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. Its really complex. And then as you mentioned, we have a digital consumer bank. By the way, a lot of people who spend their careers in financial services. 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).. She was previously based in New York where she reported for The Motley Fool, TheStreet and Business Insider. Tiger Trump and nothing to ex-husband Donald Trump. Stephanie Cohen is Global Head of Platform Solutions and a member of the Management Committee. Yeah, I think its this idea of being a learner. Yeah, were really excited about the Marcus Invest product, which will launch this quarter. Its not a one size fits all product and solution. And what were doing in our division is we do it a couple of different ways. Women. 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 since then, youve begun offering all kinds of things. Theres the customer calls, which I love listening to. 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 . 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. Stephanie Cohen is global co-head of Consumer and Wealth Management at Goldman Sachs, a member of the firms Management Committee, and global executive sponsor of the Womens Network. . 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. Cohen said Goldman has been focused on fortifying its relationships with universities to help attract engineering talent to D-FW. And I love learning. Goldman plans to add checking to Marcus later this year but doesnt have a set date, Cohen said. 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. Cohen, whos worked with large corporate clients including 3M Co. a relationship previously fostered by Solomon was named to the strategy post after Stephen Scherr, the previous mantle-holder, was tapped to build out the consumer-banking unit. Dallas is now Goldmans second-biggest U.S. office outside of New York, surpassing Salt Lake City. Goldman Sachs Group Inc's Chief Executive David Solomon and top executives will give investors an update on their strategy on Tuesday. The 9 biggest takeaways from Goldman Sachs' investor day, from a tense Q&A with CEO David Solomon to the tater tots for breakfast. And we are lucky because we get to spend our entire days focusing on people. Diversity, equity and inclusion are core to our mission, see why. I think I learned that at a really young age. So much. The banking industry appears to be stuck when it comes to diversifying the leadership ranks. 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 so thats really what were trying to do with what were doing in consumer and in Marcus. Stephanie Cohen, a merger banker who has spent the past few years doing deals for private-equity firms and other big investors, will replace Stephen Scherr, who has held the role since 2014,. 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. 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. 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. 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. In mid-July, the company announced it will promote David Solomon to succeed Lloyd Blankfein as chief executive officer. And just a few weeks ago, she was asked to jointly lead the banks global consumer and wealth management division. 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. 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. 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. It could be meal delivery services, paying for working out, or makeup and clothes. [1] [2] Prior to March 2008, she was the firm's Chief Investment Strategist. I love it and its the advice I give people all the time. Goldman also will provide six student scholarships for $10,000 each at UTD over the next three years. Jun 22 Stephanie Cohen: Chief Strategy Officer at Goldman Sachs. But she really got it. Internet Explorer is no longer supported on our website. How big the Dallas operation will get is a source of regular speculation in the North Texas real estate community. Because consumer banking has been around for a really long time. Money 20/20 USA 2021 Speaker Oct 24, 2021 Dallas is quite central, Cohen said. Ms. Cohen was Sector Captain for General Industrials in the Global Industrials Group and a member of the M&A Group in IBD. We do it internally. On September 29, 2020 . And so were not going to do that on our own. Financial Health Pulse 2022 Chicago Report, Jennifer Tescher | Leaning Forward for FinHealth. 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. In so many ways. Im Jennifer Tescher, journalist turned financial health champion. I love that you had that visceral experience from the book and particularly given the role youre in now. Im a big question asker too. And so the main thing Im focused on is people internally and externally. Because for us, this is a business and a strategic imperative. The best way to do this is to have a long-term view. 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. And then on the other side of the people equation is our clients and our customers. And how can we serve them where they are with the capabilities of Goldman Sachs? Goldman Sachs Group Inc will pump $500 million into companies led, . And this year were going to launch Marcus Invest and checking and a credit card partnership with General Motors. If her tenure there is successful, it could pave the way for Cohen to make history at the firm. 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. The San Francisco bank entered into a multiyear partnership with Choice Hotels, which operates brands such as Radisson, Comfort and Econo Lodge. Its complicated. As the banks chief strategy officer, she brought clarity and focus, including a new commitment to diversity and inclusion. On September 29, 2020, Stephanie Cohen, Goldman Sachs' Chief Strategy. After, it was the bank's Stephanie Cohen who reiterated that Goldman is considering strategic alternatives for its consumer lending business. She also serves as trustee for the Board of The Economic Club of New York. 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. You are just one step away from creating your watchlist! Cindy Ord/Getty Images for Girlboss Rally NYC 2018. 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. 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. In brief remarks about the Federal Reserve's handling of COVID-19 crises, the governor said the central bank's asset-buying program is taking longer to unwind than its emergency lending facilities. Im glad that you talked about inclusive capitalism because one of the more notable pronouncements from your boss, Goldman chair and CEO David Solomon, was that Goldman was only going to be willing to take companies public if they had at least one woman on their board. 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. Yeah, I think that is, as we think about these two self reinforcing strategies that were pursuing consumer, thats one of the I think the really hopefully great ideas we have around it. But I would sit in meetings and just be like, Im sorry, Im just going to ask this from the most basic level. And to this point of financial services being really complicated, I think lots of people sit in a lot of meetings and everyone else thinks that everyone else understands something and they actually dont. Do you have any ideas or things youve thought about in terms of how to leverage your capabilities in this regard? We call those businesses, private wealth management and personal financial management. Stephanie Cohen has been at Goldman Sachs for more than 23 years. She grew up in Augusta, Ga., and holds an MA in Investigative Journalism from The Cronkite School. In January 2021, she was appointed global co-head of consumer and wealth management. Tell me more about that choice and sort of what youve learned from it. You are now subscribed to our newsletters. 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. I think people have gotten to a place, and theres some good and theres some bad here where the phone is kind of really the center of everything that they do and how they interact with so many parts of their lives. And so I think its embedded in your question, but I think its a fair question. Listening is the most important thing that I do. The 43-year-old. 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. The world is awash in capital and you never see that. 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? 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. Ms. Cohen, also 32, is an independent marketing consultant in Chicago. Jennifer Tescher: And so this real focus on execution, which I no doubt learned by being a mergers and acquisitions banker inside of Goldman Sachs. 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. Remove some to bookmark this image. You, it turns out I learned, were once a competitive figure skater growing up. She is now even given the place at the top of the bank. 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 /. Im certain that I had it before, but its really deeply ingrained in the Goldman Sachs culture, but I happen to naturally be, I guess what Adam Grant would describe as a giver. 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. That makes a lot of sense. Jennifer Tescher: Correction: A previous version of this article mistakenly stated that Cohen became a managing partner at Goldman Sachs in 2008. I wonder if you could talk a little bit about when you joined as chief strategy officer in that role, what you did to listen and learn about both the parts of the business that you might have been less familiar with, but also the end user, if you will, the consumer. 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. And thats really the most exciting thing about being able to run this division. Ive run, as you said, the consumer and wealth management business with my partner, Tucker York. 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. Her appointment this summer to Goldman Sachs' management committee made her its youngest member. You can learn more about how we use cookies by reviewing our Privacy Policy.Dismiss, Global Co-Head of Consumer and Wealth Management. The phrase is often used as company jargon for a sale or merger. Yeah. New York: The venue was the Gotham Club an exclusive den inside the San Francisco Giants home stadium. Now I have to turn the conversation a little bit back to you for a minute, because youre a lifer at Goldman Sachs. Then President John Waldron repeated it. 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. . 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. Yeah. . And of course, people want access to an advisor. 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. An error has occurred, please try again later. 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. 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. Explore how to make financial services a force for good. How we set it up made it easier for them and then how it affected their lives going forward. Stephanie Cohen is Goldman Sachs' Chief Strategy Officer and an Ex Officio member of the Management Committee. We want to be the bank on your phone, she says. One Goldman Sachs go-to-market strategy combined with products developers love and can easily adopt 2 Business-to-business with innovative, client- and We think technology is in a place where you can really have a bank on your phone. The strategy document identifies potential avenues for cutting cybercriminals off from financing, as well as other actions banks can take. 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. Goldman Sachs has chosen Stephanie Cohen as co-head of its consumer and wealth management . 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. And so I would really, I would kind of exclamation point on that point. Goldman Sachs mulls deal options after consumer flop. Which is that theres a specific type of customer thats the Marcus customer. A step-by-step guide for HR professionals. One, it affects how you manage your own people. I did that internally and I also did it externally. 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. 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. A Goldman Sachs banker will have to pay his ex-wife more cash after she appealed her 2 million divorce settlement despite being set to inherit 100 million from her Saudi father. And so what are we? Natalie Walters, Business reporter. Our people find Dallas a really, really great place to live and raise a family.. To learn more about the work and research we do, please visit emerge.finhealthnetwork.org. Change is underway in the financial services industry and it's disrupt or be disrupted. Sign In. 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 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. Are you okay? And being really happy because you could tell that you were almost there. 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. 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. I talked a little bit about all the businesses that Tucker and I are managing and they include these advisor led wealth management businesses that we have been in for decades. Youve got to figure out whats important to you and what you really want to spendmoney on. Someone get Stephanie Cohen a set of hair clippers. To order presentation-ready copies for distribution to your colleagues, clients or customers visit http://www.djreprints.com. I was a big bank diversity hire. And so were doing that with Apple, but also well do it with General Motors. Its the ultimate man-cave. 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. 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. By years end, 40% of its employees were working in those locations, the company said. In case you cant find any email from our side, please check the spam folder. You mentioned the Apple card. 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. By continuing to use our site you agree to our. 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. Im excited to see how that develops. 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. Instead, I found it really helpful to look at a, people and look for things that I like or relate to. But in Marcus and in consumer, we want to bring the best of Goldman Sachs capability to them directly on their phone, wherever they are and however they want to be served. 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 that we were going to invest behind diverse managers because you needed to get money in the hands of diverse managers so that they could get money in the hands of diverse companies. Text. And what are we trying to become? Marcus. Its going to be two this year. 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. Jennifer Tescher: Jennifer Tescher: Feb 2, 2021, 8:42 AM. Yeah. She is also a Global Executive sponsor of the Women's Network. 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. They are not only of course the right thing to do, but it is the only way to run the business. Stephanie Cohen: Its great for a woman to be achieving this level of success at Goldman and shes certainly capable of going further," Nugent said. Already a member? We get it: you like to have control of your own internet experience. The delicate transaction was a milestone in the carmakers comeback after the financial crisis. We recommend using Google Chrome, Mozilla Firefox, Apple Safari, or . More on Stephanie. 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. Stephanie Cohen has been at Goldman Sachs for more than 23 years. We want to use simple, transparent and valuable products to help people manage their financial lives. Jennifer Tescher: 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. 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? Cohen declined to give projections for growth in Dallas or say whether Goldman is considering such a move. 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. This has been EMERGE Everywhere, a Financial Health Network production. Speaker Bio: Stephanie Cohen is Goldman Sachs' Chief Strategy Officer and a member of the Management Committee. But by the way, you cant do that always at scale. Yeah. Were really excited about our Marcus Invest launch and were really excited internally because it brings together the best of our wealth management business with the best of our consumer business. And then weve also done that with Walmart and Amazon in terms of providing credit to their merchants. 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. 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. . Figuring out how what youre doing is affecting people. 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. Im a lifelong learner. Shell be among seven women on the 33-person panel. Some inside the bank wonder whether shes destined to rise even higher. Senior Editor, Women's Programs, American Banker. 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. We have more than 7,500 people in our division globally. And so the next question is, how do you listen to the data? 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, 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. Great. 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