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. It doesnt have to be one thing or the other; its about making spending decisions consciously rather than scrolling on your phone and thinking about what youshould spend on., What Ive noticed at Goldman Sachs isthat men tend to talk about investment opportunities amongst each other. It didn't go well. Stephanie Cohen is joining Goldman's most elite tier, as its youngest banker | Mint Get 60% off on Mint+The Economist Gainers & Losers Fri Feb 17 2023 15:29:29 Top Gainers Top Losers Home /. 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. And the last thing Ill say on it is I love going to visit our offices outside of the US particularly in places like Asia, because theyre in a different place as it relates to the development of financial services. Click the AdBlock Plus button on your browser and select Enabled on this site. She joined Goldman Sachs as an Analyst in 1999, was named Managing Director in 2008 and Partner in 2014. And you talked about that mission, and I want to come back to it because it really is there every day when our people design our products. General Motors Jennifer Tescher: And weve turned that into a lot of different financial products, but the reality is were just trying to solve those problems for consumers. Secondly, culturally. And thats really the most exciting thing about being able to run this division. Yeah. It was in some respects kind of an embarrassing realization to have worked in financial services for almost two decades and to realize that I didnt understand how the financial system operated and there were really complicated parts of the financial system that I understood from a capital markets perspective, but from a day to day, how does an average American experience the financial services system? And the question is, how do you do that at scale? In 2019, Goldman launched an Apple credit card, and last January it rolled out a GM credit card. An error has occurred, please try again later. And so I think its embedded in your question, but I think its a fair question. We'll send you a myFT Daily Digest email rounding up the latest Goldman Sachs Group news every morning. Goldman now has credit-card deals with CompTIA expects that to grow to nearly 7,700 net new positions this year, the fifth-highest total nationally. 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. 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. Youve begun offering credit beyond debt consolidation. This has been EMERGE Everywhere, a Financial Health Network production. 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. Become a business insider with the latest news. And I have to say, I was a little bit surprised that that was the book you chose. 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. In the latest in a rapid career of. 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. 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. Cohen declined to give projections for growth in Dallas or say whether Goldman is considering such a move. Speaker Bio: Stephanie Cohen is Goldman Sachs' Chief Strategy Officer and a member of the Management Committee. 117-14 _____ Printed for the use of the Committee on Natural . We do it externally. Stephanie is head of Private Equity in Asia and global co-head of Growth Equity within Goldman Sachs Asset Management. Stephanie Cohen Global Head of Platform Solutions February 2023. 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. On September 29, 2020, Stephanie Cohen, Goldman Sachs' Chief Strategy. 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: 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. 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. I love that you had that visceral experience from the book and particularly given the role youre in now. 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. 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. Chief Strategy Officer, Goldman Sachs Much has been made over the past few months about Stephanie Cohen's age. 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. STEPHANIE COHEN, GLOBAL HEAD OF PLATFORM SOLUTIONS, 45. 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. She is also a Global Executive sponsor of the Women's Network. Particularly consumers in Marcus, youve talked a lot about the role youre in now is really about people. 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. Ms. Cohen was Sector Captain for General Industrials in the Global Industrials Group and a member of the M&A Group in IBD. Ms. Cohen, also 32, is an independent marketing consultant in Chicago. Stephanie earned an AB in Biology, summa cum laude, from Harvard . 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. Im realizing through this conversation that youre really a culture builder. You also have mentioned to me before that when you became the chief strategy officer, the very first book you read was The Unbanking of America. Women. 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 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. 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. 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. Theres a savings portion of Marcus. And so we think this idea of really starting with a clean sheet of paper and building financial services that puts the customer at the center, is something that we can do directly through Marcus and we can do through our partners. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. 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. Dallas is now Goldmans second-biggest U.S. office outside of New York, surpassing Salt Lake City. 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. and 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. And if you look at those businesses, the thing that we have focused on in those businesses is providing holistic advice to individuals and to families and to helping them get the right diversified portfolio for them. The best way to do this is to have a long-term view. 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).. They are part of Goldman Sachs and we are really excited to serve them with the best of Goldman Sachs digitally. Goldman Sachs has created a new consumer and wealth management division co-led by Stephanie Cohen. 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. You, it turns out I learned, were once a competitive figure skater growing up. 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. That thats clearly a very important part of your role and has been. In The News Closing the Gender Investing Gap By Stephanie Cohen, Chief Strategy Officer, Goldman Sachs June 19, 2018 I've worked my whole career in an industry dominated by men. Stephanie Cohen: Change is underway in the financial services industry and it's disrupt or be disrupted. And then to your point, the clients and the customers in those businesses that were ultimately serving. 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. Stephanie, welcome to Emerge Everywhere. 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. She is also a Global Executive sponsor of the Women's Network. Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. And it sounds like you had to do a lot of learning because your time at Goldman, which is long, had largely been in a variety of M and A roles. 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. That makes a lot of sense. 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. The 9 biggest takeaways from Goldman Sachs' investor day, from a tense Q&A with CEO David Solomon to the tater tots for breakfast. Predict the closing value of sensex and win free subscription. We get it: you like to have control of your own internet experience. 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. Figuring out how what youre doing is affecting people. Tiger Trump and nothing to ex-husband Donald Trump. wants to be your digital banker, and it has assigned the job to Stephanie Cohen, marking her second year on the Barrons list. Jennifer Tescher: Its been really fun getting to know all of them. 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. The strategy document identifies potential avenues for cutting cybercriminals off from financing, as well as other actions banks can take. 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. The world is awash in capital and you never see that. Correction: A previous version of this article mistakenly stated that Cohen became a managing partner at Goldman Sachs in 2008. "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 . Shes about 10 years younger than the average man already on the committee, after becoming a partner just four years ago. 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. March 02, 2023, 14:16 IST. And so thats really what were trying to do with what were doing in consumer and in Marcus. Goldman Sachs Group Inc will pump $500 million into companies led, founded or owned by women, as it steps up efforts to close the gender investing gap, the Wall Street bank said on Tuesday. First, Goldman Sachs CEO David Solomon said it. 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. Cohen drives strategy, Mergers & Acquisitions (M&A . Im Jennifer Tescher, and Id love to hear your ideas for future guests and your reactions to the show. 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. 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. 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 Sachs managers say one takeaway of the pandemic. Upon arriving, her trajectory changed, and she has remained at the firm for over two decades in a variety of roles. 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. Jun 22 Stephanie Cohen: Chief Strategy Officer at Goldman Sachs. I really enjoyed hearing about how you go about listening. And so what are we? 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. 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. Copyright 2022 HT Digital Streams Ltd All Right Reserved. 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.' [1] [2] Prior to March 2008, she was the firm's Chief Investment Strategist. Stephanie Cohen is Global Head of Platform Solutions and a member of the Management Committee. We're getting to the moment where we can help someone holistically manage their financial lives," Stephanie Cohen,. 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, culture builder, lifelong learner, thanks so much for joining me on Emerge Everywhere. Goldman Sachs is exploring "strategic alternatives" for its nascent consumer banking business. 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? How we set it up made it easier for them and then how it affected their lives going forward. Stephanie Cohen: They are Goldman Sachs customers. 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. . 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. E ine Stunde mit . She dug into the bones of the deal and was very compelling.". 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. We think technology is in a place where you can really have a bank on your phone. 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. To read our full stories, please turn off your ad blocker.We'd really appreciate it. 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. What it really was, was it was where people went when they had really great ideas and they just wanted to get it done. 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. . terms: Goldman Sachs Banks Stephanie Cohen Succession. Some of my favorite ones have been, we created a customer assistance program right as COVID was starting to help people so that they could defer loan payments and credit card payments and just listening to why it mattered to them. Yeah. Stephanie Cohen, Goldman's co-head of consumer and wealth management, is working on setting up a second base for herself in Dallas. And it will be interesting to think about how you leverage your vast capabilities and capital. Its pretty amazing feat that youve managed to essentially build a homegrown digital business from inside this storied institution. Certainly youre gifted and talented. Shell be among seven women on the 33-person panel. Her appointment this summer to Goldman Sachs' management committee made her its youngest member. And so 85% of all venture capital dollars goes to all male founded teams. We recommend using Google Chrome, Mozilla Firefox, Apple Safari, or . . And then how do you take that into your next role? Talk a little bit about how you do that as a leader. But then there are customers that are General Motors customers and that are Apple customers and that thats much broader and what do they need? By continuing to use our site you agree to our Terms of Use and Privacy Policy. And so I would really, I would kind of exclamation point on that point. Here are her five best pieces of advice on work and personal finance for professional women. Yeah, I think its this idea of being a learner. 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. Jennifer Tescher: 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. See our career opportunities. Goldman Sachs 209K subscribers Subscribe 4.6K views 5 years ago Despite China's macro headwinds, Stephanie Hui, head of the Merchant Banking Division in Asia Pacific Ex-Japan, identifies the. Copyright HT Digital Streams Limited All rights reserved. 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. She also spearheaded . "They are like-minded brands that are meeting people where they are," Cohen said. Jennifer Tescher: 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 . 01 Mar 2023 02:08:06 Wells Fargo's asset cap has been in place for fi ve years, and there's no end in sight. When I walked into a board room, theyd expect a very tall man, but instead theyd get a relatively shortwoman. More than 90% of appraisers are white, and researchers have found that bias leads to lower valuations for homeowners of color. Because consumer banking has been around for a really long time. She also serves as trustee for the Board of The Economic Club of New York. Remove some to bookmark this image. 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. Prior to her current role, Stephanie drove strategy, M&A, strategic investing, and partnerships as the firms chief strategy officer. I really felt like I hadnt learned it. And so in skating you fall all the time. And so the next question is, how do you listen to the data? 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. 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. 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. 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. She went on to a more traditional M&A role in the industrials team. 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. to talk about career, money and life. Im wondering how youre viewing that experience in light of the coming launch of these new products for Marcus customers? 2021-11-30T13:05:49.103Z. Stephanie Cohen: Stephanie Cohen has been at Goldman Sachs for more than 23 years. Its complicated. Cohen, 41, joined Goldman Sachs in. They are not only of course the right thing to do, but it is the only way to run the business. And what we are and what were trying to become is we have these two self reinforcing strategies. You went there right out of graduating from the University of Illinois and youve experienced a tremendous amount of success. Its not a one size fits all product and solution. And that starts with our own people. 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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. Below are steps you can take in order to whitelist Observer.com on your browser: Click the AdBlock button on your browser and select Don't run on pages on this domain. Learn about the important intersection of healthcare and financial heath. 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. Where does the bank and the Fed go from here? Some inside the bank wonder whether shes destined to rise even higher. But she really got it. 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. 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. 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.