and expects to roll out digital checking accounts in the next few months. But she doesn't see what the fuss is about. Jennifer Tescher: One, we want to be the bank on your phone. Stephanie Cohen: The delicate transaction was a milestone in the carmakers comeback after the financial crisis. Chief Strategy Officer, Goldman Sachs Much has been made over the past few months about Stephanie Cohen's age. We could have a whole conversation you and me, just on this topic so lets do that another time. The news, which . And we think that this is a great way for people to think about investing. Jennifer Tescher: This copy is for your personal, non-commercial use only. Particularly consumers in Marcus, youve talked a lot about the role youre in now is really about people. Goldman Sachs managers say one takeaway of the pandemic. And by the way, how it made them actually better customers over time, because we got them through a really tough period. My husband and I were talking about it last night, we all still need a lot of help. 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. So much. They are Goldman Sachs customers. For example, theres a bunch of statistics showing that if you give people the option toinvest in a 401(k) plan, many people wont do it. Stephanie Cohen is Goldman Sachs' Chief Strategy Officer and an Ex Officio member of the Management Committee. And the question is, how do you do that at scale? She also serves as trustee for the Board of The Economic Club of New York. And what we are and what were trying to become is we have these two self reinforcing strategies. It was a pre-COVID time period. And how do you feel about essentially being a change agent in this way? 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. To read our full stories, please turn off your ad blocker.We'd really appreciate it. 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 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. Youve mentioned the fact that soon youre going to be launching a new set of investment options and opportunities. 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. We recommend using Google Chrome, Mozilla Firefox, Apple Safari, or . Youre just one more inch and I would have landed that jump. Goldman named 60 new partners on Thursday. Talk a little bit about how you do that as a leader. And thats really the most exciting thing about being able to run this division. And this year were going to launch Marcus Invest and checking and a credit card partnership with General Motors. In January 2021, she was appointed global co-head of consumer and wealth management. Stephanie joined Goldman Sachs as an analyst in 1999, was named managing director in 2008, and became a partner in 2014. The reality is that investing can be intimidating for a lot of people. 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. The banking industry appears to be stuck when it comes to diversifying the leadership ranks. This has been EMERGE Everywhere, a Financial Health Network production. And so now one of the things, weve tried and a new skill actually inside of Goldman, which is this experimentation. You are just one step away from creating your watchlist! To learn more about the work and research we do, please visit emerge.finhealthnetwork.org. First, Goldman Sachs CEO David Solomon said it. Talk to me a little bit about how thats happened. See you next time. 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. For Members Only Federal Credit Union in Chicago, which was founded by the African American sorority Alpha Kappa Alpha, is focused on helping members build generational wealth. Yeah, I think that is, as we think about these two self reinforcing strategies that were pursuing consumer, thats one of the I think the really hopefully great ideas we have around it. Its great for a woman to be achieving this level of success at Goldman and shes certainly capable of going further," Nugent said. Hier kommt Frau Goldman Sachs. Goldman Sachs Group Inc will pump $500 million into companies led, . Jennifer Tescher: Ive run, as you said, the consumer and wealth management business with my partner, Tucker York. 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: Senior Editor, Women's Programs, American Banker. She went on to a more traditional M&A role in the industrials team. 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? Consequently, they can be prickly customers. Earlier in her career, Ms. Cohen worked in New York in the M&A department. And its also, I think, no accident that youve also been anointed to the operating committee. Goldman Sachs mulls deal options after consumer flop. Stephanie Cohen, the 'female banker' is surely one to shatter the glass ceiling, all the CEOs of Goldman Sachs so far have been old white men. Stephanie Cohen, head of platform solutions, said scale would help the business reach profitability by 2025. And this kind of idea of people wanting to experience financial services deeply embedded into ecosystems rather than being this separate action. Over 99% goes to all white teams. 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. Stephanie Cohen has participated in 2 events. Correction: A previous version of this article mistakenly stated that Cohen became a managing partner at Goldman Sachs in 2008. You went there right out of graduating from the University of Illinois and youve experienced a tremendous amount of success. 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. 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. Some there have earmarked her as a candidate to become the first woman to lead the investment banking division, the banks most profitable arm. You, it turns out I learned, were once a competitive figure skater growing up. Theres the customer calls, which I love listening to. 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. 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. 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 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. I love it and its the advice I give people all the time. And I love learning. https://www.barrons.com/articles/barrons-100-most-influential-women-in-u-s-finance-stephanie-cohen-51615543200. . Ihr wird inzwischen sogar der Platz an der Bank-Spitze zugetraut. As an investment banker for close to 20 years, my presence in board rooms was often an anomaly. The reality is, theres basically two different states where people have some money and they either want to figure out a way to invest it or save it or spend it or they want to do something and they need to figure out how to pay for that. We want to use simple, transparent and valuable products to help people manage their financial lives. Jennifer Tescher: 2021-11-30T13:05:49.103Z. Stephanie earned an AB in Biology, summa cum laude, from Harvard . Im wondering how youre viewing that experience in light of the coming launch of these new products for Marcus customers? And so the next question is, how do you listen to the data? Some of my favorite ones have been, we created a customer assistance program right as COVID was starting to help people so that they could defer loan payments and credit card payments and just listening to why it mattered to them. And the idea really brings together the reason by the way, why we have our consumer and wealth management businesses all together. And so you didnt get into this chief strategy officer role with a real clear job description. 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. In 2019, Goldman launched an Apple credit card, and last January it rolled out a GM credit card. Stephanie Cohen: And at least I believe and I think its fair to say that theyre amazing. How does this all fit together? 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. . 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. You should spendmoney on things that truly make you happy. 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. And so were having a great time, really engaging with our team. Youre one of the few women whos risen to that level. They are not only of course the right thing to do, but it is the only way to run the business. Cohen declined to give projections for growth in Dallas or say whether Goldman is considering such a move. 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. Then President John Waldron repeated it. We call those businesses, private wealth management and personal financial management. On September 29, 2020 . Im Jennifer Tescher, journalist turned financial health champion. Goldman also will provide six student scholarships for $10,000 each at UTD over the next three years. Im excited to see how that develops. Thank you for inviting me. And I really got to know them on a totally new level because they were talking to me about their lives and their goals and their dreams and how we could be helpful. But Ive also noticed that when women start talking to friends about business ideas, they actually want to help each other.. For the best Barrons.com experience, please update to a modern browser. And then weve also done that with Walmart and Amazon in terms of providing credit to their merchants. 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. Diversity, equity and inclusion are core to our mission, see why. And then as you mentioned, we have a digital consumer bank. The caucus started as a small gathering a decade ago organized by Stephanie Cohen then an up-and-coming banker at Goldman Sachs, who was vexed by the chummy boys network thats long dominated the business of guiding mergers and acquisitions. Where does the bank and the Fed go from here? And so I would expect that some of this will end up being, as you said, not necessarily directly, but through partners. 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. And I talked to you about three things that I think have helped me and the teams around me be successful. Outside of work, Cohen spends time with her husband and young son, who "helps me hone my negotiation skills," she laughs. Jennifer Tescher: 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. And I have to say, I was a little bit surprised that that was the book you chose. She joined Goldman Sachs as an Analyst in 1999, was named Managing Director in 2008 and Partner in 2014. Im actually a former journalist. Build a resilient workforce by prioritizing finhealth for employees. It didn't go well. Stephanie Cohen: And when I was in my role as chief strategy officer, we created this thing called Accelerate, which we call our internal innovation engine. 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. Feb 2, 2021, 8:42 AM. 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. 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. I suspect that theres only so far a brand like Marcus can go in terms of meeting the needs of underserved consumers. 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 said Goldman has been focused on fortifying its relationships with universities to help attract engineering talent to D-FW. ", Cohen led "Launch with GS," the bank's $1 billion commitment to increase access to capital for women, Black, Latino and other diverse entrepreneurs and investors. 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. 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. 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. And we are lucky because we get to spend our entire days focusing on people. Its going to be two this year. 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. We've detected you are on Internet Explorer. Well, this is one of the most exciting versions of quote unquote embedded finance that Ive heard about in a long time. We have the ability to have access to our clients in Texas but also more broadly across the United States and internationally. She started as an analyst in 1999 and has held a series of leadership positions in mergers and acquisitions. Stephanie Cohens first 15 years at Goldman Sachs, her career ladder didnt look much different than that of a typical investment banker. Goldman Sachs has tapped a former Uber executive to lead its fledgling consumer banking division, . 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. Yeah, were really excited about the Marcus Invest product, which will launch this quarter. 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. 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. Jennifer Tescher: Women. She is also a member of the Partnership Committee, Global Diversity Committee, Firmwide Enterprise Risk Committee and Firmwide Finance Committee. We want to be the bank on your phone, she says. But she really got it. 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. For example, when I am 60 and look back, what might I need the most? 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. Marcus is Goldman's digital-first consumer bank, offers customers saving accounts, personal loans and investment advisory services. She dug into the bones of the deal and was very compelling.". Change is underway in the financial services industry and it's disrupt or be disrupted. And we think it does help people better manage their finances. Goldman Sachs consumer exec Stephanie Cohen explains why the Wall Street bank just inked a $2.2 billion home-improvement lending deal; . wants to be your digital banker, and it has assigned the job to Stephanie Cohen, marking her second year on the Barrons list. This is a subscriber only feature Subscribe Now to get daily updates on WhatsApp. 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. Do you have any ideas or things youve thought about in terms of how to leverage your capabilities in this regard? Become a business insider with the latest news. . And weve turned that into a lot of different financial products, but the reality is were just trying to solve those problems for consumers. Cohen, 41, joined Goldman Sachs in. Stephanie Cohen is Global Co-Head of Consumer and Wealth Management at Goldman Sachs, the only woman to currently lead one of the firm's four revenue divisions. And 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. And so we felt like now is the right time where we can then take our capabilities, which were you alluded to this, but our capabilities in technology, but we could do the consumer technology with a blank sheet of paper. See our career opportunities. Well, I think Im biased, but I think I have the best job at Goldman Sachs. In less than a year, Goldman Sachs has grown its North Texas presence from more than 2,000 employees to nearly 4,000. You can use that as something that bothers you, or you can use that as a point of differentiation. 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. Im Jennifer Tescher, and Id love to hear your ideas for future guests and your reactions to the show. The latest group includes 32 white men, giving them a 53 per cent share of the promotions, the demographic's smallest representation on record. 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. Cohen is now the committees youngest, with the rare label of ex officio" member. In case you cant find any email from our side, please check the spam folder. How big the Dallas operation will get is a source of regular speculation in the North Texas real estate community. Goldman Sachs is exploring "strategic alternatives" for its nascent consumer banking business. 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? And that we were going to build an ecosystem around it. Here are her five best pieces of advice on work and personal finance for professional women. 117-14 _____ Printed for the use of the Committee on Natural . DuringStephanie Cohens first 15 years at Goldman Sachs, her career ladder didnt look much different than that of a typical investment banker. 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. The best way to do this is to have a long-term view. 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. Jennifer Tescher: 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. 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. Im going to start by saying that Ive gotten to where I am today because there are amazing people inside of Goldman Sachs and outside of Goldman Sachs who have been tremendously helpful to me. 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. 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. In January 2021, she was appointed global co-head of consumer and wealth management. It had revenue of $1.5 billion in 2021. Stephanie Cohen: 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'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. Her elevation was the most noticeable in the group of four tapped to join the management committee, and not just because its comprised mostly of men. Mr . And then we did savings. Prior to assuming her current role, Ms. Cohen was Co-Head of the Consumer and Wealth Management Division. Goldman chief executive David Solomon announced Tuesday that he has shuffled the executive ranks once again, this time making Stephanie Cohen co-head of the $2 trillion megabank's consumer. We get it: you like to have control of your own internet experience. NEW YORK (Reuters) -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 . Yeah. Things like auto pay. 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 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. Prior to that, Ms. Cohen was a Vice President in the Industrials and Merger Leadership Groups in San Francisco. 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. 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. One, it affects how you manage your own people. Collage of David Solomon . 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. By the way, a lot of people who spend their careers in financial services. Ms. Instead, I found it really helpful to look at a, people and look for things that I like or relate to. Yeah. We have businesses that do that and were really excited to do that as well. 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. Marcus. We have more than 7,500 people in our division globally. In 2008, she managed Conflicts and Business Selection for IBD in the Americas. 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. Stephanie Cohen Global Head of Platform Solutions February 2023. Jennifer, it is great to be here. I think Goldman has a growing number of excellent women at the firm. 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.

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