Youre one of the few women whos risen to that level. And we think it does help people better manage their finances. But she is quick to point out that this is no PR ploy on behalf of the bank: "This is not philanthropy. 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. 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. Download the Mint app and read premium stories. 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. She is a key architect of the bank's . Ms. Cohen serves on the National Board of Directors of CollegeSpring and as a member of the Board of Quill.org. Because consumer banking has been around for a really long time. Jennifer, it is great to be here. 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. 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. 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. There are places where theyre ahead and there are places where theyre behind and actually seeing that in a different environment, I think is another really interesting way to listen to what the world may become and to listen to ways that we can do things differently and better. Im realizing through this conversation that youre really a culture builder. "They are like-minded brands that are meeting people where they are," Cohen said. 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.' Got it. Im glad youre drilling in on it. Stephanie Cohen has participated in 2 events. That theres sort of a graduation approach and that if I engage folks early with more basic financial products and services, theyll ultimately become the wealth management customers of tomorrow? And that we were going to build an ecosystem around it. First, Goldman Sachs CEO David Solomon said it. Prior to her current role, Stephanie drove strategy, M&A, strategic investing, and partnerships as the firm's chief strategy officer. Goldman Sachs Group Inc's Chief Executive David Solomon and top executives will give investors an update on their strategy on Tuesday. 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. Goldman Sachs has chosen Stephanie Cohen as co-head of its consumer and wealth management . And its also, I think, no accident that youve also been anointed to the operating committee. I love that you had that visceral experience from the book and particularly given the role youre in now. The High. We have businesses that do that and were really excited to do that as well. 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. 117-14 _____ Printed for the use of the Committee on Natural . E ine Stunde mit . In 2019, Goldman launched an Apple credit card, and last January it rolled out a GM credit card. Jennifer Tescher: Theres the customer calls, which I love listening to. How has that influenced you? Jennifer Tescher: And of course, people want access to an advisor. I mentioned at the top, youre the youngest member of the banks management committee. To further the bank's efforts to become a Main Street lender, Goldman now offers credit cards and buy now/pay later options for consumers. 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. Jennifer Tescher: 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. Stephanie Cohen: 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. Now I have to turn the conversation a little bit back to you for a minute, because youre a lifer at Goldman Sachs. And so, while theres a lot of sadness in that, were hopefully, the idea is turning that into opportunity. For example, when I am 60 and look back, what might I need the most? 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. Ms. Cohen serves on the National Board of Directors of College Spring and as a member of the Board of Quill.org. 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. She also spearheaded Launch With GS, the organizations $500 million commitment to invest in diverse-led companies and investment managers, and GS Accelerate, the firms in-house innovation engine. 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. https://www.barrons.com/articles/barrons-100-most-influential-women-in-u-s-finance-stephanie-cohen-51615543200. Then President John Waldron repeated it. ", 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. Predict the closing value of sensex and win free subscription. Great. You should spendmoney on things that truly make you happy. I was a big bank diversity hire. We do it externally. Remove some to bookmark this image. 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).. 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. to talk about career, money and life. Where does the bank and the Fed go from here? Over 99% goes to all white teams. Money 20/20 USA 2021 Speaker Oct 24, 2021 This $90 million Liked by Stephanie. You mentioned Marcus, I think its fair to say that four plus years ago when Goldman Sachs launched Marcus, it wasnt exactly what anyone was expecting to have a titan of Wall Street, all of a sudden building a business to focus on the financial needs of everyday people. Particularly consumers in Marcus, youve talked a lot about the role youre in now is really about people. Because for us, this is a business and a strategic imperative. 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. New York: The venue was the Gotham Club an exclusive den inside the San Francisco Giants home stadium. 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. This account of her ascent is based on interviews with people whove worked with Cohen, who asked not to be named discussing their interactions. Click the AdBlock Plus button on your browser and select Enabled on this site. 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. And by the way, that portfolio is different for different people. Stephanie Cohen is one the bank's highest-ranking female . and expects to roll out digital checking accounts in the next few months. 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. 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. 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. Youre just one more inch and I would have landed that jump. Cohen drives strategy, Mergers & Acquisitions (M&A . terms: Goldman Sachs Banks Stephanie Cohen Succession. We want to be your primary bank. 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. In January 2021, she was appointed global co-head of consumer and wealth management. Stephanie Cohen, culture builder, lifelong learner, thanks so much for joining me on Emerge Everywhere. An error has occurred, please try again later. If her tenure there is successful, it could pave the way for Cohen to make history at the firm. 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. Stephanie Cohen, head of platform solutions, said scale would help the business reach profitability by 2025. Is the idea here that Marcus customers eventually become Goldman Sachs customers, if you will? And I love learning. And then we have this great program where we work with companies on financial wellness for their employees and we call that Ayco. It'll just take a moment. Correction: A previous version of this article mistakenly stated that Cohen became a managing partner at Goldman Sachs in 2008. 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. That makes a lot of sense. As an investment banker for close to 20 years, my presence in board rooms was often an anomaly. Speaker Bio: Stephanie Cohen is Goldman Sachs' Chief Strategy Officer and a member of the Management Committee. Women. Prior to that, Ms. Cohen was a Vice President in the Industrials and Merger Leadership Groups in San Francisco. Stephanie Cohen: And so hopefully people see when they go on our app or go on our website, that our language is easy to read and clear. Become a business insider with the latest news. And so in skating you fall all the time. Mr . And I think theres a lot to learn about how culture builders do that, because I think a lot about the importance of stepping outside of our silos, that thats where, and that relates to the comments that you made about diversity. I really felt like I hadnt learned it. Stephanie Cohen: The 9 biggest takeaways from Goldman Sachs' investor day, from a tense Q&A with CEO David Solomon to the tater tots for breakfast. Not much is scary after that. 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. Getting out of our silos, hearing from other people, other perspectives we might not hear from otherwise and finding the interconnections. After, it was the bank's Stephanie Cohen who reiterated that Goldman is considering strategic alternatives for its consumer lending business. Ms. The reality is that investing can be intimidating for a lot of people. 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. In mid-July, the company announced it will promote David Solomon to succeed Lloyd Blankfein as chief executive officer. Goldman Sachs has created a new consumer and wealth management division co-led by Stephanie Cohen. And then as you mentioned, we have a digital consumer bank. Its important, but the world is changing so fast that just being someone who analyzes whats happened historically and trying to put that on the future, I think doesnt really work. And the idea really brings together the reason by the way, why we have our consumer and wealth management businesses all together. 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. And the question, which is kind of an obvious question is why now? Well, this is one of the most exciting versions of quote unquote embedded finance that Ive heard about in a long time. Goldman Sachs Group Things like auto pay. A lot of investment bankers have the attention span of a gnat," said Stephen DeFalco, who was the CEO of Crane & Co. before Goldman Sachs helped sell the company. Shes about 10 years younger than the average man already on the committee, after becoming a partner just four years ago. And we are lucky because we get to spend our entire days focusing on people. No question. Jung, weiblich, Bankerin: Stephanie Cohen macht bei Goldman Sachs Karriere. And I remember these moments of falling really hard and your parents, your coach is like, Oh my. More than 90% of appraisers are white, and researchers have found that bias leads to lower valuations for homeowners of color. 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. 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? And it kind of reminds you of how important getting on a plane and seeing people in person and experiencing them in their environment really is. 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. Some of that could be due to the fact that there are fewer women in venture capital and fewer women founders. In January 2021, she was appointed global co-head of consumer and wealth management. 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. Dallas is now Goldmans second-biggest U.S. office outside of New York, surpassing Salt Lake City. The consumer and wealth management team in Dallas is close to 1,200 now, which is about how many are on the same team in New York, said Cohen, who also noted that employees are back in the office in the U.S. Cohens division, consumer and wealth management, includes the consumer banking platform Marcus, which launched in 2016 followed by an app in January 2020 that allows consumers to do everyday banking. 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. And so I think its embedded in your question, but I think its a fair question. I suspect theres also something to it about the moment were living in, the era were living in. How we set it up made it easier for them and then how it affected their lives going forward. 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. My husband and I were talking about it last night, we all still need a lot of help. 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. 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 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? 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. Stephanie Cohen: And how do you feel about essentially being a change agent in this way? What it really was, was it was where people went when they had really great ideas and they just wanted to get it done. Your session has expired, please login again. And this year were going to launch Marcus Invest and checking and a credit card partnership with General Motors. Stephanie joined Goldman Sachs as an analyst in 1999, was named managing director in 2008, and became a partner in 2014. Prior to her current role, Stephanie drove strategy, M&A, strategic investing, and partnerships as the firm's chief strategy officer. 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. As the banks chief strategy officer, she brought clarity and focus, including a new commitment to diversity and inclusion. As of February 2017, she continues to serve as an advisory director at Goldman Sachs, after retiring from leadership of its Global Markets Institute. Collage of David Solomon . 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. 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. We want to be the bank on your phone, she says. Talk a little bit about how you do that as a leader. Im going to start by saying that Ive gotten to where I am today because there are amazing people inside of Goldman Sachs and outside of Goldman Sachs who have been tremendously helpful to me. She started as an analyst in 1999 and has held a series of leadership positions in mergers and acquisitions. 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. Natalie is an award-winning reporter who covers banks, crypto, fraud, deals and other money topics for The Dallas Morning News. Welcome to EMERGE Everywhere. Stephanie Cohen Global Head of Platform Solutions February 2023. In so many ways. Jennifer Tescher: And I do think were in this moment of have a lot of people around, have them continuously getting better, be focused on execution and kind of getting stuff done, but being constantly learning in the process. She is also a Global Executive sponsor of the Women's Network. 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 . 2021-11-30T13:05:49.103Z. The latest group includes 32 white men, giving them a 53 per cent share of the promotions, the demographic's smallest representation on record. And since then, youve begun offering all kinds of things. The delicate transaction was a milestone in the carmakers comeback after the financial crisis. And what we are and what were trying to become is we have these two self reinforcing strategies. Wow, this is so devastating. I did a lot of it and a couple of other things that I just think are a little bit of tricks in doing this. and My team, I talk about this all this time, its getting to yes way, which is you see a problem and instead of showing up with a problem, you show up with a solution and you work your way through the solution. [House Hearing, 117 Congress] [From the U.S. Government Publishing Office] H.R. 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. 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, it turns out I learned, were once a competitive figure skater growing up. 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. 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. They most recently attended, or will attend, Money 20/20 USA 2021 on Oct 24, 2021 . She is the daughter . Upon arriving, her trajectory changed, and she has remained at the firm for over two decades in a variety of roles. 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. 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. Do you have any ideas or things youve thought about in terms of how to leverage your capabilities in this regard? 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. One, it affects how you manage your own people. Instead, I found it really helpful to look at a, people and look for things that I like or relate to. They are not only of course the right thing to do, but it is the only way to run the business. Cohen declined to give projections for growth in Dallas or say whether Goldman is considering such a move. And the reality is that is the right advice for our clients. Its really complex.