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To order presentation-ready copies for distribution to your colleagues, clients or customers visit http://www.djreprints.com. 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. How do you look at the data in a way that really helps you? One, we want to be the bank on your phone. 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. In this article that I had written, I talked about how originally, the mob was after Wall Street, if you will. Click the AdBlock Plus button on your browser and select Enabled on this site. She started as an analyst in 1999 and has held a series of leadership positions in mergers and acquisitions. And so I think that Ive learned over time that while being an individual contributor and being really fantastic at what you do, actually the way to really get stuff done is make everyone around you better. 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. Before that, she was Global Head of Financial Sponsor M&A in the Investment Banking Division (IBD). And hopefully again, thats millions of customers that we will speak to and we can be helpful to. Women. Dallas is now Goldmans second-biggest U.S. office outside of New York, surpassing Salt Lake City. But she really got it. And so this real focus on execution, which I no doubt learned by being a mergers and acquisitions banker inside of Goldman Sachs. Natalie Walters, Business reporter. Goldman Sachs Group Inc will pump $500 million into companies led, . And my mom who is a history teacher at some point and really cares about history and I love history and read it. In January 2021, she was appointed global co-head of consumer and wealth management. Abby Joseph Cohen (born February 29, 1952) is an American economist and financial analyst on Wall Street. 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 . 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.' 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. Upon arriving, her trajectory changed, and she has remained at the firm for over two decades in a variety of roles. This is a subscriber only feature Subscribe Now to get daily updates on WhatsApp. She started as an analyst in 1999 and has held a series of leadership positions in mergers and acquisitions. 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. The company had previously partnered on its credit cards with Barclays. This copy is for your personal, non-commercial use only. Stephanie Cohen: Alan Cohen, Goldman Sachs Group Inc.'s head of compliance and the longest-serving internal cop on Wall Street, is vacating his seat after 13 years. Solomon, who recently laid off more than 3,200 workers in what was dubbed "David's Demolition Day," was pounded with questions from Wall Street analysts about the bank's . Chief Strategy Officer, Goldman Sachs Much has been made over the past few months about Stephanie Cohen's age. In a sign of her rising stature, Cohen was selected to lead the creation of a new unit to service a critical client base for Goldman Sachs the private-equity firms, family offices and other strategic investors who are a force of their own in the deal-making world. 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. Our people find Dallas a really, really great place to live and raise a family.. And so what were trying to do is no different, we were just doing it with one product and now were going to try to do it with a holistic product suite. Outside of work, Cohen spends time with her husband and young son, who "helps me hone my negotiation skills," she laughs. 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 . A step-by-step guide for HR professionals. Particularly consumers in Marcus, youve talked a lot about the role youre in now is really about people. I went on a listening tour. Im glad that you talked about inclusive capitalism because one of the more notable pronouncements from your boss, Goldman chair and CEO David Solomon, was that Goldman was only going to be willing to take companies public if they had at least one woman on their board. 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. And besides those numbers being kind of horrific, they are a misallocation of capital. 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. 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. I know many of them, but it says something entirely different to have someone at the operating committee level. 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. Ms. Cohen, also 32, is an independent marketing consultant in Chicago. It had revenue of $1.5 billion in 2021. Stephanie joined Goldman Sachs as an analyst in 1999, was named managing director in 2008, and became a partner in 2014. Mr Solomon teased a sale, saying Goldman was exploring "strategic alternatives". 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. Stephanie Cohen, a merger banker who has spent the past few years doing deals for private-equity firms and other big investors, will replace Stephen Scherr, who has held the role since 2014,. More on Stephanie. 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. Im Jennifer Tescher, journalist turned financial health champion. 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. Change is underway in the financial services industry and it's disrupt or be disrupted. I used to get off the ice from practices and be soaking wet because you just are cleaning up the ice falling because its the only way to learn a new skill. We get it: you like to have control of your own internet experience. We want to use simple, transparent and valuable products to help people manage their financial lives. 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. "LeaseQuery has found a way to deliver easy-to-use solutions to their clients' complex problems," said Stephanie Cohen, Goldman Sachs' chief strategy officer who founded Launch With GS, an . In January 2021, she was appointed global co-head of consumer and wealth management. But Ive also noticed that when women start talking to friends about business ideas, they actually want to help each other.. Yeah. 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).. 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. How has that influenced you? This $90 million Liked by Stephanie. 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. If her tenure there is successful, it could pave the way for Cohen to make history at the firm. Stephanie is head of Private Equity in Asia and global co-head of Growth Equity within Goldman Sachs Asset Management. The 9 biggest takeaways from Goldman Sachs' investor day, from a tense Q&A with CEO David Solomon to the tater tots for breakfast. Jennifer Tescher: Tell us a little bit about where you expect to focus most of your time and attention this year. 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. Stephanie Cohen: 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. See you next time. I was a big bank diversity hire. This account of her ascent is based on interviews with people whove worked with Cohen, who asked not to be named discussing their interactions. It'll just take a moment. 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. Measurement made easy for your organization. The San Francisco bank entered into a multiyear partnership with Choice Hotels, which operates brands such as Radisson, Comfort and Econo Lodge. 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. We'll send you a myFT Daily Digest email rounding up the latest Goldman Sachs Group news every morning. [1] [2] Prior to March 2008, she was the firm's Chief Investment Strategist. And that we were going to build an ecosystem around it. Stephanie Cohen: 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. Things like auto pay. And this kind of idea of people wanting to experience financial services deeply embedded into ecosystems rather than being this separate action. Remove some to bookmark this image. 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. 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. CompTIA expects that to grow to nearly 7,700 net new positions this year, the fifth-highest total nationally. Internet Explorer not supported . I love that you had that visceral experience from the book and particularly given the role youre in now. And so what are we? Prior to her current role, Stephanie drove strategy, M&A, strategic investing, and partnerships as the firms chief strategy officer. Stephanie Cohen: You pack a lot into a day. Yeah. The regions tech workforce is projected to expand 17% over the next decade. Learn about the important intersection of healthcare and financial heath. . She also serves as trustee for the Board of The Economic Club of New York. And the reality is that is the right advice for our clients. Jennifer Tescher: 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. Ms. Cohen serves on the National Board of Directors of CollegeSpring and as a member of the Board of Quill.org. 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 so I would really, I would kind of exclamation point on that point. He will report to Stephanie Cohen, Goldman's global co-head of consumer and wealth management. Predict the closing value of sensex and win free subscription. She is also a Global Executive sponsor of the Women's Network. "We have 500 corporate clients, and we have the ability to provide financial wellness to all levels of employees," she said. They are part of Goldman Sachs and we are really excited to serve them with the best of Goldman Sachs digitally. Got it. Close. 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. And how do you feel about essentially being a change agent in this way? The . 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. She dug into the bones of the deal and was very compelling.". Here are her five best pieces of advice on work and personal finance for professional women. Goldman Sachs. Marcus is Goldman's digital-first consumer bank, offers customers saving accounts, personal loans and investment advisory services. Thank you for inviting me. 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. Cohen declined to give projections for growth in Dallas or say whether Goldman is considering such a move. The world is awash in capital and you never see that. 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. Yeah. We've detected you are on Internet Explorer. Stephanie earned an AB in Biology, summa cum laude, from Harvard . In 2008, she managed Conflicts and Business Selection for IBD in the Americas. Jennifer Tescher: You can learn more about how we use cookies by reviewing our Privacy Policy.Dismiss, Global Co-Head of Consumer and Wealth Management. Goldman now has credit-card deals with When Goldmans board gathered on the West Coast in late June, she gave a presentation on that groups work. 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. They are not only of course the right thing to do, but it is the only way to run the business. Shes about 10 years younger than the average man already on the committee, after becoming a partner just four years ago. She also spearheaded Launch With GS, the organizations $500 million commitment to invest in diverse-led companies and investment managers, and GS Accelerate, the firms in-house innovation engine. 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. 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. Stephanie Cohen is Global Head of Platform Solutions and a member of the Management Committee. 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. I think Goldman has a growing number of excellent women at the firm. 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. 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. And the idea really brings together the reason by the way, why we have our consumer and wealth management businesses all together. In the latest in a rapid career of promotions, Cohen, 43, took over as co-head of consumer and wealth management in January, overseeing consumer bank Marcus, which has racked up $97 billion in deposits. 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. And how can we serve them where they are with the capabilities of Goldman Sachs? 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 . And that has definitely been sped up by whats gone on with COVID. Goldman Sachs Group Were hopeful that well create this self-enforcing ecosystem where people will say if they want to work in financial services and do cool things in fintech, this is one of the great places to go to do that, Cohen said. 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. Internet Explorer is no longer supported on our website. We have businesses that do that and were really excited to do that as well. 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. 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. So much. to talk about career, money and life. 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. Click the AdBlock Plus button on your browser and select Disable on Observer.com. And then weve also done that with Walmart and Amazon in terms of providing credit to their merchants. She went on to a more traditional M&A role in the industrials team. Yeah, I think its this idea of being a learner. 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 that starts with our own people. 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. I really enjoyed hearing about how you go about listening. See our career opportunities. Someone get Stephanie Cohen a set of hair clippers. DuringStephanie Cohens first 15 years at Goldman Sachs, her career ladder didnt look much different than that of a typical investment banker. Apple 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. And one of the things that we kind of put out there in the wild was this idea of being able to pay your credit card bill multiple times a month in the Apple cart. Stephanie Cohen is one the bank's highest-ranking female . I did that internally and I also did it externally. 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. And also, we didnt really know exactly what that was going to look and feel like, but what we figured out is actually people really do like it. Whether thats direct disbursements in our loans, meaning when you sign up for a Marcus loan, we can directly pay off your other debts. Here are her five best pieces of advice on work and personal finance for professional women. ", 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. Because you cant do things exactly the same way. Wow. You can use that as something that bothers you, or you can use that as a point of differentiation. Stephanie Cohen has been at Goldman Sachs for more than 23 years. And thats really the most exciting thing about being able to run this division. . She was previously based in New York where she reported for The Motley Fool, TheStreet and Business Insider. 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. For the best Barrons.com experience, please update to a modern browser. And since then, youve begun offering all kinds of things. March 02, 2023, 14:16 IST. Stephanie Cohen is Goldman Sachs' Chief Strategy Officer and an Ex Officio member of the Management Committee. Which is that theres a specific type of customer thats the Marcus customer. Its a great point. 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. And just to go back to your very specific question on are we trying to take these customers and turn them into Goldman Sachs customers? Jennifer Tescher: 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. Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. 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 potential sale after the business lost billions of dollars. And I love learning. Youve got to figure out whats important to you and what you really want to spendmoney on. Talk a little bit about how Marcus has evolved and where you see that business heading now that youve reached, say adolescence. . 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? Goldman Sachs (GS-0.84%) CEO David Solomon has promoted Stephanie Cohen to co-head its consumer banking and wealth management division as part of an executive shuffle at the bank.. Stephanie Cohen: You can connect with me on Twitter @JenTescher. But advertising revenue helps support our journalism. You are just one step away from creating your watchlist! General Motors We do it externally. 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. Goldman Sachs CEO shuffles consumer banking, wealth management leaders [CNBC] Tags. Download the Mint app and read premium stories. 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. Talk a little bit about how you do that as a leader. Diversity, equity and inclusion are core to our mission, see why. I suspect that theres only so far a brand like Marcus can go in terms of meeting the needs of underserved consumers. "We have savings, lending, investing, and we're close to launching checking. Your session has expired, please login again. We think technology is in a place where you can really have a bank on your phone. Text. A Flagstar executive said the mortgage-focused bank is "not just going to sit on the sidelines and watch this happen.". I mentioned at the top, youre the youngest member of the banks management committee. She is a key architect of the bank's . 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. Yeah. And that you knew that you needed to listen and learn from the rest of the businesses, but that also you needed to learn about consumers, given that a growing part of the bank strategy was Marcus. And so I think its embedded in your question, but I think its a fair question. Kristin Broughton Reprint For reprint and licensing requests for this article, click here. Jun 22 Stephanie Cohen: Chief Strategy Officer at Goldman Sachs. Jennifer Tescher: And what are we trying to become? Jennifer, it is great to be here. Goldman Sachs has tapped a former Uber executive to lead its fledgling consumer banking division, . Its been really fun getting to know all of them. Stephanie Cohen, MFT is a specialist in Psychiatry: Child/Adolescent who has an office at 710 S Broadway Street, Walnut Creek, CA 94596 and can be reached at 1-925-295-4145. And we think that this is a great way for people to think about investing. 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. Jung, weiblich, Bankerin: Stephanie Cohen macht bei Goldman Sachs Karriere. 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. 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. 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. And its also, I think, no accident that youve also been anointed to the operating committee. 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.
