This copy is for your personal, non-commercial use only. After getting an offer to work at Goldman Sachs in investment banking out of school, she thought she would work there for two years and then attend law school. Im doing it every day. Goldman also will provide six student scholarships for $10,000 each at UTD over the next three years. The world is awash in capital and you never see that. We do it internally. 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. Stephanie earned an AB in Biology, summa cum laude, from Harvard . Correction: A previous version of this article mistakenly stated that Cohen became a managing partner at Goldman Sachs in 2008. Her appointment this summer to Goldman Sachs' management committee made her its youngest member. The bank says the candidates failed to make full disclosures. [1] [2] Prior to March 2008, she was the firm's Chief Investment Strategist. She is a key architect of the bank's . So much. "They are like-minded brands that are meeting people where they are," Cohen said. A checking account is currently in beta, according to Cohen. Its a great point. 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. Stephanie Cohen: 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. Yeah. In less than a year, Goldman Sachs has grown its North Texas presence from more than 2,000 employees to nearly 4,000. Goldman Sachs Group Goldman Sachs managers say one takeaway of the pandemic. Stephanie Cohen: Prior to assuming her current role, Ms. Cohen was Co-Head of the Consumer and Wealth Management Division. Thank you for inviting me. As the banks chief strategy officer, she brought clarity and focus, including a new commitment to diversity and inclusion. And we are lucky because we get to spend our entire days focusing on people. She graduated cum laude from New York University and received an M.B.A. in May from Indiana University. Stephanie Cohen, Goldman's co-head of consumer and wealth management, is working on setting up a second base for herself in Dallas. And then we have this great program where we work with companies on financial wellness for their employees and we call that Ayco. and expects to roll out digital checking accounts in the next few months. 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 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. Collage of David Solomon . We'll send you a myFT Daily Digest email rounding up the latest Goldman Sachs Group news every morning. And its been so fascinating to watch the frankly, explosive growth of the business. 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. The strategy document identifies potential avenues for cutting cybercriminals off from financing, as well as other actions banks can take. Cindy Ord/Getty Images for Girlboss Rally NYC 2018. Some there have earmarked her as a candidate to become the first woman to lead the investment banking division, the banks most profitable arm. Im not certified to be helpful, but we do get a lot of questions and it helps you to understand just how many people have these questions and how many people could really use help in managing their finances. And were going to be better if we do that. And then as you mentioned, we have a digital consumer bank. ", 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. The banking industry appears to be stuck when it comes to diversifying the leadership ranks. Prior to her current role, Stephanie drove strategy, M&A, strategic investing, and partnerships as the firm's chief strategy officer. 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. Cohen drives strategy, Mergers & Acquisitions (M&A . We've detected you are on Internet Explorer. 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. Jennifer Tescher: Apple And I talked to you about three things that I think have helped me and the teams around me be successful. It didn't go well. Yeah. General Motors Carter Johnson and Hayley Cuccinello. And so were doing that with Apple, but also well do it with General Motors. And of course, people want access to an advisor. Predict the closing value of sensex and win free subscription. 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. In August, The Dallas Morning News reported that Goldman is eyeing a new skyscraper project on the edge of downtown Dallas as a location for up to 6,000 workers. Certainly youre gifted and talented. 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. To order presentation-ready copies for distribution to your colleagues, clients or customers visit http://www.djreprints.com. Stephanie Cohen: Shell be among seven women on the 33-person panel. And how do you feel about essentially being a change agent in this way? And my mom who is a history teacher at some point and really cares about history and I love history and read it. My moms a teacher and its just something. 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. Cohen said Goldman has been focused on fortifying its relationships with universities to help attract engineering talent to D-FW. Stephanie joined Goldman Sachs as an analyst in 1999, was named managing director in 2008, and became a partner in 2014. 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. Not much is scary after that. She started as an analyst in 1999 and has held a series of leadership positions in mergers and acquisitions. Goldman Sachs mulls deal options after consumer flop. 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. Dallas is now Goldmans second-biggest U.S. office outside of New York, surpassing Salt Lake City. 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. I mentioned at the top, youre the youngest member of the banks management committee. 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. Are you okay? And being really happy because you could tell that you were almost there. 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. Natalie is an award-winning reporter who covers banks, crypto, fraud, deals and other money topics for The Dallas Morning News. Stephanie Cohen: Were looking for mission-driven people to join our team. And so I think its embedded in your question, but I think its a fair question. Ihr wird inzwischen sogar der Platz an der Bank-Spitze zugetraut. The bureaucratic asterisk is likely meant to avoid upsetting senior executives whove spent much longer trying to get on the panel, without luck. To learn more about the work and research we do, please visit emerge.finhealthnetwork.org. Jennifer Tescher: You pack a lot into a day. Goldman Sachs Group Inc's Chief Executive David Solomon and top executives will give investors an update on their strategy on Tuesday. Stephanie Cohen has participated in 2 events. 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. Ms. Cohen was Sector Captain for General Industrials in the Global Industrials Group and a member of the M&A Group in IBD. And I do think were in this moment of have a lot of people around, have them continuously getting better, be focused on execution and kind of getting stuff done, but being constantly learning in the process. And just to go back to your very specific question on are we trying to take these customers and turn them into Goldman Sachs customers? And so now one of the things, weve tried and a new skill actually inside of Goldman, which is this experimentation. 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. 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 this year were going to launch Marcus Invest and checking and a credit card partnership with General Motors. In 2008, she managed Conflicts and Business Selection for IBD in the Americas. Copyright HT Digital Streams Limited All rights reserved. They most recently attended, or will attend, Money 20/20 USA 2021 on Oct 24, 2021 . 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 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. Getting out of our silos, hearing from other people, other perspectives we might not hear from otherwise and finding the interconnections. And by the way, if you take all of that and everything else were doing, weve now found that two out of three of our Marcus loans customers, after they take out a Marcus loan, their overall debt does decline. 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. Money 20/20 USA 2021 Speaker Oct 24, 2021 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 . Abby Joseph Cohen (born February 29, 1952) is an American economist and financial analyst on Wall Street. And then, were going to be part of fixing this and were going to have to work with a lot of people to fix it because the financial system is this intertwined organism. 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. She started as an analyst in 1999 and has held a series of leadership positions in mergers and acquisitions. Youre just one more inch and I would have landed that jump. Because you cant do things exactly the same way. Jennifer Tescher: I was a big bank diversity hire. Jennifer Tescher: 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. And that means that we need to go from being about a product, to really having solutions and building holistic relationships with our customers and by building that entire product suite and making it something thats simple and transparent, easy for millions of people to access, we think were going to do that. We're getting to the moment where we can help someone holistically manage their financial lives," Stephanie Cohen,. Become a business insider with the latest news. In 2019, Goldman launched an Apple credit card, and last January it rolled out a GM credit card. I did a lot of it and a couple of other things that I just think are a little bit of tricks in doing this. 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. 01 Mar 2023 02:08:06 Is the idea here that Marcus customers eventually become Goldman Sachs customers, if you will? They are part of Goldman Sachs and we are really excited to serve them with the best of Goldman Sachs digitally. We have more than 7,500 people in our division globally. Well, I think Im biased, but I think I have the best job at Goldman Sachs. In so many ways. Some inside the bank wonder whether shes destined to rise even higher. 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. 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. I suspect theres also something to it about the moment were living in, the era were living in. This copy is for your personal, non-commercial use only. My husband and I were talking about it last night, we all still need a lot of help. And that starts with our own people. Stephanie Cohen Global Head of Platform Solutions February 2023. terms: Goldman Sachs Banks Stephanie Cohen Succession. Looks like you have exceeded the limit to bookmark the image. But she is quick to point out that this is no PR ploy on behalf of the bank: "This is not philanthropy. Im a big question asker too. In mid-July, the company announced it will promote David Solomon to succeed Lloyd Blankfein as chief executive officer. E ine Stunde mit . Marcus. So I heard you mention that youre getting ready to add a set of investment tools for Marcus customers and that makes me think about what weve been witnessing over the last couple of weeks with the GameStop frenzy. We have businesses that do that and were really excited to do that as well. 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. When Goldmans board gathered on the West Coast in late June, she gave a presentation on that groups work. 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. She also serves as trustee for the Board of The Economic Club of New York. Its been really fun getting to know all of them. It had revenue of $1.5 billion in 2021. Log in to our website to save your bookmarks. 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. 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. Financial Health Pulse 2022 Chicago Report, Jennifer Tescher | Leaning Forward for FinHealth. And since then, youve begun offering all kinds of things. Goldman Sachs has chosen Stephanie Cohen as co-head of its consumer and wealth management . The regions tech workforce is projected to expand 17% over the next decade. New York: The venue was the Gotham Club an exclusive den inside the San Francisco Giants home stadium. Unfortunately, weve been getting to know most of them over Zoom, which is not nearly as much fun as getting to know people in person, but we get to visit peoples homes through Zoom and see their kids and their pets. We get it: you like to have control of your own internet experience. Stephanie Cohen, head of platform solutions, said scale would help the business reach profitability by 2025. And in doing that, we want to fundamentally change the way people experience financial services and in doing that improve their lives. 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. Feb 2, 2021, 8:42 AM. 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 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? 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. And so in skating you fall all the time. 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. This is good-return investing.". 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. More than 90% of appraisers are white, and researchers have found that bias leads to lower valuations for homeowners of color. We want to be your primary bank. She is also a Global Executive sponsor of the Women's Network. For the best Barrons.com experience, please update to a modern browser. By the way, a lot of people who spend their careers in financial services. Diversity in the ranks at Goldman and at the companies it invests in is a priority for Cohen. Theres the customer calls, which I love listening to. And the great thing about what were going to do with Marcus Invest and kind of in contrast to some of whats been going on over the last couple of weeks, is were going to take that capability, the capability to provide this diversified portfolio from our advisor led business into our digitally led business and really bring the best of Goldman Sachs capabilities and products to hopefully millions of consumers. 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. Hier kommt Frau Goldman Sachs. Dallas is quite central, Cohen said. . She 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. This account of her ascent is based on interviews with people whove worked with Cohen, who asked not to be named discussing their interactions. 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. 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. And what we are and what were trying to become is we have these two self reinforcing strategies. Its great for a woman to be achieving this level of success at Goldman and shes certainly capable of going further," Nugent said. Our people find Dallas a really, really great place to live and raise a family.. Yeah. Stephanie Cohen, culture builder, lifelong learner, thanks so much for joining me on Emerge Everywhere. You mentioned Marcus, I think its fair to say that four plus years ago when Goldman Sachs launched Marcus, it wasnt exactly what anyone was expecting to have a titan of Wall Street, all of a sudden building a business to focus on the financial needs of everyday people. Im realizing through this conversation that youre really a culture builder. I love that you had that visceral experience from the book and particularly given the role youre in now. Updated Jan. 17, 2017 9:10 pm ET. Oops! And by the way, how it made them actually better customers over time, because we got them through a really tough period. Copyright 2022 HT Digital Streams Ltd All Right Reserved. Stephanie is head of Private Equity in Asia and global co-head of Growth Equity within Goldman Sachs Asset Management. Jennifer Tescher: Im Jennifer Tescher, and Id love to hear your ideas for future guests and your reactions to the show. . Stephanie Cohen is one the bank's highest-ranking female . Flagstar Bank launches its next mortgage-tech accelerator while Walmart and Citi partner on a supplier loan program. 2021-11-30T13:05:49.103Z. Ultimately, I think thats, to your point on this moment in time, I think were in a place where the world is changing so fast that knowing every single about history is important. And so the main thing Im focused on is people internally and externally. And how can we serve them where they are with the capabilities of Goldman Sachs? The second thing is this kind of get stuff done attitude. Upon arriving, her trajectory changed, and she has remained at the firm for over two decades in a variety of roles. In case you cant find any email from our side, please check the spam folder. Now weve put a bunch of features into our products to help people make better decisions. 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. 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. Explore how to make financial services a force for good. 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 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. 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. Secondly, culturally. 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. 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. Stephanie Cohen has been at Goldman Sachs for more than 23 years. 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. Well, this is one of the most exciting versions of quote unquote embedded finance that Ive heard about in a long time. 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. In a letter to Federal Reserve Chair Jerome Powell, Republican members of the Senate Banking Committee urge the central bank to be mindful of tailoring rules in its ongoing "holistic" capital review. Learn more about Marcus by Goldman Sachs and check out additional episodes of EMERGE Everywhere. CompTIA expects that to grow to nearly 7,700 net new positions this year, the fifth-highest total nationally. We want to be the bank on your phone, she says. I did that internally and I also did it externally. Listening is the most important thing that I do. Ive run, as you said, the consumer and wealth management business with my partner, Tucker York. Mr . The San Francisco bank entered into a multiyear partnership with Choice Hotels, which operates brands such as Radisson, Comfort and Econo Lodge. Women. And just a few weeks ago, she was asked to jointly lead the banks global consumer and wealth management division. 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. Now I have to turn the conversation a little bit back to you for a minute, because youre a lifer at Goldman Sachs. Things like auto pay. And then we did savings. 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. 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. 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. 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. 2021, ``ENVIRONMENTAL JUSTICE FOR ALL ACT'' ===== LEGISLATIVE HEARING before the COMMITTEE ON NATURAL RESOURCES U.S. HOUSE OF REPRESENTATIVES ONE HUNDRED SEVENTEENTH CONGRESS SECOND SESSION _____ Tuesday, February 15, 2022 _____ Serial No. 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.