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. Stephanie is head of Private Equity in Asia and global co-head of Growth Equity within Goldman Sachs Asset Management. Copyright HT Digital Streams Limited All rights reserved. Stephanie Cohen: 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. Things like auto pay. 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. Cohen said Goldman has been focused on fortifying its relationships with universities to help attract engineering talent to D-FW. She is also a Global Executive sponsor of the Women's Network. As an investment banker for close to 20 years, my presence in board rooms was often an anomaly. She started as an analyst in 1999 and has held a series of leadership positions in mergers and acquisitions. 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. Because you cant do things exactly the same way. And so 85% of all venture capital dollars goes to all male founded teams. Jennifer Tescher: She is also a member of the Firmwide Asset Liability Committee and the Global Inclusion and Diversity Committee, serving as a Global Executive sponsor of the Women's Network. Oops! Stephanie Cohen: Stephanie Cohen is Global Head of Platform Solutions and a member of the Management Committee. One Goldman Sachs go-to-market strategy combined with products developers love and can easily adopt 2 Business-to-business with innovative, client- and Its the ultimate man-cave. Stephanie Cohen: By years end, 40% of its employees were working in those locations, the company said. You are now subscribed to our newsletters. 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. Secondly, culturally. https://www.barrons.com/articles/barrons-100-most-influential-women-in-u-s-finance-stephanie-cohen-51615543200. Yeah. And so were doing that with Apple, but also well do it with General Motors. The world is awash in capital and you never see that. 1 Executive Summary Primary drivers Key focus areas INVESTOR DAY 2023 PLATFORM SOLUTIONS . Her appointment this summer to Goldman Sachs' management committee made her its youngest member. Stephanie, welcome to Emerge Everywhere. You cant have two different meetings where you talk about market share and growth and margins and then you have another meeting where you talk about diversity. You should spendmoney on things that truly make you happy. But advertising revenue helps support our journalism. We want to be the bank on your phone, she says. Tell me more about that choice and sort of what youve learned from it. Change is underway in the financial services industry and it's disrupt or be disrupted. Certainly youre gifted and talented. 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 . Figuring out how what youre doing is affecting people. We call those businesses, private wealth management and personal financial management. 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? And it will be interesting to think about how you leverage your vast capabilities and capital. Stephanie Cohen: 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. 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 . Ive run, as you said, the consumer and wealth management business with my partner, Tucker York. Im a lifelong learner. 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? And that starts with our own people. And then to your point, the clients and the customers in those businesses that were ultimately serving. 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. The company had previously partnered on its credit cards with Barclays. And so this real focus on execution, which I no doubt learned by being a mergers and acquisitions banker inside of Goldman Sachs. Since the start of this year, Cohen has held the weighty title of chief strategy officer leading a team that helps decide where the bank should pursue new lines of business or acquisitions of its own. Goldman Sachs mulls deal options after consumer flop. 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. 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. Im realizing through this conversation that youre really a culture builder. "We have 500 corporate clients, and we have the ability to provide financial wellness to all levels of employees," she said. Got it. 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. We want to be your primary bank. Natalie is an award-winning reporter who covers banks, crypto, fraud, deals and other money topics for The Dallas Morning News. 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. And so I think its embedded in your question, but I think its a fair question. 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. Im actually a former journalist. 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? Where does the bank and the Fed go from here? 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 . She is also a Global Executive sponsor of the Women's Network. When Goldmans board gathered on the West Coast in late June, she gave a presentation on that groups work. She is also a member of the Partnership Committee, Global Diversity Committee, Firmwide Enterprise Risk Committee and Firmwide Finance Committee. 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. So much. Goldman Sachs has tapped a former Uber executive to lead its fledgling consumer banking division, . Goldman Sachs Group Jennifer Tescher: 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. Thats not something anyone told us to do so we didnt listen in terms of having a conversation, but we watched the way that customers are interacting with our product and were learning from that. And 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. Do you have any ideas or things youve thought about in terms of how to leverage your capabilities in this regard? Stephanie Cohen, culture builder, lifelong learner, thanks so much for joining me on Emerge Everywhere. Become a business insider with the latest news. We'll send you a myFT Daily Digest email rounding up the latest Goldman Sachs Group news every morning. Shes about 10 years younger than the average man already on the committee, after becoming a partner just four years ago. 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. Click the AdBlock Plus button on your browser and select Disable on Observer.com. But she really got it. She is one of seven women named on the committee and is 10 years younger than the average man on the team. Here are her five best pieces of advice on work and personal finance for professional women. Our people find Dallas a really, really great place to live and raise a 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. 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. We think technology is in a place where you can really have a bank on your phone. Marcus is Goldman's digital-first consumer bank, offers customers saving accounts, personal loans and investment advisory services. Ms. Cohen, also 32, is an independent marketing consultant in Chicago. And so I would really, I would kind of exclamation point on that point. 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. This $90 million Liked by Stephanie. . She also serves as trustee for the Board of The Economic Club of New York. You can connect with me on Twitter @JenTescher. Now I have to turn the conversation a little bit back to you for a minute, because youre a lifer at Goldman Sachs. For example, when I am 60 and look back, what might I need the most? Financial Health Pulse 2022 Chicago Report, Jennifer Tescher | Leaning Forward for FinHealth. 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. terms: Goldman Sachs Banks Stephanie Cohen Succession. 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. 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. Looks like you have exceeded the limit to bookmark the image. Dallas is now Goldmans second-biggest U.S. office outside of New York, surpassing Salt Lake City. And theres a way to do that for a Marcus customer, but maybe theres over time a different way to do that for a General Motors customer or others that we partner with. 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. 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. By the way, a lot of people who spend their careers in financial services. If her tenure there is successful, it could pave the way for Cohen to make history at the firm. This account of her ascent is based on interviews with people whove worked with Cohen, who asked not to be named discussing their interactions. 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 . The bank says the candidates failed to make full disclosures. 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. We have businesses that do that and were really excited to do that as well. Chief Strategy Officer, Goldman Sachs Much has been made over the past few months about Stephanie Cohen's age. And then we have this great program where we work with companies on financial wellness for their employees and we call that Ayco. And then because while we can access millions of customers, the way that we can really have impact is by taking those capabilities and embedding it into the ecosystems of our partners. How do you look at the data in a way that really helps you? You have to talk about all that in one place, because its the only way to win, but its also the only way to serve customers and ultimately help them achieve their goals. Download the Mint app and read premium stories. Stephanie Cohen has participated in 2 events. This copy is for your personal, non-commercial use only. Some inside the bank wonder whether shes destined to rise even higher. 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 pack a lot into a day. Jennifer Tescher: Im Jennifer Tescher, and Id love to hear your ideas for future guests and your reactions to the show. She serves on the Partnership Committee, and is also on the Board of Advisors of Launch With GS, Goldman Sachs' $1 billion investment strategy grounded in the belief that diverse teams drive strong returns. By continuing to use our site you agree to our. I did that internally and I also did it externally. Stephanie Cohen: 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. 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. Speaker Bio: Stephanie Cohen is Goldman Sachs' Chief Strategy Officer and a member of the Management Committee. You can learn more about how we use cookies by reviewing our Privacy Policy.Dismiss, Global Co-Head of Consumer and Wealth Management. 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. And what were doing in our division is we do it a couple of different ways. They are part of Goldman Sachs and we are really excited to serve them with the best of Goldman Sachs digitally. It was a pre-COVID time period. Whether thats direct disbursements in our loans, meaning when you sign up for a Marcus loan, we can directly pay off your other debts. 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. 2021-11-30T13:05:49.103Z. Youre one of the few women whos risen to that level. . I was a big bank diversity hire. Jennifer Tescher: 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. Stephanie Cohen: 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. 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. Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. For the best Barrons.com experience, please update to a modern browser. 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 its been so fascinating to watch the frankly, explosive growth of the business. Wow, this is so devastating. And we think it does help people better manage their finances. I love that you had that visceral experience from the book and particularly given the role youre in now. William (Bill) Sachs Goldman, the scion of a prominent family of Jewish philanthropists in San Francisco and himself a board member of the New Israel Fund, died in a crash of his private plane. Goldman Sachs is exploring "strategic alternatives" for its nascent consumer banking business. 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. 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. And since then, youve begun offering all kinds of things. Actually, I got on a plane a lot. And thats how we ultimately came up with the strategies, which I talked about earlier in terms of going direct and what we call financial cloud. You can use that as something that bothers you, or you can use that as a point of differentiation. Hier kommt Frau Goldman Sachs. Measurement made easy for your organization. One, we want to be the bank on your phone. They are not only of course the right thing to do, but it is the only way to run the business. Prior to her current role, Stephanie drove strategy, M&A, strategic investing, and partnerships as the firm's chief strategy officer. To order presentation-ready copies for distribution to your colleagues, clients or customers visit http://www.djreprints.com. Goldman Sachs managers say one takeaway of the pandemic. Here are her five best pieces of advice on work and personal finance for professional women. In its 2021 annual report released in February, Goldman said it had established key strategic locations that included Dallas, Salt Lake City, Singapore, Warsaw and Bengaluru. The 43-year-old. Goldman Sachs Group Inc. named John Mallory and Meena Flynn as co-heads of global private wealth management, a business that's key to the bank's aim to diversify revenue streams beyond its core. How we set it up made it easier for them and then how it affected their lives going forward. That makes a lot of sense. 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. And so what are we? And so thats really what were trying to do with what were doing in consumer and in Marcus. . 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. One, it affects how you manage your own people. 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. A great question. Im excited to see how that develops. In January 2021, she was appointed global co-head of consumer and wealth management. It celebrated the repayment by handing employees buttons that said Paid.". And the reason why we decided now was the right time for Goldman Sachs is because one, technology. 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. We're getting to the moment where we can help someone holistically manage their financial lives," Stephanie Cohen,. Im wondering how youre viewing that experience in light of the coming launch of these new products for Marcus customers? Over 99% goes to all white teams. 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. Below are steps you can take in order to whitelist Observer.com on your browser: Click the AdBlock button on your browser and select Don't run on pages on this domain. Im Jennifer Tescher, journalist turned financial health champion. The reality is that investing can be intimidating for a lot of people. STEPHANIE COHEN, GLOBAL HEAD OF PLATFORM SOLUTIONS, 45. "We have savings, lending, investing, and we're close to launching checking. The business is not yet profitable but is expected to hit revenue of $4 billion by 2024, she said. She is a key architect of the bank's . Our 150 years of financial services experience and things like risk and compliance, our scale, which is our ability to invest, but also the balance sheet, which provides the ability to provide things like credit and great relationships with people like Apple and GM. And so were not going to do that on our own. 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. 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. wants to be your digital banker, and it has assigned the job to Stephanie Cohen, marking her second year on the Barrons list. 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. 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. By continuing to use our site you agree to our Terms of Use and Privacy Policy. Stephanie Cohen, Goldman's co-head of consumer and wealth management, is working on setting up a second base for herself in Dallas. And we are lucky because we get to spend our entire days focusing on people. Goldman plans to add checking to Marcus later this year but doesnt have a set date, Cohen said. And how do you feel about essentially being a change agent in this way? And then on the other side of the people equation is our clients and our customers. How does this all fit together? Prior to that, Ms. Cohen was a Vice President in the Industrials and Merger Leadership Groups in San Francisco. DuringStephanie Cohens first 15 years at Goldman Sachs, her career ladder didnt look much different than that of a typical investment banker. 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. Senior Editor, Women's Programs, American Banker. Cohen drives strategy, Mergers & Acquisitions (M&A . Yeah, were really excited about the Marcus Invest product, which will launch this quarter. Youve only been in this new role for just a few months and weve talked a fair bit about the great work you did when you were chief strategy officer starting in 2018. ", 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. And so I found the book and it was incredibly interesting, but also devastating in so many different ways, because it was very clear that the financial system was not working for most people. It could be meal delivery services, paying for working out, or makeup and clothes. She joined Goldman Sachs as an Analyst in 1999, was named Managing Director in 2008 and Partner in 2014. She is now even given the place at the top of the bank. Stephanie Cohen: I think Goldman has a growing number of excellent women at the firm. You, it turns out I learned, were once a competitive figure skater growing up. It'll just take a moment. Diversity in the ranks at Goldman and at the companies it invests in is a priority for Cohen. And so in skating you fall all the time. 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. And how can we serve them? Consequently, they can be prickly customers. <p><img src="https://static1.businessinsider.com/image/5c40b6cbb492cb3ebd48300a-2400/gettyimages-1048898186.jpg" border="0" alt="Goldman Sachs CEO David Solomon" data . And I remember these moments of falling really hard and your parents, your coach is like, Oh my. Yeah. Im glad youre drilling in on it. 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. We get it: you like to have control of your own internet experience. 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 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. Its not a one size fits all product and solution. and Stephanie Cohens first 15 years at Goldman Sachs, her career ladder didnt look much different than that of a typical investment banker. There werent a lot ofinvestment bankers that looked like me. More than 90% of appraisers are white, and researchers have found that bias leads to lower valuations for homeowners of color. And then we did the Apple card. He will report to Stephanie Cohen, Goldman's global co-head of consumer and wealth management. Ms. Explore how to make financial services a force for good. [1] [2] Prior to March 2008, she was the firm's Chief Investment Strategist. Abby Joseph Cohen (born February 29, 1952) is an American economist and financial analyst on Wall Street. Correction: A previous version of this article mistakenly stated that Cohen became a managing partner at Goldman Sachs in 2008. Its a great point. 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. Talk a little bit about how Marcus has evolved and where you see that business heading now that youve reached, say adolescence.
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