Jennifer Tescher: Dallas is quite central, Cohen said. 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. We could have a whole conversation you and me, just on this topic so lets do that another time. 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. And the idea really brings together the reason by the way, why we have our consumer and wealth management businesses all together. Earlier in her career, Ms. Cohen worked in New York in the M&A department. Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. 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. "They are like-minded brands that are meeting people where they are," Cohen said. Marcus. She was previously based in New York where she reported for The Motley Fool, TheStreet and Business Insider. 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. Getting out of our silos, hearing from other people, other perspectives we might not hear from otherwise and finding the interconnections. A great question. And when I was in my role as chief strategy officer, we created this thing called Accelerate, which we call our internal innovation engine. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. The bureaucratic asterisk is likely meant to avoid upsetting senior executives whove spent much longer trying to get on the panel, without luck. 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. Stephanie Cohen Global Head of Platform Solutions February 2023. Because maybe the content, or for example, we have something called Marcus Insights, which helps people aggregate their accounts and really provide insights into how theyre spending their money and better budget. 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. 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. Stephanie Cohen, cohead of Goldman's consumer and wealth group, is the only woman heading one of the bank's primary business divisions. She is now even given the place at the top of the bank. 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. Goldman Names Two Execs to Lead Private Wealth Management 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. Flagstar Bank launches its next mortgage-tech accelerator while Walmart and Citi partner on a supplier loan program. But I would sit in meetings and just be like, Im sorry, Im just going to ask this from the most basic level. And to this point of financial services being really complicated, I think lots of people sit in a lot of meetings and everyone else thinks that everyone else understands something and they actually dont. Goldman Sachs executive who led consumer banking launch set to depart 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. Its not a one size fits all product and solution. We do it internally. 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: Are you okay? And being really happy because you could tell that you were almost there. E ine Stunde mit . And what are we trying to become? Which is that theres a specific type of customer thats the Marcus customer. 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. 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. 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 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. Inside a massive transformation at powerhouse Wall Street bank Goldman The reality is that investing can be intimidating for a lot of people. On September 29, 2020 . A lot of investment bankers have the attention span of a gnat," said Stephen DeFalco, who was the CEO of Crane & Co. before Goldman Sachs helped sell the company. Natalie is an award-winning reporter who covers banks, crypto, fraud, deals and other money topics for The Dallas Morning News. In mid-July, the company announced it will promote David Solomon to succeed Lloyd Blankfein as chief executive officer. They are not only of course the right thing to do, but it is the only way to run the business. She is also a Global Executive sponsor of the Women's Network. The world is awash in capital and you never see that. Marianne Lake Is Not Having A Good Month - Dealbreaker LeaseQuery Announces $40 Million in Series A Funding 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. Natalie Walters, Business reporter. Its really complex. Cohen declined to give projections for growth in Dallas or say whether Goldman is considering such a move. And so in skating you fall all the time. And how do you feel about essentially being a change agent in this way? Im glad youre drilling in on it. How big the Dallas operation will get is a source of regular speculation in the North Texas real estate community. Jung, weiblich, Bankerin: Stephanie Cohen macht bei Goldman Sachs Karriere. 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. You mentioned the Apple card. Yeah, were really excited about the Marcus Invest product, which will launch this quarter. And we are lucky because we get to spend our entire days focusing on people. 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 this year were going to launch Marcus Invest and checking and a credit card partnership with General Motors. 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. Goldman Sachs 209K subscribers Subscribe 4.6K views 5 years ago Despite China's macro headwinds, Stephanie Hui, head of the Merchant Banking Division in Asia Pacific Ex-Japan, identifies the. And thats really the most exciting thing about being able to run this division. And then how do you take that into your next role? 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. 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. Then President John Waldron repeated it. Youve begun offering credit beyond debt consolidation. But advertising revenue helps support our journalism. A step-by-step guide for HR professionals. Someone get Stephanie Cohen a set of hair clippers. Young, female, banker: Stephanie Cohen has made a career at Goldman Sachs. Goldman Sachs's CEO David Solomon concedes that some of his efforts to Over 99% goes to all white teams. The High. 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. We have more than 7,500 people in our division globally. And in this new role in particular, but I was doing some of this as chief strategy officer, but now doing much more of it, I think you really have to figure out how you can listen to customers directly. A Flagstar executive said the mortgage-focused bank is "not just going to sit on the sidelines and watch this happen.". Because consumer banking has been around for a really long time. A Goldman Sachs lifer who rose through the ranks of mergers and acquisitions after starting as an analyst fresh out of college, Stephanie Cohen, 42, became chief strategy officer in January. Goldman Sachs CEO David Solomon Is Shaking Things Up at Wall Street's Explore how to make financial services a force for good. I know many of them, but it says something entirely different to have someone at the operating committee level. Cohen drives strategy, Mergers & Acquisitions (M&A . This copy is for your personal, non-commercial use only. And so the main thing Im focused on is people internally and externally. I suspect theres also something to it about the moment were living in, the era were living in. 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. 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. Goldman Sachs is exploring "strategic alternatives" for its nascent consumer banking business. 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 mulls deal options after consumer flop It was a pre-COVID time period. That makes a lot of sense. The best way to do this is to have a long-term view. Yeah. She is a key architect of the bank's . Stephanie Cohen, Chief Strategy Officer, Goldman Sachs - Topio Networks See our career opportunities. Prior to her current role, Stephanie drove strategy, M&A, strategic investing, and partnerships as the firms chief strategy officer. 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. 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. Most Powerful Women 2019: Stephanie Cohen | Crain's New York Business Apple Ive run, as you said, the consumer and wealth management business with my partner, Tucker York. Sometimes you have to tell people what they dont want to hear, and shes among the best Ive seen when she gives advice," said Eileen Nugent, a senior M&A lawyer who has advised on buyouts. Im realizing through this conversation that youre really a culture builder. . And at least I believe and I think its fair to say that theyre amazing. Now I have to turn the conversation a little bit back to you for a minute, because youre a lifer at Goldman Sachs. 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. 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. March 02, 2023, 14:16 IST. Some inside the bank wonder whether shes destined to rise even higher. And so now one of the things, weve tried and a new skill actually inside of Goldman, which is this experimentation. 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. Shes about 10 years younger than the average man already on the committee, after becoming a partner just four years ago. And so I think its embedded in your question, but I think its a fair question. And that starts with our own people. Financial Health Pulse 2022 Chicago Report, Jennifer Tescher | Leaning Forward for FinHealth. And so what are we? We recommend using Google Chrome, Mozilla Firefox, Apple Safari, or . Its been really fun getting to know all of them. Cohen is now the committees youngest, with the rare label of ex officio" member. 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. Prior to that, Ms. Cohen was a Vice President in the Industrials and Merger Leadership Groups in San Francisco. The 9 biggest takeaways from Goldman Sachs' investor day, from a tense Q&A with CEO David Solomon to the tater tots for breakfast. Shell be among seven women on the 33-person panel. Stephanie Cohen: 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. We'll send you a myFT Daily Digest email rounding up the latest Goldman Sachs Group news every morning. I suspect that theres only so far a brand like Marcus can go in terms of meeting the needs of underserved consumers. Ms. Cohen was Sector Captain for General Industrials in the Global Industrials Group and a member of the M&A Group in IBD. 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.' We want to use simple, transparent and valuable products to help people manage their financial lives. I talked a little bit about all the businesses that Tucker and I are managing and they include these advisor led wealth management businesses that we have been in for decades. We want to be your primary bank. And then as you mentioned, we have a digital consumer bank. [House Hearing, 117 Congress] [From the U.S. Government Publishing Office] H.R. 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. And its been so fascinating to watch the frankly, explosive growth of the business. Measurement made easy for your organization. Stephanie Cohen is Global Head of Platform Solutions and a member of the Management Committee. Im a lifelong learner. Goldman Sachs CEO David Solomon fends off attacks over Marcus flop Abby Joseph Cohen - Wikipedia . Download the Mint app and read premium stories. Stephanie Cohen: Chief Strategy Officer at Goldman Sachs HerStory Created STEPHANIE COHEN, GLOBAL HEAD OF PLATFORM SOLUTIONS, 45. 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. 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. 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. ", 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. Sign In. Ms. Cohen serves on the National Board of Directors of College Spring and as a member of the Board of Quill.org. She is also a Global Executive sponsor of the Women's Network. Key Takeaways From Goldman Sachs' Investor Day 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. But she really got it. "We have 500 corporate clients, and we have the ability to provide financial wellness to all levels of employees," she said. Goldman Sachs managers say one takeaway of the pandemic. In less than a year, Goldman Sachs has grown its North Texas presence from more than 2,000 employees to nearly 4,000. Whether thats direct disbursements in our loans, meaning when you sign up for a Marcus loan, we can directly pay off your other debts. Most Powerful Women in Banking: No. 12, Stephanie Cohen, 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. Bill Goldman, 38, historian, philanthropist and Levi Strauss heir In 2021, Goldman Sachs announced the One Million Black Women initiative, a $10-billion investment initiative focused on investing in Black women to, ``drive investment in housing, health care, access to capital, education, job creation and workforce advancement, digital connectivity, and financial health.'' In 2020, JPMorgan Chase . Click the AdBlock Plus button on your browser and select Disable on Observer.com. 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 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. and expects to roll out digital checking accounts in the next few months. Feb 2, 2021, 8:42 AM. 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 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. That theres sort of a graduation approach and that if I engage folks early with more basic financial products and services, theyll ultimately become the wealth management customers of tomorrow? 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. It'll just take a moment. 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. Jun 22 Stephanie Cohen: Chief Strategy Officer at Goldman Sachs. I wonder if you could talk a little bit about when you joined as chief strategy officer in that role, what you did to listen and learn about both the parts of the business that you might have been less familiar with, but also the end user, if you will, the consumer. She went on to a more traditional M&A role in the industrials team. They are Goldman Sachs customers. And I remember these moments of falling really hard and your parents, your coach is like, Oh my. 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. Stephanie Cohen: But by the way, you cant do that always at scale. 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. Diversity in the ranks at Goldman and at the companies it invests in is a priority for Cohen. Already, Steven Mnuchin has been tapped as Treasury secretary, Stephen K. Bannon was named senior adviser and Gary D. Cohn, Goldman's president, is expected to direct the National Economic Council. And by the way, that portfolio is different for different people. Looks like you have exceeded the limit to bookmark the image. 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?
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