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? Stephanie Cohen: 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. 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. Prior to assuming her current role, Ms. Cohen was Co-Head of the Consumer and Wealth Management Division. As the banks chief strategy officer, she brought clarity and focus, including a new commitment to diversity and inclusion. And so, while theres a lot of sadness in that, were hopefully, the idea is turning that into opportunity. The banking industry appears to be stuck when it comes to diversifying the leadership ranks. I suspect theres also something to it about the moment were living in, the era were living in. Goldman Sachs is exploring "strategic alternatives" for its nascent consumer banking business. She is now even given the place at the top of the bank. 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. [1] [2] Prior to March 2008, she was the firm's Chief Investment Strategist. It didn't go well. Im a lifelong learner. And then weve also done that with Walmart and Amazon in terms of providing credit to their merchants. This is good-return investing.". If you liked this episode, please review the show and subscribe wherever you get your podcasts. Jennifer Tescher: The latest group includes 32 white men, giving them a 53 per cent share of the promotions, the demographic's smallest representation on record. 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. Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. And what we are and what were trying to become is we have these two self reinforcing strategies. 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. New York: The venue was the Gotham Club an exclusive den inside the San Francisco Giants home stadium. And we are lucky because we get to spend our entire days focusing on people. We do it externally. 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. Im Jennifer Tescher, and Id love to hear your ideas for future guests and your reactions to the show. 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. They are part of Goldman Sachs and we are really excited to serve them with the best of Goldman Sachs digitally. Yeah. In 2019, Goldman launched an Apple credit card, and last January it rolled out a GM credit card. Or what lessons have you taken from that and in your leadership roles at Goldman? Stephanie Cohen: The High. Ms. Cohen serves on the National Board of Directors of College Spring and as a member of the Board of Quill.org. This account of her ascent is based on interviews with people whove worked with Cohen, who asked not to be named discussing their interactions. But Ive also noticed that when women start talking to friends about business ideas, they actually want to help each other.. Goldman Sachs 209K subscribers Subscribe 4.6K views 5 years ago Despite China's macro headwinds, Stephanie Hui, head of the Merchant Banking Division in Asia Pacific Ex-Japan, identifies the. Our people find Dallas a really, really great place to live and raise a family.. But she is quick to point out that this is no PR ploy on behalf of the bank: "This is not philanthropy. 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. 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. . Abby Joseph Cohen (born February 29, 1952) is an American economist and financial analyst on Wall Street. 2021-11-30T13:05:49.103Z. We're getting to the moment where we can help someone holistically manage their financial lives," Stephanie Cohen,. He will report to Stephanie Cohen, Goldman's global co-head of consumer and wealth management. 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. wants to be your digital banker, and it has assigned the job to Stephanie Cohen, marking her second year on the Barrons list. Do you have any ideas or things youve thought about in terms of how to leverage your capabilities in this regard? 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. . 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. 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. Stephanie Cohen: And when I was in my role as chief strategy officer, we created this thing called Accelerate, which we call our internal innovation engine. Jennifer Tescher: Marcus is Goldman's digital-first consumer bank, offers customers saving accounts, personal loans and investment advisory services. 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. You pack a lot into a day. Its not a one size fits all product and solution. Mr . 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. March 02, 2023, 14:16 IST. 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. Cohen said Goldman has been focused on fortifying its relationships with universities to help attract engineering talent to D-FW. Global Financial Health Launch Decision: Send Em! And in doing that, we want to fundamentally change the way people experience financial services and in doing that improve their lives. Natalie Walters, Business reporter. Stephanie Cohen, cohead of Goldman's consumer and wealth group, is the only woman heading one of the bank's primary business divisions. 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 /. And I think in some ways, this podcast is an outgrowth of my curious nature. Women. Theres the customer calls, which I love listening to. 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. She also serves as trustee for the Board of The Economic Club of New York. 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. I did that internally and I also did it externally. 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. Correction: A previous version of this article mistakenly stated that Cohen became a managing partner at Goldman Sachs in 2008. Its great for a woman to be achieving this level of success at Goldman and shes certainly capable of going further," Nugent said. I love that you had that visceral experience from the book and particularly given the role youre in now. Stephanie Cohen is Global Head of Platform Solutions and a member of the Management Committee. 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? Welcome to EMERGE Everywhere. Click the AdBlock Plus button on your browser and select Disable on Observer.com. Goldman Sachs has created a new consumer and wealth management division co-led by Stephanie Cohen. Youre just one more inch and I would have landed that jump. I think I learned that at a really young age. Her elevation was the most noticeable in the group of four tapped to join the management committee, and not just because its comprised mostly of men. 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. On September 29, 2020, Stephanie Cohen, Goldman Sachs' Chief Strategy. And the question is, how do you do that at scale? Feb 2, 2021, 8:42 AM. 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. 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. You can learn more about how we use cookies by reviewing our Privacy Policy.Dismiss, Global Co-Head of Consumer and Wealth Management. 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. I mentioned at the top, youre the youngest member of the banks management committee. 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. And just a few weeks ago, she was asked to jointly lead the banks global consumer and wealth management division. Here are her five best pieces of advice on work and personal finance for professional women. As of February 2017, she continues to serve as an advisory director at Goldman Sachs, after retiring from leadership of its Global Markets Institute. I didnt have that term before, but as a giver. Stephanie Cohen, a 41-year-old grad of the University of Illinois at Urbana-Champaign, has charted a rapid rise inside Goldman Sachs, landing a seat on its most-coveted decision-making. Stephanie Cohen: It celebrated the repayment by handing employees buttons that said Paid.". 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. 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. William (Bill) Sachs Goldman, the scion of a prominent family of Jewish philanthropists in San Francisco and himself a board member of the New Israel Fund, died in a crash of his private plane. Oops! And so we have this situation where you have an under invested asset class and theyre going to out return and you never see that. 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,. Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. This copy is for your personal, non-commercial use only. 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. Over 99% goes to all white teams. 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. 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. Where does the bank and the Fed go from here? Some there have earmarked her as a candidate to become the first woman to lead the investment banking division, the banks most profitable arm. Your session has expired, please login again. My guest today is one of the most powerful women on Wall Street. And its been so fascinating to watch the frankly, explosive growth of the business. Prior to her current role, Stephanie drove strategy, M&A, strategic investing, and partnerships as the firms chief strategy officer. 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. <p><img src="https://static1.businessinsider.com/image/5c40b6cbb492cb3ebd48300a-2400/gettyimages-1048898186.jpg" border="0" alt="Goldman Sachs CEO David Solomon" data . Predict the closing value of sensex and win free subscription. And then we did the Apple card. Cohen, 41, joined Goldman Sachs in. 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. And what are we trying to become? 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. Already a member? I know many of them, but it says something entirely different to have someone at the operating committee level. Stephanie Cohen, head of platform solutions, said scale would help the business reach profitability by 2025. And so I think its embedded in your question, but I think its a fair question. 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. 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. But by the way, you cant do that always at scale. And the reason why we decided now was the right time for Goldman Sachs is because one, technology. 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. 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. 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. 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. We do it internally. Thats not something anyone told us to do so we didnt listen in terms of having a conversation, but we watched the way that customers are interacting with our product and were learning from that. 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. Remove some to bookmark this image. Wow, this is so devastating. 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. "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. Cohen is a Goldman Sachs lifer who started at the bank as an analyst back in 1999, spending time in New York and San Francisco. How does this all fit together? 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. Its really complex. And so I would be that person that was like, Please just explain this to me from the base level. And when you get to that base level, you actually start to understand not only the products and how theyre all executed, but how it affects an end customer. 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. And thats how we ultimately came up with the strategies, which I talked about earlier in terms of going direct and what we call financial cloud. 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. Stephanie Cohen is Global Head of Platform Solutions and a member of the Management Committee. See you next time. How big the Dallas operation will get is a source of regular speculation in the North Texas real estate community. I was a big bank diversity hire. Jennifer Tescher: Theres a savings portion of Marcus. Goldman Sachs CEO shuffles consumer banking, wealth management leaders [CNBC] Tags. 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. Youre one of the few women whos risen to that level. Im doing it every day. She started as an analyst in 1999 and has held a series of leadership positions in mergers and acquisitions. 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. Tell us a little bit about where you expect to focus most of your time and attention this year. Mr Solomon teased a sale, saying Goldman was exploring "strategic alternatives". 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. But she really got it. Here are her five best pieces of advice on work and personal finance for professional women. . 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. Flagstar Bank launches its next mortgage-tech accelerator while Walmart and Citi partner on a supplier loan program. And we think that this is a great way for people to think about investing. Cohen declined to give projections for growth in Dallas or say whether Goldman is considering such a move. You cant have two different meetings where you talk about market share and growth and margins and then you have another meeting where you talk about diversity. 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. Because for us, this is a business and a strategic imperative. Explore how to make financial services a force for good. Im wondering how youre viewing that experience in light of the coming launch of these new products for Marcus customers? What it really was, was it was where people went when they had really great ideas and they just wanted to get it done. We could have a whole conversation you and me, just on this topic so lets do that another time. First, Goldman Sachs CEO David Solomon said it. In mid-July, the company announced it will promote David Solomon to succeed Lloyd Blankfein as chief executive officer. She was previously based in New York where she reported for The Motley Fool, TheStreet and Business Insider. Great. And so were not going to do that on our own. Jennifer Tescher: How you recruit, you retain and you develop your own people and there are many things that were doing around that, but it also gets to the way of how you serve your clients. Natalie is an award-winning reporter who covers banks, crypto, fraud, deals and other money topics for The Dallas Morning News. And this kind of idea of people wanting to experience financial services deeply embedded into ecosystems rather than being this separate action. The news, which . I went on a listening tour. You can use that as something that bothers you, or you can use that as a point of differentiation. She started as an analyst in 1999 and has held a series of leadership positions in mergers and acquisitions. Stephanie Cohens first 15 years at Goldman Sachs, her career ladder didnt look much different than that of a typical investment banker. It was a pre-COVID time period. In this episode, Jennifer and Stephanie discuss how the bank is leveraging fintech and personalized solutions to meet diverse consumer needs, while empowering clients and customers to reach their financial goals. Stephanie Cohen is global 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. This has been EMERGE Everywhere, a Financial Health Network production. No question. A checking account is currently in beta, according to Cohen. 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. And then on the other side of the people equation is our clients and our customers. Click the AdBlock Plus button on your browser and select Enabled on this site. In January 2021, she was appointed global co-head of consumer and wealth management. And how do you feel about essentially being a change agent in this way? Before that, she was Global Head of Financial Sponsor M&A in the Investment Banking Division (IBD). After, it was the bank's Stephanie Cohen who reiterated that Goldman is considering strategic alternatives for its consumer lending business. We call those businesses, private wealth management and personal financial management. By the way, thats only been sped up over the last year or so, given everything thats gone on. 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. Getting out of our silos, hearing from other people, other perspectives we might not hear from otherwise and finding the interconnections. We have more than 7,500 people in our division globally. It was during a stint in the conflict and business selection group that her work stood out, according to a person who worked with her at the time. 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 my mom who is a history teacher at some point and really cares about history and I love history and read it. 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 weve turned that into a lot of different financial products, but the reality is were just trying to solve those problems for consumers. And I have to say, I was a little bit surprised that that was the book you chose. Im Jennifer Tescher, journalist turned financial health champion. Im a big question asker too. The second thing is this kind of get stuff done attitude. And so were doing that with Apple, but also well do it with General Motors. She is also a Global Executive Sponsor of the Women's Network and a member of the Management Committee, the most senior governing leadership body at the firm. 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. 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 . You, it turns out I learned, were once a competitive figure skater growing up. 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. Goldman Sachs mulls deal options after consumer flop. Because consumer banking has been around for a really long time. Because you cant do things exactly the same way. Got it. [House Hearing, 117 Congress] [From the U.S. Government Publishing Office] H.R. Goldman named 60 new partners on Thursday. 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. And then to your point, the clients and the customers in those businesses that were ultimately serving. How has that influenced you? 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. The best way to do this is to have a long-term view. And the great thing about what were going to do with Marcus Invest and kind of in contrast to some of whats been going on over the last couple of weeks, is were going to take that capability, the capability to provide this diversified portfolio from our advisor led business into our digitally led business and really bring the best of Goldman Sachs capabilities and products to hopefully millions of consumers. They are not only of course the right thing to do, but it is the only way to run the business. The delicate transaction was a milestone in the carmakers comeback after the financial crisis. 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. That makes a lot of sense. She also spearheaded . 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. Her appointment this summer to Goldman Sachs' management committee made her its youngest member. 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. We want to be the bank on your phone, she says. 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 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 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. Talk a little bit about how Marcus has evolved and where you see that business heading now that youve reached, say adolescence. Stephanie Cohen: 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. 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. Theres just so many things that you learn from the richness of those individual conversations. An error has occurred, please try again later. Listening is the most important thing that I do.