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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. 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. Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. Close. As an investment banker for close to 20 years, my presence in board rooms was often an anomaly. David Solomon lacks answers for Goldman Sachs's angry investors | The CompTIA expects that to grow to nearly 7,700 net new positions this year, the fifth-highest total nationally. You are just one step away from creating your watchlist! 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. To order presentation-ready copies for distribution to your colleagues, clients or customers visit http://www.djreprints.com. If her tenure there is successful, it could pave the way for Cohen to make history at the firm. And so, one of the things we certainly talk about is the board initiative, which was that we werent going to take companies public unless they had at least one diverse board member. And how do you feel about essentially being a change agent in this way? Dallas is now Goldmans second-biggest U.S. office outside of New York, surpassing Salt Lake City. You mentioned the Apple card. 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. 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. because investing and helping companies grow is our business," Stephanie Cohen, Goldman Sachs' chief strategy officer . Prior to assuming her current role, Ms. Cohen was Co-Head of the Consumer and Wealth Management Division. 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. Banker Stephanie Cohen was appointed to lead the consumer and wealth management division at Goldman Sachs, a New York-based investment bank and financial services company. The strategy document identifies potential avenues for cutting cybercriminals off from financing, as well as other actions banks can take. 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.' The Legacy of George Floyd: an Examination of Financial Services Goldman Shakes Up Units in Fresh Push to Win Over Investors 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. The phrase is often used as company jargon for a sale or merger. And that has definitely been sped up by whats gone on with COVID. The reality is that investing can be intimidating for a lot of people. Finding Growth in China - Goldman Sachs' Stephanie Hui POWER Series: Stephanie Cohen - YouTube 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. Or what lessons have you taken from that and in your leadership roles at Goldman? Its been really fun getting to know all of them. But she doesn't see what the fuss is about. This copy is for your personal, non-commercial use only. Yeah. An error has occurred, please try again later. Jennifer Tescher: You went there right out of graduating from the University of Illinois and youve experienced a tremendous amount of success. Measurement made easy for your organization. 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. We do it externally. Unlike traders, who can shoot to prominence within Wall Street firms at a very young age, Cohens career tracked that of the typical banker, climbing to be managing director in the class of 2008. Thank you for inviting me. Kristin Broughton Reprint For reprint and licensing requests for this article, click here. 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. To read our full stories, please turn off your ad blocker.We'd really appreciate it. 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. Your session has expired, please login again. 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. 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. 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. Actually, I got on a plane a lot. Some inside the bank wonder whether shes destined to rise even higher. and expects to roll out digital checking accounts in the next few months. I suspect that theres only so far a brand like Marcus can go in terms of meeting the needs of underserved consumers. 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. The regions tech workforce is projected to expand 17% over the next decade. Senior Editor, Women's Programs, American Banker. Internet Explorer is no longer supported on our website. Prior to her current role, Stephanie drove strategy, M&A, strategic investing, and partnerships as the firm's chief strategy officer. Become a business insider with the latest news. We could have a whole conversation you and me, just on this topic so lets do that another time. And what are we trying to become? I really felt like I hadnt learned it. And it will be interesting to think about how you leverage your vast capabilities and capital. Abby Joseph Cohen (born February 29, 1952) is an American economist and financial analyst on Wall Street. And so were not going to do that on our own. Goldman Sachs Group Inc's Chief Executive David Solomon and top executives will give investors an update on their strategy on Tuesday. By the way, thats only been sped up over the last year or so, given everything thats gone on. Stephanie Cohen: Yeah. We want to use simple, transparent and valuable products to help people manage their financial lives. 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. Youre one of the few women whos risen to that level. Certainly youre gifted and talented. William (Bill) Sachs Goldman, the scion of a prominent family of Jewish philanthropists in San Francisco and himself a board member of the New Israel Fund, died in a crash of his private plane. 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. Im realizing through this conversation that youre really a culture builder. . In so many ways. Yeah, I think its this idea of being a learner. 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 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. By the way, a lot of people who spend their careers in financial services. The Guys From 'Government Sachs' - The New York Times 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. 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. 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 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. Prior to her current role, Stephanie drove strategy, M&A, strategic investing, and partnerships as the firm's chief strategy officer. Theres a savings portion of Marcus. I love it and its the advice I give people all the time. Mr Solomon teased a sale, saying Goldman was exploring "strategic alternatives". No question. 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 Executive Summary Primary drivers Key focus areas INVESTOR DAY 2023 PLATFORM SOLUTIONS . Updated Jan. 17, 2017 9:10 pm ET. 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. 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. Tell me more about that choice and sort of what youve learned from it. Goldman Sachs mulls 'strategic alternatives' for consumer business And then we did savings. We want to be the bank on your phone, she says. She is now even given the place at the top of the bank. E ine Stunde mit . We're getting to the moment where we can help someone holistically manage their financial lives," Stephanie Cohen,. And the reason why we decided now was the right time for Goldman Sachs is because one, technology. And thats how we ultimately came up with the strategies, which I talked about earlier in terms of going direct and what we call financial cloud. Cindy Ord/Getty Images for Girlboss Rally NYC 2018. Here are her five best pieces of advice on work and personal finance for professional women. 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 its also, I think, no accident that youve also been anointed to the operating committee. Stephanie Cohen: Someone get Stephanie Cohen a set of hair clippers. 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. Prior to that, Ms. Cohen was a Vice President in the Industrials and Merger Leadership Groups in San Francisco. She graduated cum laude from New York University and received an M.B.A. in May from Indiana University. Marcus is Goldman's digital-first consumer bank, offers customers saving accounts, personal loans and investment advisory services. Theres the customer calls, which I love listening to. Goldman Sachs | In The News - Closing the Gender Investing Gap How do you look at the data in a way that really helps you? 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. And by the way, that portfolio is different for different people. https://www.barrons.com/articles/barrons-100-most-influential-women-in-u-s-finance-stephanie-cohen-51615543200. 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 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. Im Jennifer Tescher, and Id love to hear your ideas for future guests and your reactions to the show. 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? Most Powerful Women in Finance: No. 17, Goldman's Stephanie Cohen 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. What it really was, was it was where people went when they had really great ideas and they just wanted to get it done. To learn more about the work and research we do, please visit emerge.finhealthnetwork.org. Yeah. 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. And the question, which is kind of an obvious question is why now? As of February 2017, she continues to serve as an advisory director at Goldman Sachs, after retiring from leadership of its Global Markets Institute. Stephanie Cohen: 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. 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Bringing in young talent and training those people will benefit not just Goldman but other companies around the city looking for engineering talent, she said. 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 . Youve begun offering credit beyond debt consolidation. 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. Well, I guess were not going to be on the human schedule because were in our fifth year, not quite adolescence, but as you said, time really does fly. That makes a lot of sense. Youre just one more inch and I would have landed that jump. 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. Cohen said Goldman has been focused on fortifying its relationships with universities to help attract engineering talent to D-FW. And so I do think this idea of bringing the best of Goldman Sachs, this corporate franchise and the relationships we have with those brands and then taking these in many cases, digital capabilities weve built in the consumer business and embedding them into those ecosystems in a way that serves their customers, I think is one of the ways that we can access this much broader audience. 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. Log in to our website to save your bookmarks. 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. 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. 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. You should spendmoney on things that truly make you happy. So, youre just moving into this new role as global co-head of consumer and wealth management and this puts you in charge of the consumer bank and Marcus by Goldman Sachs. Wells Fargo's asset cap has been in place for fi ve years, and there's no end in sight. And so I think its embedded in your question, but I think its a fair question. And there are so many different organizations and Jen, your organization is one of them where, how can we all work together to try to fix this? Jennifer Tescher: 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. She serves on the Partnership Committee, and is also on the Board of Advisors of Launch With GS, Goldman Sachs' $1 billion investment strategy grounded in the belief that diverse teams drive strong returns. 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. Goldman Sachs to invest $500 million in women-run companies 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. Goldman Sachs managers say one takeaway of the pandemic. Its pretty amazing feat that youve managed to essentially build a homegrown digital business from inside this storied institution. You have to talk about all that in one place, because its the only way to win, but its also the only way to serve customers and ultimately help them achieve their goals. Diversity in the ranks at Goldman and at the companies it invests in is a priority for Cohen. Goldman Sachs's CEO David Solomon concedes that some of his efforts to Goldman Sachs has tapped a former Uber executive to lead its fledgling consumer banking division, . And hopefully again, thats millions of customers that we will speak to and we can be helpful to. Goldman Sachs | Management Committee - Stephanie Cohen ", 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. Remove some to bookmark this image. The . 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 how can we serve them? 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. In the latest in a rapid career of. Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. D-FW is now Goldman Sachs' second-largest U.S. hub after nearly They most recently attended, or will attend, Money 20/20 USA 2021 on Oct 24, 2021 . And we think that this is a great way for people to think about investing. My husband and I were talking about it last night, we all still need a lot of help. See you next time. Now I have to turn the conversation a little bit back to you for a minute, because youre a lifer at Goldman Sachs. Im a lifelong learner. I think I learned that at a really young age. The San Francisco bank entered into a multiyear partnership with Choice Hotels, which operates brands such as Radisson, Comfort and Econo Lodge. She is a key architect of the bank's . Are you okay? And being really happy because you could tell that you were almost there. Do you have any ideas or things youve thought about in terms of how to leverage your capabilities in this regard? And that starts with our own people. I do think were in this moment where thats this really perfect combination for the type of world that were in. Before that, she was Global Head of Financial Sponsor M&A in the Investment Banking Division (IBD). The 43-year-old. Is the idea here that Marcus customers eventually become Goldman Sachs customers, if you will? Stephanie Cohen - New York, New York, United States - LinkedIn Stephanie Cohen is one the bank's highest-ranking female . Ive run, as you said, the consumer and wealth management business with my partner, Tucker York. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. Goldman Sachs Group On September 29, 2020, Stephanie Cohen, Goldman Sachs' Chief Strategy. On September 29, 2020 . 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. Stephanie Cohen is Global Head of Platform Solutions and a member of the Management Committee. Jennifer Tescher: Stephanie earned an AB in Biology, summa cum laude, from Harvard . "They are like-minded brands that are meeting people where they are," Cohen said. Jennifer Tescher: 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. Things like auto pay. It was during a stint in the conflict and business selection group that her work stood out, according to a person who worked with her at the time. Best of Both Worlds: Goldman Sachs' Stephanie Cohen Jo Ann Barefoot How has that influenced you? and Diversity, equity and inclusion are core to our mission, see why. See our career opportunities. 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 . A Flagstar executive said the mortgage-focused bank is "not just going to sit on the sidelines and watch this happen.".