Women. And so I did that. Its been really fun getting to know all of them. The business is not yet profitable but is expected to hit revenue of $4 billion by 2024, she said. And so thats really what were trying to do with what were doing in consumer and in Marcus. If you liked this episode, please review the show and subscribe wherever you get your podcasts. And how can we serve them where they are with the capabilities of Goldman Sachs? And then we did savings. There werent a lot ofinvestment bankers that looked like me. 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. And that really created an environment where no ones afraid to ask kind of the dumb question, because Stephanies always asking the dumb question because I really wanted to learn. Goldman named 60 new partners on Thursday. Yeah. I mentioned at the top, youre the youngest member of the banks management committee. It didn't go well. Well, this is one of the most exciting versions of quote unquote embedded finance that Ive heard about in a long time. Dallas is now Goldmans second-biggest U.S. office outside of New York, surpassing Salt Lake City. 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? The best way to do this is to have a long-term view. Goldman's $2.2 billion acquisition of GreenSky allows the bank to beef up its customer base and gives it access to the fintech's network of more than 10,000 merchants. 2021-11-30T13:05:49.103Z. The bank will aim to grow fees from asset and wealth management and drive better performance in its fintech unit, while taking more market share in its traditional powerhouses of trading and investment banking. Or what lessons have you taken from that and in your leadership roles at Goldman? In less than a year, Goldman Sachs has grown its North Texas presence from more than 2,000 employees to nearly 4,000. Jennifer Tescher: 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. 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. She also serves as trustee for the Board of The Economic Club of New York. Stephanie Cohen, the 'female banker' is surely one to shatter the glass ceiling, all the CEOs of Goldman Sachs so far have been old white men. You can connect with me on Twitter @JenTescher. Stephanie Cohen: She also spearheaded . 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. Youve got to figure out whats important to you and what you really want to spendmoney on. A step-by-step guide for HR professionals. She is also on the national board of the nonprofit group Reading Partners, which focuses on literacy in grammar schools, helping underprivileged kids who are behind in reading. But she doesn't see what the fuss is about. Two former Goldman Sachs executives have been indicted for conspiring in a multibillion-dollar theft from the Malaysian investment fund known as 1MDB, a scandal that could cost Goldman as. 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. By doing that, you can actually, authentically be the person you want without assuming that you have to be someone else., Sam Bankman-Frieds Deceptions Allegedly Include Millions in Illegal Campaign Contributions, The Fed Raises Rates as Expected, But Spooks Investors With a Gloomy Forecast, Meta Is Sued for Allegedly Profiting From Hateful Content on Facebook in Ethiopia, Twitter Suspends @ElonJet, the Account Tracking Musks Private Flights. How does this all fit together? See our career opportunities. On September 29, 2020 . 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. 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. Company president John Waldron and Stephanie Cohen, global head of the Platform Solutions unit, echoed Solomon's comments about the bank's consumer business, signalling a further retreat from its . 01 Mar 2023 02:08:06 The reality is that investing can be intimidating for a lot of people. Goldman now has credit-card deals with 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. because investing and helping companies grow is our business," Stephanie Cohen, Goldman Sachs' chief strategy officer . And so 85% of all venture capital dollars goes to all male founded teams. 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. 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. Since the start of this year, Cohen has also transitioned from investment banking to serve as the bankschief strategy officer,leading a team that decides where the bank should pursue new lines of business. I was a big bank diversity hire. 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. Cohen joined Goldman Sachs as an Analyst in 1999, was named Managing Director in 2008 and Partner in 2014. 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. Talk a little bit about how you do that as a leader. Alan Cohen, Goldman Sachs Group Inc.'s head of compliance and the longest-serving internal cop on Wall Street, is vacating his seat after 13 years. But Ive also noticed that when women start talking to friends about business ideas, they actually want to help each other.. Stephanie Cohen: When Goldmans board gathered on the West Coast in late June, she gave a presentation on that groups work. Then President John Waldron repeated it. 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. Natalie Walters, Business reporter. As of February 2017, she continues to serve as an advisory director at Goldman Sachs, after retiring from leadership of its Global Markets Institute. 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. Correction: A previous version of this article mistakenly stated that Cohen became a managing partner at Goldman Sachs in 2008. Goldman Sachs managers say one takeaway of the pandemic. 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. A Flagstar executive said the mortgage-focused bank is "not just going to sit on the sidelines and watch this happen.". 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? Prior to her current role, Stephanie drove strategy, M&A, strategic investing, and partnerships as the firms chief strategy officer. We've detected you are on Internet Explorer. Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. 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. 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. Jennifer Tescher: Click the AdBlock Plus button on your browser and select Disable on Observer.com. And so now one of the things, weve tried and a new skill actually inside of Goldman, which is this experimentation. Her appointment this summer to Goldman Sachs' management committee made her its youngest member. Again, in my role as chief strategy officer, the way that we talk about it then, and certainly the way were talking about it now is that inclusion and diversity are absolutely strategic imperatives. 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. In the latest in a rapid career of. Download the Mint app and read premium stories. And besides those numbers being kind of horrific, they are a misallocation of capital. Yeah. 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. 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. Ive run, as you said, the consumer and wealth management business with my partner, Tucker York. Im glad youre drilling in on it. They are Goldman Sachs customers. 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. Getting out of our silos, hearing from other people, other perspectives we might not hear from otherwise and finding the interconnections. 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 an investment banker for close to 20 years, my presence in board rooms was often an anomaly. Build a resilient workforce by prioritizing finhealth for employees. You pack a lot into a day. https://www.barrons.com/articles/barrons-100-most-influential-women-in-u-s-finance-stephanie-cohen-51615543200. And at least I believe and I think its fair to say that theyre amazing. More than 90% of appraisers are white, and researchers have found that bias leads to lower valuations for homeowners of color. Mr . But then there are customers that are General Motors customers and that are Apple customers and that thats much broader and what do they need? and expects to roll out digital checking accounts in the next few months. And one of the things that we kind of put out there in the wild was this idea of being able to pay your credit card bill multiple times a month in the Apple cart. 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. Stephanie Cohen, culture builder, lifelong learner, thanks so much for joining me on Emerge Everywhere. The caucus started as a small gathering a decade ago organized by Stephanie Cohen then an up-and-coming banker at Goldman Sachs, who was vexed by the chummy boys network thats long dominated the business of guiding mergers and acquisitions. Goldman Sachs consumer exec Stephanie Cohen explains why the Wall Street bank just inked a $2.2 billion home-improvement lending deal; . Oops! [1] [2] Prior to March 2008, she was the firm's Chief Investment Strategist. And this kind of idea of people wanting to experience financial services deeply embedded into ecosystems rather than being this separate action. Here are her five best pieces of advice on work and personal finance for professional women. 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. Talk to me a little bit about how thats happened. And so were doing that with Apple, but also well do it with General Motors. E ine Stunde mit . Goldman Sachs has created a new consumer and wealth management division co-led by Stephanie Cohen. Stephanie Cohens first 15 years at Goldman Sachs, her career ladder didnt look much different than that of a typical investment banker. She is also a Global Executive sponsor of the Women's Network. 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. We could have a whole conversation you and me, just on this topic so lets do that another time. You mentioned the Apple card. Theres the customer calls, which I love listening to. 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. Ihr wird inzwischen sogar der Platz an der Bank-Spitze zugetraut. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. "They are like-minded brands that are meeting people where they are," Cohen said. 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. 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. 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. Dive Brief: Goldman Sachs on Tuesday named Stephanie Cohen co-head of the bank's consumer and wealth management business, making the 43-year-old arguably the most powerful woman at the company, and the first woman to lead a Goldman division since trading co-chief Isabelle Ealet left the bank in 2018, Bloomberg and the Financial Times reported . 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. Stephanie Cohen, Goldman's co-head of consumer and wealth management, is working on setting up a second base for herself in Dallas. 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. 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. This account of her ascent is based on interviews with people whove worked with Cohen, who asked not to be named discussing their interactions. Stephanie Cohen has been at Goldman Sachs for more than 23 years. When I walked into a board room, theyd expect a very tall man, but instead theyd get a relatively shortwoman. And you asked me about the focus. 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. 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. A great question. 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. DuringStephanie Cohens first 15 years at Goldman Sachs, her career ladder didnt look much different than that of a typical investment banker. Goldman Sachs Group Jennifer Tescher: Internet Explorer not supported . Money 20/20 USA 2021 Speaker Oct 24, 2021 Sign In. To learn more about the work and research we do, please visit emerge.finhealthnetwork.org. Outside of work, Cohen spends time with her husband and young son, who "helps me hone my negotiation skills," she laughs. 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. Hier kommt Frau Goldman Sachs. And the last thing Ill say on it is I love going to visit our offices outside of the US particularly in places like Asia, because theyre in a different place as it relates to the development of financial services. Remove some to bookmark this image. 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. A checking account is currently in beta, according to Cohen. My moms a teacher and its just something. And that we were going to build an ecosystem around it. One, it affects how you manage your own people. In 2021, Goldman Sachs announced the One Million Black Women initiative, a $10-billion investment initiative focused on investing in Black women to, ``drive investment in housing, health care, access to capital, education, job creation and workforce advancement, digital connectivity, and financial health.'' In 2020, JPMorgan Chase . And 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 want to be the bank on your phone, she says. Now weve put a bunch of features into our products to help people make better decisions. Stephanie Cohen, global co-head of consumer and wealth management at Goldman Sachs, speaks during a dedication ceremony of the company's branded terrace at the University of Texas at Dallas. Im a big question asker too. Diversity, equity and inclusion are core to our mission, see why. Its not a one size fits all product and solution. 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. Goldman also will provide six student scholarships for $10,000 each at UTD over the next three years. Stephanie Cohen: You are just one step away from creating your watchlist! And just a few weeks ago, she was asked to jointly lead the banks global consumer and wealth management division. Great. Stephanie Cohen is one the bank's highest-ranking female . 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. Shes about 10 years younger than the average man already on the committee, after becoming a partner just four years ago. Explore how to make financial services a force for good. . Wow. Cohens elevation to the committee followed just days later strong evidence she has the incoming CEOs confidence. Someone get Stephanie Cohen a set of hair clippers. 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 the idea really brings together the reason by the way, why we have our consumer and wealth management businesses all together.