at Goldman Sachs. This has been EMERGE Everywhere, a Financial Health Network production. Most Powerful Women in Banking: No. 12, Stephanie Cohen, Goldman Sachs An error has occurred, please try again later. POWER Series: Stephanie Cohen - YouTube 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. Yeah. David Solomon lacks answers for Goldman Sachs's angry investors | The 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. 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. Stephanie Cohen has been at Goldman Sachs for more than 23 years. Prior to her current role, Stephanie drove strategy, M&A, strategic investing, and partnerships as the firms chief strategy officer. 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. Im Jennifer Tescher, and Id love to hear your ideas for future guests and your reactions to the show. 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. 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 . And so I would expect that some of this will end up being, as you said, not necessarily directly, but through partners. Mr . How has that influenced you? 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. Jennifer Tescher: Stephanie Cohen: On September 29, 2020 . She is also a member of the Partnership Committee, Global Diversity Committee, Firmwide Enterprise Risk Committee and Firmwide Finance Committee. See you next time. Listening is the most important thing that I do. In case you cant find any email from our side, please check the spam folder. Click the AdBlock Plus button on your browser and select Enabled on this site. In so many ways. And by the way, that portfolio is different for different people. Stephanie is head of Private Equity in Asia and global co-head of Growth Equity within Goldman Sachs Asset Management. 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. More on Stephanie. 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. 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. What it really was, was it was where people went when they had really great ideas and they just wanted to get it done. Hier kommt Frau Goldman Sachs. The business is not yet profitable but is expected to hit revenue of $4 billion by 2024, she said. Stephanie Cohen: Here comes Ms. Goldman Sachs - Teller Report 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. 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. Goldman now has credit-card deals with Bloomberg on Twitter: "First, Goldman Sachs CEO David Solomon said it We get it: you like to have control of your own internet experience. The Guys From 'Government Sachs' - The New York Times Im a lifelong learner. Now I have to turn the conversation a little bit back to you for a minute, because youre a lifer at Goldman Sachs. And hopefully again, thats millions of customers that we will speak to and we can be helpful to. I really felt like I hadnt learned it. For the best Barrons.com experience, please update to a modern browser. 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. Now weve put a bunch of features into our products to help people make better decisions. Stephanie Cohen quickly rose through the ranks at Goldman Sachs to become one of the youngest members and one of only a few women on its management committee. 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 you asked me about the focus. Goldman taps former Uber executive to lead its consumer bank 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. We recommend using Google Chrome, Mozilla Firefox, Apple Safari, or . 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. Prior to assuming her current role, Ms. Cohen was Co-Head of the Consumer and Wealth Management Division. The 43-year-old. 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. 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. Goldman Sachs CEO David Solomon Is Shaking Things Up at Wall Street's And then weve also done that with Walmart and Amazon in terms of providing credit to their merchants. A checking account is currently in beta, according to Cohen. 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).. Goldman Sachs mulls deal options after consumer flop
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