[1] [2] Prior to March 2008, she was the firm's Chief Investment Strategist. Diversity in the ranks at Goldman and at the companies it invests in is a priority for Cohen. Its the ultimate man-cave. Stephanie earned an AB in Biology, summa cum laude, from Harvard . 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. 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 /. Explore how to make financial services a force for good. 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. Cohen declined to give projections for growth in Dallas or say whether Goldman is considering such a move. 01 Mar 2023 02:08:06 Because for us, this is a business and a strategic imperative. 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. My husband and I were talking about it last night, we all still need a lot of help. Ms. Cohen serves on the National Board of Directors of CollegeSpring and as a member of the Board of Quill.org. Great. 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. Jennifer Tescher: 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. March 02, 2023, 14:16 IST. But advertising revenue helps support our journalism. Goldman Sachs Group wants to be your digital banker, and it has assigned the job to Stephanie Cohen, marking her second year on the Barron's list. Goldman Sachs (GS-0.84%) CEO David Solomon has promoted Stephanie Cohen to co-head its consumer banking and wealth management division as part of an executive shuffle at the bank.. And were going to be better if we do that. Now weve put a bunch of features into our products to help people make better decisions. Stephanie Cohen: "We have savings, lending, investing, and we're close to launching checking. 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. 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. One of the first people that called me after the announcement that I was going to be the co-head of this division, was a friend and they wanted help managing their financial lives, but not just theirs, but their family. 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. We call those businesses, private wealth management and personal financial management. Prior to her current role, Stephanie drove strategy, M&A, strategic investing, and partnerships as the firm's chief strategy officer. Yeah. 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. The company had previously partnered on its credit cards with Barclays. Ms. Cohen, also 32, is an independent marketing consultant in Chicago. 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. But as Marcus morphed from a side project to a focal point for investors hungry for a growth story, the business rapidly expanded and ultimately buckled under the weight of Solomon's ambitions . 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).. 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. Stephanie Cohen: And then we have this great program where we work with companies on financial wellness for their employees and we call that Ayco. 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. 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. Yeah. And so I think its embedded in your question, but I think its a fair question. She started as an analyst in 1999 and has held a series of leadership positions in mergers and acquisitions. She is also a member of the Partnership Committee, Global Diversity Committee, Firmwide Enterprise Risk Committee and Firmwide Finance Committee. Shared by Stephanie Cohen At a critical moment for women's and family health, I am proud to share news of Maven Clinic's Series E, led by General Catalyst. Remove some to bookmark this image. That makes a lot of sense. Jennifer Tescher: Cohen, 41, joined Goldman Sachs in. And thats really the most exciting thing about being able to run this division. And that starts with our own people. Jennifer Tescher: Correction: A previous version of this article mistakenly stated that Cohen became a managing partner at Goldman Sachs in 2008. 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. Its really complex. 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. He will report to Stephanie Cohen, Goldman's global co-head of consumer and wealth management. I think Goldman has a growing number of excellent women at the firm. And how do you feel about essentially being a change agent in this way? Goldman Sachs Group But she really got it. The best way to do this is to have a long-term view. 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 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. See you next time. On September 29, 2020 . Whether thats direct disbursements in our loans, meaning when you sign up for a Marcus loan, we can directly pay off your other debts. 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. In the latest in a rapid career of promotions, Cohen, 43, took over as co-head of consumer and wealth management in January, overseeing consumer bank Marcus, which has racked up $97 billion in deposits. And the thing I say all the time is that you cant talk about these things in two different places. And I have to say, I was a little bit surprised that that was the book you chose. "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 . The . Yeah, I think its this idea of being a learner. 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. And it will be interesting to think about how you leverage your vast capabilities and capital. https://www.barrons.com/articles/barrons-100-most-influential-women-in-u-s-finance-stephanie-cohen-51615543200. And I really got to know them on a totally new level because they were talking to me about their lives and their goals and their dreams and how we could be helpful. Im Jennifer Tescher, journalist turned financial health champion. Stephanie Cohen: Do you have any ideas or things youve thought about in terms of how to leverage your capabilities in this regard? Cohen drives strategy, Mergers & Acquisitions (M&A . Oops! And so were doing that with Apple, but also well do it with General Motors. 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. 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. The other place that weve been embedding it is very deeply in our investing businesses, because what we noticed was that inclusive and diverse teams outperformed and they were under invested in. Listening is the most important thing that I do. In January 2021, she was appointed global co-head of consumer and wealth management. They most recently attended, or will attend, Money 20/20 USA 2021 on Oct 24, 2021 . Certainly youre gifted and talented. 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. Earlier in her career, Ms. Cohen worked in New York in the M&A department. 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. "They are like-minded brands that are meeting people where they are," Cohen said. 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. 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. Click the AdBlock Plus button on your browser and select Enabled on this site. 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. 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. And you asked me about the focus. And I talked to you about three things that I think have helped me and the teams around me be successful. 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. Tell us a little bit about where you expect to focus most of your time and attention this year. Some there have earmarked her as a candidate to become the first woman to lead the investment banking division, the banks most profitable arm. It was a pre-COVID time period. To read our full stories, please turn off your ad blocker.We'd really appreciate it. 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. Jennifer Tescher: And so 85% of all venture capital dollars goes to all male founded teams. 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. 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. 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. Its not a one size fits all product and solution. E ine Stunde mit . Stephanie Cohen is Global Head of Platform Solutions and a member of the Management Committee. She was previously based in New York where she reported for The Motley Fool, TheStreet and Business Insider. 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. Goldman also will provide six student scholarships for $10,000 each at UTD over the next three years. Goldman Sachs Group Inc will pump $500 million into companies led, . Instead, I found it really helpful to look at a, people and look for things that I like or relate to. Im not certified to be helpful, but we do get a lot of questions and it helps you to understand just how many people have these questions and how many people could really use help in managing their finances. [House Hearing, 117 Congress] [From the U.S. Government Publishing Office] H.R. 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. And what we are and what were trying to become is we have these two self reinforcing strategies. For example, theres a bunch of statistics showing that if you give people the option toinvest in a 401(k) plan, many people wont do it. When I walked into a board room, theyd expect a very tall man, but instead theyd get a relatively shortwoman. She graduated cum laude from New York University and received an M.B.A. in May from Indiana University. And in this new role in particular, but I was doing some of this as chief strategy officer, but now doing much more of it, I think you really have to figure out how you can listen to customers directly. And so I did that and I mirrored that with my people. Well, this is one of the most exciting versions of quote unquote embedded finance that Ive heard about in a long time. Because you cant do things exactly the same way. 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. 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. A checking account is currently in beta, according to Cohen. 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. Goldman Sachs has chosen Stephanie Cohen as co-head of its consumer and wealth management . Learn about the important intersection of healthcare and financial heath. Jennifer, it is great to be here. You are now subscribed to our newsletters. If you liked this episode, please review the show and subscribe wherever you get your podcasts. 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. 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. 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 . 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. Close. Over 99% goes to all white teams. 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? Stephanie Cohens first 15 years at Goldman Sachs, her career ladder didnt look much different than that of a typical investment banker. 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. . Stephanie Cohen: And since then, youve begun offering all kinds of things. I suspect theres also something to it about the moment were living in, the era were living in. My guest today is one of the most powerful women on Wall Street. . A Flagstar executive said the mortgage-focused bank is "not just going to sit on the sidelines and watch this happen.". 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 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. Im wondering how youre viewing that experience in light of the coming launch of these new products for Marcus customers? And the reality is that is the right advice for our clients. Not much is scary after that. One Goldman Sachs go-to-market strategy combined with products developers love and can easily adopt 2 Business-to-business with innovative, client- and terms: Goldman Sachs Banks Stephanie Cohen Succession. How we set it up made it easier for them and then how it affected their lives going forward. In 2019, Goldman launched an Apple credit card, and last January it rolled out a GM credit card. See our career opportunities. By continuing to use our site you agree to our Terms of Use and Privacy Policy. And so you didnt get into this chief strategy officer role with a real clear job description. I suspect that theres only so far a brand like Marcus can go in terms of meeting the needs of underserved consumers. 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. Were looking for mission-driven people to join our team. 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. 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. And how can we serve them? We believe our investment in these strategic locations enables us to build centers of excellence around specific capabilities that support our business initiatives, the company said. 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. And this year were going to launch Marcus Invest and checking and a credit card partnership with General Motors. And then we have another part of that business where we embed our capabilities into the ecosystems of our partners and thats basically what were doing with the Apple card. Carter Johnson and Hayley Cuccinello. Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. 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. Already a member? By continuing to use our site you agree to our. And when I was in my role as chief strategy officer, we created this thing called Accelerate, which we call our internal innovation engine. Because consumer banking has been around for a really long time. Goldman Sachs. These stories and more in banking news this week. Theres the customer calls, which I love listening to. She dug into the bones of the deal and was very compelling.". And the question, which is kind of an obvious question is why now? Consequently, they can be prickly customers. Meet the forward thinking leaders challenging the status quo and unleashing creative new ways of improving financial health by seeing their customers, employees, and communities in 3D. Stephanie Cohen is one the bank's highest-ranking female . Collage of David Solomon . It'll just take a moment. And that means that we need to go from being about a product, to really having solutions and building holistic relationships with our customers and by building that entire product suite and making it something thats simple and transparent, easy for millions of people to access, we think were going to do that. Its great for a woman to be achieving this level of success at Goldman and shes certainly capable of going further," Nugent said. The San Francisco bank entered into a multiyear partnership with Choice Hotels, which operates brands such as Radisson, Comfort and Econo Lodge. How big the Dallas operation will get is a source of regular speculation in the North Texas real estate community. Stephanie Cohen: The regions tech workforce is projected to expand 17% over the next decade. As of February 2017, she continues to serve as an advisory director at Goldman Sachs, after retiring from leadership of its Global Markets Institute. You can connect with me on Twitter @JenTescher. To learn more about the work and research we do, please visit emerge.finhealthnetwork.org. And so thats really what were trying to do with what were doing in consumer and in Marcus. And then we did savings. We recommend using Google Chrome, Mozilla Firefox, Apple Safari, or . "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. 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. You can learn more about how we use cookies by reviewing our Privacy Policy.Dismiss, Global Co-Head of Consumer and Wealth Management. We have businesses that do that and were really excited to do that as well. How do you look at the data in a way that really helps you? Figuring out how what youre doing is affecting people. 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. Dallas led all metropolitan areas in 2021 in net tech job growth, adding 5,321 positions, according to a new report by CompTIA, the nonprofit association for the information technology industry. Shes about 10 years younger than the average man already on the committee, after becoming a partner just four years ago. And just to go back to your very specific question on are we trying to take these customers and turn them into Goldman Sachs customers? 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. Goldman Sachs Group wants to be your digital banker, and it has assigned the job to Stephanie Cohen, marking her second year on the Barrons list. Stephanie Cohen: And I think in some ways, this podcast is an outgrowth of my curious nature. And by the way, if you take all of that and everything else were doing, weve now found that two out of three of our Marcus loans customers, after they take out a Marcus loan, their overall debt does decline. First, Goldman Sachs CEO David Solomon said it. and 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. The bank says the candidates failed to make full disclosures. Stephanie, welcome to Emerge Everywhere. In the latest in a rapid career of. We have more than 7,500 people in our division globally. 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. No question. 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. As an investment banker for close to 20 years, my presence in board rooms was often an anomaly. Prior to that, Ms. Cohen was a Vice President in the Industrials and Merger Leadership Groups in San Francisco. But she is quick to point out that this is no PR ploy on behalf of the bank: "This is not philanthropy. Updated Jan. 17, 2017 9:10 pm ET. And so the main thing Im focused on is people internally and externally. Ms. Cohen was Sector Captain for General Industrials in the Global Industrials Group and a member of the M&A Group in IBD. 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.