Explore how to make financial services a force for good. An error has occurred, please try again later. She grew up in Augusta, Ga., and holds an MA in Investigative Journalism from The Cronkite School. 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. New York: The venue was the Gotham Club an exclusive den inside the San Francisco Giants home stadium. What it really was, was it was where people went when they had really great ideas and they just wanted to get it done. Tell me more about that choice and sort of what youve learned from it. By the way, thats only been sped up over the last year or so, given everything thats gone on. Goldman Sachs Changes 60 Slightly Less White, Less Male - Dealbreaker The best way to do this is to have a long-term view. 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. By continuing to use our site you agree to our. 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. Bloomberg on Twitter: "First, Goldman Sachs CEO David Solomon said it 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. 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. 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. She started as an analyst in 1999 and has held a series of leadership positions in mergers and acquisitions. Actually, I got on a plane a lot. And then to your point, the clients and the customers in those businesses that were ultimately serving. 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. 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. General Motors Yeah, I think its this idea of being a learner. And my mom who is a history teacher at some point and really cares about history and I love history and read it. because investing and helping companies grow is our business," Stephanie Cohen, Goldman Sachs' chief strategy officer . And then how do you take that into your next role? In this article that I had written, I talked about how originally, the mob was after Wall Street, if you will. Goldman Sachs CEO shuffles consumer banking, wealth management leaders [CNBC] Tags. 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. And so in skating you fall all the time. The High. 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 we have this situation where you have an under invested asset class and theyre going to out return and you never see that. The business is not yet profitable but is expected to hit revenue of $4 billion by 2024, she said. We have businesses that do that and were really excited to do that as well. It could be meal delivery services, paying for working out, or makeup and clothes. Young, female, banker: Stephanie Cohen has made a career at Goldman Sachs. 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. "They are like-minded brands that are meeting people where they are," Cohen said. How does this all fit together? Stephanie Cohen has been at Goldman Sachs for more than 23 years. We want to be the bank on your phone, she says. 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. Certainly youre gifted and talented. I know many of them, but it says something entirely different to have someone at the operating committee level. And the reality is that is the right advice for our clients. 2021-11-30T13:05:49.103Z. And its also, I think, no accident that youve also been anointed to the operating committee. Talk a little bit about how Marcus has evolved and where you see that business heading now that youve reached, say adolescence. Cindy Ord/Getty Images for Girlboss Rally NYC 2018. Prior to her current role, Stephanie drove strategy, M&A, strategic investing, and partnerships as the firms chief strategy officer. 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. This copy is for your personal, non-commercial use only. 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. Women. Ms. Cohen serves on the National Board of Directors of College Spring and as a member of the Board of Quill.org. 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. [1] [2] Prior to March 2008, she was the firm's Chief Investment Strategist. 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. 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. Its been really fun getting to know all of them. She also spearheaded . Im realizing through this conversation that youre really a culture builder. Stephanie Cohen quickly rose through the ranks at Goldman Sachs to become one of the youngest members of the banks senior leadership, joining just a small handful of women at that level. A Flagstar executive said the mortgage-focused bank is "not just going to sit on the sidelines and watch this happen.". 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. PDF Investor Day: Platform Solutions Ms. Cohen serves on the National Board of Directors of CollegeSpring and as a member of the Board of Quill.org. 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 . Got it. 01 Mar 2023 02:08:06 The Wall Street heavyweight, which had about 44,000 global employees at the end of 2021, is particularly focused on engineering talent in Dallas-Fort Worth, said Stephanie Cohen, who co-leads the consumer and wealth management division at Goldman. This copy is for your personal, non-commercial use only. Ms. Cohen was Sector Captain for General Industrials in the Global Industrials Group and a member of the M&A Group in IBD. 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. 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. And I think in some ways, this podcast is an outgrowth of my curious nature. Im Jennifer Tescher, journalist turned financial health champion. Stephanie earned an AB in Biology, summa cum laude, from Harvard . I do think were in this moment where thats this really perfect combination for the type of world that were in. Stephanie Cohen has participated in 2 events. As of February 2017, she continues to serve as an advisory director at Goldman Sachs, after retiring from leadership of its Global Markets Institute. 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. Marcus. Stephanie Cohen has been at Goldman Sachs for more than 23 years. Stephanie Hui, Head of the Merchant Banking Division in Asia Pacific Ex-Japan, Goldman Sachs Voices of Experience "Earlier in my career, I was more reserved about expressing my views," said Stephanie Hui, head of the Merchant Banking Division in Asia Pacific Ex-Japan at Goldman Sachs. We've detected you are on Internet Explorer. She is also a Global Executive sponsor of the Women's Network. Im doing it every day. In mid-July, the company announced it will promote David Solomon to succeed Lloyd Blankfein as chief executive officer. 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. My moms a teacher and its just something. 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. 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. . And at least I believe and I think its fair to say that theyre amazing. Stephanie Cohen is global co-head of Consumer and Wealth Management at Goldman Sachs, a member of the firms Management Committee, and global executive sponsor of the Womens Network. 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. You, it turns out I learned, were once a competitive figure skater growing up. Text. 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).. 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. I find that being in the business that Im in, similar things happen at cocktail parties, I get random questions, financial questions and I think its clear that I am not a financial planner. Goldman's Compliance Chief Moves On - WSJ 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 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. Cohen is now the committees youngest, with the rare label of ex officio" member. This $90 million Liked by Stephanie. 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. Copyright 2022 HT Digital Streams Ltd All Right Reserved. 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.. Jennifer Tescher: 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. 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. Stephanie Cohen is Global Head of Platform Solutions and a member of the Management Committee. Now weve put a bunch of features into our products to help people make better decisions. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. Prior to assuming her current role, Ms. Cohen was Co-Head of the Consumer and Wealth Management Division. Anita Gutwein, Stephanie Cohen - Weddings - The New York Times The news, which . Youre just one more inch and I would have landed that jump. Stephanie Cohen: Chief Strategy Officer at Goldman Sachs HerStory Created 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. Yeah. She dug into the bones of the deal and was very compelling.". If her tenure there is successful, it could pave the way for Cohen to make history at the firm. In January 2021, she was appointed global co-head of consumer and wealth management. And this year were going to launch Marcus Invest and checking and a credit card partnership with General Motors. 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. Stephanie Cohen: The Business Case for Inclusion And so what are we? Cohens elevation to the committee followed just days later strong evidence she has the incoming CEOs confidence. "We have savings, lending, investing, and we're close to launching checking. 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 pretty amazing feat that youve managed to essentially build a homegrown digital business from inside this storied institution. Wow. 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 then weve also done that with Walmart and Amazon in terms of providing credit to their merchants. Goldman Sachs executives to rally investors in New York | Reuters LeaseQuery Announces $40 Million in Series A Funding Stephanie Cohen is joining Goldman's most elite tier, as its - mint Whether thats direct disbursements in our loans, meaning when you sign up for a Marcus loan, we can directly pay off your other debts. We want to use simple, transparent and valuable products to help people manage their financial lives. Most Powerful Women in Finance: No. 17, Goldman's Stephanie Cohen That thats clearly a very important part of your role and has been. 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. A step-by-step guide for HR professionals. Abby Joseph Cohen (born February 29, 1952) is an American economist and financial analyst on Wall Street. And what we are and what were trying to become is we have these two self reinforcing strategies. And the thing I say all the time is that you cant talk about these things in two different places. Ms. Cohen also led Launch With GS, Goldman Sachs $1 billion commitment to invest in companies and investment managers with diverse leadership, as well as GS Accelerate, the firms in-house innovation engine. She is also a Global Executive sponsor of the Women's Network. 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. Stephanie Cohen: Consequently, they can be prickly customers. They are Goldman Sachs customers. 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. 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, GLOBAL HEAD OF PLATFORM SOLUTIONS, 45. Updated Jan. 17, 2017 9:10 pm ET. Its really complex. And that really created an environment where no ones afraid to ask kind of the dumb question, because Stephanies always asking the dumb question because I really wanted to learn. And just to go back to your very specific question on are we trying to take these customers and turn them into Goldman Sachs customers? 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. Goldman Sachs consumer exec Stephanie Cohen explains why the Wall Street bank just inked a $2.2 billion home-improvement lending deal; . But she is quick to point out that this is no PR ploy on behalf of the bank: "This is not philanthropy. In so many ways. Inside a massive transformation at powerhouse Wall Street bank Goldman The company had previously partnered on its credit cards with Barclays. Stephanie Cohen Global Head of Platform Solutions February 2023. 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 besides those numbers being kind of horrific, they are a misallocation of capital. and expects to roll out digital checking accounts in the next few months. Theyre sitting there every day and theyre trying to figure out how they can do things in a really complex financial world that are simple and transparent and valuable. and Over 99% goes to all white teams. [House Hearing, 117 Congress] [From the U.S. Government Publishing Office] H.R. And so I did that and I mirrored that with my people. She is also a member of the Partnership Committee, Global Diversity Committee, Firmwide Enterprise Risk Committee and Firmwide Finance Committee. Stephanie Cohen Authors/Speakers Financial Health Network They are part of Goldman Sachs and we are really excited to serve them with the best of Goldman Sachs digitally. The reality is that investing can be intimidating for a lot of people. Yeah. And when I was in my role as chief strategy officer, we created this thing called Accelerate, which we call our internal innovation engine. 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. These stories and more in banking news this week. 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. My guest today is one of the most powerful women on Wall Street. She graduated cum laude from New York University and received an M.B.A. in May from Indiana University. 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. And so were having a great time, really engaging with our team. When Goldmans board gathered on the West Coast in late June, she gave a presentation on that groups work. Goldman leadership shuffle puts woman atop consumer division Jennifer Tescher: And then as you mentioned, we have a digital consumer bank. Ive run, as you said, the consumer and wealth management business with my partner, Tucker York. Goldman Sachs | In The News - Closing the Gender Investing Gap Prior to assuming her current role, Ms. Cohen was Co-Head of the Consumer and Wealth Management Division. Learn more about Marcus by Goldman Sachs and check out additional episodes of EMERGE Everywhere. And since then, youve begun offering all kinds of things. Stephanie is head of Private Equity in Asia and global co-head of Growth Equity within Goldman Sachs Asset Management. Wells Fargo's asset cap has been in place for fi ve years, and there's no end in sight. Stephanie Hui - Partner - Goldman Sachs | LinkedIn Goldman Sachs CEO David Solomon fends off attacks over consumer banking 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. On Monday, the company unveiled a branded terrace at the University of Texas at Dallas in Richardson that it hopes will inspire students to want to learn more about Goldman Sachs, she said. If you liked this episode, please review the show and subscribe wherever you get your podcasts. CompTIA expects that to grow to nearly 7,700 net new positions this year, the fifth-highest total nationally. Stephanie Cohen is now the management committee's youngest, with the rare label of 'ex officio' member. Goldman now has credit-card deals with We'll send you a myFT Daily Digest email rounding up the latest Goldman Sachs Group news every morning. I love it and its the advice I give people all the time. The bank says the candidates failed to make full disclosures. Before that, she was Global Head of Financial Sponsor M&A in the Investment Banking Division (IBD). Goldman Names Two Execs to Lead Private Wealth Management Build a resilient workforce by prioritizing finhealth for employees. The world is awash in capital and you never see that. Getting out of our silos, hearing from other people, other perspectives we might not hear from otherwise and finding the interconnections. Feb 2, 2021, 8:42 AM. See our career opportunities. Goldman plans to add checking to Marcus later this year but doesnt have a set date, Cohen said. I mentioned at the top, youre the youngest member of the banks management committee. 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 question is, how do you do that at scale? In less than a year, Goldman Sachs has grown its North Texas presence from more than 2,000 employees to nearly 4,000. One, we have our advisor led businesses. Are you okay? And being really happy because you could tell that you were almost there. Because consumer banking has been around for a really long time. Close. Upon arriving, her trajectory changed, and she has remained at the firm for over two decades in a variety of roles. Bill Goldman, 38, historian, philanthropist and Levi Strauss heir For example, when I am 60 and look back, what might I need the most? E ine Stunde mit . The 43-year-old. And we think it does help people better manage their finances. Key Takeaways From Goldman Sachs' Investor Day 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. Particularly consumers in Marcus, youve talked a lot about the role youre in now is really about people. And weve turned that into a lot of different financial products, but the reality is were just trying to solve those problems for consumers. Cohen, 41, joined Goldman Sachs in 1999 as an analyst and worked her way up in the investment banking division to managing director in 2008 and partner six years later. Stephanie Cohen to co-head consumer and wealth management at Goldman Diversity in the ranks at Goldman and at the companies it invests in is a priority for Cohen. And how can we serve them where they are with the capabilities of Goldman Sachs? Natalie Walters, Business reporter. And that starts with our own people. More on Stephanie. It'll just take a moment. 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. 1 Executive Summary Primary drivers Key focus areas INVESTOR DAY 2023 PLATFORM SOLUTIONS . It had revenue of $1.5 billion in 2021. 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 . Finding Growth in China - Goldman Sachs' Stephanie Hui As founder and CEO of the Financial Health Network, Ive spent my career breaking down silos by engaging with innovators across industries, and now, Im sharing those conversations with you. She was previously based in New York where she reported for The Motley Fool, TheStreet and Business Insider. You started out with a very simple proposition, which was, lets help you refinance the credit card debt you have and really make sure that were doing that in a high quality way that really puts the customer at the center. And that we were going to build an ecosystem around it. Theres a savings portion of Marcus.
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