We recommend using Google Chrome, Mozilla Firefox, Apple Safari, or . And so thats really what were trying to do with what were doing in consumer and in Marcus. But instead of it being about how if elected, she will be the first woman to be CEO, but instead they chose to call her 'female banker.' We think technology is in a place where you can really have a bank on your phone. 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. 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. Jennifer Tescher: And how can we serve them? Cindy Ord/Getty Images for Girlboss Rally NYC 2018. The news, which . 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. 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. Marcus is Goldman's digital-first consumer bank, offers customers saving accounts, personal loans and investment advisory services. Im Jennifer Tescher, and Id love to hear your ideas for future guests and your reactions to the show. 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. Jennifer Tescher: A step-by-step guide for HR professionals. You are now subscribed to our newsletters. Talk to me a little bit about how thats happened. What it really was, was it was where people went when they had really great ideas and they just wanted to get it done. And so reading The Unbanking of America was kind of an emotional journey for me, which was that I cant believe I dont know this. She graduated cum laude from New York University and received an M.B.A. in May from Indiana University. 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 think Goldman has a growing number of excellent women at the firm. She is also a Global Executive sponsor of the Women's Network. And then how do you take that into your next role? Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. Feb 2, 2021, 8:42 AM. 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. 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. As an investment banker for close to 20 years, my presence in board rooms was often an anomaly. First, Goldman Sachs CEO David Solomon said it. And the question is, how do you do that at scale? Second, in kind of a funny way, theres not much things that are hard and scary after youve lived with the you alone center of the ice, audience in front of you, judges behind you, couple of minutes to do something that youve practiced for hours upon hours. 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. In January 2021, she was appointed global co-head of consumer and wealth management. 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. "We believe that there is a real need for consumers to better manage their financial lives, and we have the capabilities to serve them," Cohen said. But she is quick to point out that this is no PR ploy on behalf of the bank: "This is not philanthropy. And we think it does help people better manage their finances. Because maybe the content, or for example, we have something called Marcus Insights, which helps people aggregate their accounts and really provide insights into how theyre spending their money and better budget. 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. More on Stephanie. Its not a one size fits all product and solution. This account of her ascent is based on interviews with people whove worked with Cohen, who asked not to be named discussing their interactions. They most recently attended, or will attend, Money 20/20 USA 2021 on Oct 24, 2021 . Its the ultimate man-cave. 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. We're getting to the moment where we can help someone holistically manage their financial lives," Stephanie Cohen,. Before that, she was Global Head of Financial Sponsor M&A in the Investment Banking Division (IBD). Jennifer Tescher: 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. See our career opportunities. Ms. Cohen, also 32, is an independent marketing consultant in Chicago. General Motors In this article that I had written, I talked about how originally, the mob was after Wall Street, if you will. Goldman plans to add checking to Marcus later this year but doesnt have a set date, Cohen said. She started as an analyst in 1999 and has held a series of leadership positions in mergers and acquisitions. Im a lifelong learner. Well, I think Im biased, but I think I have the best job at Goldman Sachs. By continuing to use our site you agree to our. This copy is for your personal, non-commercial use only. She went on to a more traditional M&A role in the industrials team. Cohen declined to give projections for growth in Dallas or say whether Goldman is considering such a move. 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. The delicate transaction was a milestone in the carmakers comeback after the financial crisis. [House Hearing, 117 Congress] [From the U.S. Government Publishing Office] H.R. A checking account is currently in beta, according to Cohen. Copyright HT Digital Streams Limited All rights reserved. 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. How does this all fit together? Log in to our website to save your bookmarks. 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. And thats really the most exciting thing about being able to run this division. And in order to do that, youve got to do a couple of things. Because consumer banking has been around for a really long time. Stephanie Cohen, head of platform solutions, said scale would help the business reach profitability by 2025. We do it externally. 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. Its a great point. because investing and helping companies grow is our business," Stephanie Cohen, Goldman Sachs' chief strategy officer . Im Jennifer Tescher, journalist turned financial health champion. 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. Last weekend, Cohen joined a panel at this years Girlboss Rally in New York, a two-day event to foster networking and learning among women entrepreneurs,to talk about career, money and life. [1] [2] Prior to March 2008, she was the firm's Chief Investment Strategist. Figuring out how what youre doing is affecting people. And so, while theres a lot of sadness in that, were hopefully, the idea is turning that into opportunity. 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. 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. So much. I really felt like I hadnt learned it. Then President John Waldron repeated it. 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. Learn more about Marcus by Goldman Sachs and check out additional episodes of EMERGE Everywhere. Youve begun offering credit beyond debt consolidation. Jennifer Tescher: After, it was the bank's Stephanie Cohen who reiterated that Goldman is considering strategic alternatives for its consumer lending business. 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. 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. Dallas is quite central, Cohen said. Some there have earmarked her as a candidate to become the first woman to lead the investment banking division, the banks most profitable arm. I suspect theres also something to it about the moment were living in, the era were living in. Stephanie Cohen is one the bank's highest-ranking female . My guest today is one of the most powerful women on Wall Street. We have more than 7,500 people in our division globally. Tiger Trump and nothing to ex-husband Donald Trump. In January 2021, she was appointed global co-head of consumer and wealth management. And hopefully again, thats millions of customers that we will speak to and we can be helpful to. Today, the consumer business at Goldman has more than 14 million customers and over $100 billion in deposits and $16 billion in cards and loans. A Goldman Sachs banker will have to pay his ex-wife more cash after she appealed her 2 million divorce settlement despite being set to inherit 100 million from her Saudi father. And it will be interesting to think about how you leverage your vast capabilities and capital. When Goldmans board gathered on the West Coast in late June, she gave a presentation on that groups work. Cohen drives strategy, Mergers & Acquisitions (M&A . And so the next question is, how do you listen to the data? 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. 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. Stephanie Cohen Global Head of Platform Solutions February 2023. Im doing it every day. Mr . Prior to assuming her current role, Ms. Cohen was Co-Head of the Consumer and Wealth Management Division. And so I would really, I would kind of exclamation point on that point. Jennifer Tescher: The bank says the candidates failed to make full disclosures. She is also on the national board of the nonprofit group Reading Partners, which focuses on literacy in grammar schools, helping underprivileged kids who are behind in reading. And what are we trying to become? In the latest in a rapid career of. 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. She said the senior leadership team understands that diversity and inclusion is a "business imperative'' and that "this needs to be discussed in the same meetings where we talk about revenue or investment strategies. 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. 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. You mentioned the Apple card. 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. 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? Jennifer Tescher: Collage of David Solomon . Ihr wird inzwischen sogar der Platz an der Bank-Spitze zugetraut. Updated Jan. 17, 2017 9:10 pm ET. Goldman Sachs Group Inc will pump $500 million into companies led, . And we think that this is a great way for people to think about investing. One Goldman Sachs go-to-market strategy combined with products developers love and can easily adopt 2 Business-to-business with innovative, client- and She is also a member of the Partnership Committee, Global Diversity Committee, Firmwide Enterprise Risk Committee and Firmwide Finance Committee. Jennifer Tescher: And I have to say, I was a little bit surprised that that was the book you chose. The San Francisco bank entered into a multiyear partnership with Choice Hotels, which operates brands such as Radisson, Comfort and Econo Lodge. And the question, which is kind of an obvious question is why now? 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. <p><img src="https://static1.businessinsider.com/image/5c40b6cbb492cb3ebd48300a-2400/gettyimages-1048898186.jpg" border="0" alt="Goldman Sachs CEO David Solomon" data . And so I think its embedded in your question, but I think its a fair question. Stephanie earned an AB in Biology, summa cum laude, from Harvard . 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. 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. Are you okay? And being really happy because you could tell that you were almost there. That thats clearly a very important part of your role and has been. Great. Whether thats direct disbursements in our loans, meaning when you sign up for a Marcus loan, we can directly pay off your other debts. Goldman Sachs CEO shuffles consumer banking, wealth management leaders [CNBC] Tags. We'll send you a myFT Daily Digest email rounding up the latest Goldman Sachs Group news every morning. We want to be the bank on your phone, she says. 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. Wow. Goldman Sachs is exploring "strategic alternatives" for its nascent consumer banking business. And so were having a great time, really engaging with our team. Goldman named 60 new partners on Thursday. 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. Stephanie Cohen, cohead of Goldman's consumer and wealth group, is the only woman heading one of the bank's primary business divisions. And so were doing that with Apple, but also well do it with General Motors. And we are lucky because we get to spend our entire days focusing on people. I was a big bank diversity hire. Jennifer Tescher: 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 this year were going to launch Marcus Invest and checking and a credit card partnership with General Motors. 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. And how can we serve them where they are with the capabilities of Goldman Sachs? 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. Remove some to bookmark this image. 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. In 2019, Goldman launched an Apple credit card, and last January it rolled out a GM credit card. You, it turns out I learned, were once a competitive figure skater growing up. 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. Stephanie Cohen: 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. It didn't go well. You are just one step away from creating your watchlist! Ive run, as you said, the consumer and wealth management business with my partner, Tucker York. 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. Learn about the important intersection of healthcare and financial heath. Im excited to see how that develops. On September 29, 2020 . These stories and more in banking news this week. One is this mindset about making everyone around you better and that were kind of better together and its this really focused teamwork partnership orientation that I think I learned at Goldman Sachs. This is good-return investing.". Speaker Bio: Stephanie Cohen is Goldman Sachs' Chief Strategy Officer and a member of the Management Committee. In so many ways. Its pretty amazing feat that youve managed to essentially build a homegrown digital business from inside this storied institution. 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. Youve got to figure out whats important to you and what you really want to spendmoney on. 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. To learn more about the work and research we do, please visit emerge.finhealthnetwork.org. It'll just take a moment. Carter Johnson and Hayley Cuccinello. 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. We have the ability to have access to our clients in Texas but also more broadly across the United States and internationally. Prior to her current role, Stephanie drove strategy, M&A, strategic investing, and partnerships as the firm's chief strategy officer. Already, Steven Mnuchin has been tapped as Treasury secretary, Stephen K. Bannon was named senior adviser and Gary D. Cohn, Goldman's president, is expected to direct the National Economic Council. 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 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. 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. March 02, 2023, 14:16 IST. 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. Goldman Sachs has created a new consumer and wealth management division co-led by Stephanie Cohen. I suspect that theres only so far a brand like Marcus can go in terms of meeting the needs of underserved consumers. And were going to be better if we do that. 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. Stephanie Cohen is Goldman Sachs' Chief Strategy Officer and an Ex Officio member of the Management Committee. And then on the other side of the people equation is our clients and our customers. And since then, youve begun offering all kinds of things. And I remember these moments of falling really hard and your parents, your coach is like, Oh my. 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. Dallas is now Goldmans second-biggest U.S. office outside of New York, surpassing Salt Lake City. The phrase is often used as company jargon for a sale or merger. I went on a listening tour. Stephanie Cohens first 15 years at Goldman Sachs, her career ladder didnt look much different than that of a typical investment banker. Thank you for inviting me. Close. Women. 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.
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