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? See our career opportunities. And so I would really, I would kind of exclamation point on that point. 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. 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. Change is underway in the financial services industry and it's disrupt or be disrupted. Goldman chief executive David Solomon announced Tuesday that he has shuffled the executive ranks once again, this time making Stephanie Cohen co-head of the $2 trillion megabank's consumer. 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. Dallas is quite central, Cohen said. https://www.barrons.com/articles/barrons-100-most-influential-women-in-u-s-finance-stephanie-cohen-51615543200. Copyright HT Digital Streams Limited All rights reserved. And the question is, how do you do that at scale? Because you cant do things exactly the same way. And I think in some ways, this podcast is an outgrowth of my curious nature. And so I did that. Financial Health Pulse 2022 Chicago Report, Jennifer Tescher | Leaning Forward for FinHealth. Cindy Ord/Getty Images for Girlboss Rally NYC 2018. She joined Goldman Sachs as an Analyst in 1999, was named Managing Director in 2008 and Partner in 2014. In mid-July, the company announced it will promote David Solomon to succeed Lloyd Blankfein as chief executive officer. And so I think its embedded in your question, but I think its a fair question. A great question. Correction: A previous version of this article mistakenly stated that Cohen became a managing partner at Goldman Sachs in 2008. They most recently attended, or will attend, Money 20/20 USA 2021 on Oct 24, 2021 . Click the AdBlock Plus button on your browser and select Enabled on this site. The regions tech workforce is projected to expand 17% over the next decade. So I heard you mention that youre getting ready to add a set of investment tools for Marcus customers and that makes me think about what weve been witnessing over the last couple of weeks with the GameStop frenzy. 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. 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. 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. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. And theres a way to do that for a Marcus customer, but maybe theres over time a different way to do that for a General Motors customer or others that we partner with. 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. 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. 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. Stephanie Cohen, head of platform solutions, said scale would help the business reach profitability by 2025. because investing and helping companies grow is our business," Stephanie Cohen, Goldman Sachs' chief strategy officer . And what we are and what were trying to become is we have these two self reinforcing strategies. These stories and more in banking news this week. E ine Stunde mit . She started as an analyst in 1999 and has held a series of leadership positions in mergers and acquisitions. One, we have our advisor led businesses. The delicate transaction was a milestone in the carmakers comeback after the financial crisis. Thank you for inviting me. and 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. One, we want to be the bank on your phone. And then how do you take that into your next role? And you asked me about the focus. 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. And its been so fascinating to watch the frankly, explosive growth of the business. 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. Yeah, I think its this idea of being a learner. 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. The activist investor is crying foul, claiming the Dallas-based bank harassed one of his board candidates into withdrawing and rejected the nomination of another. Theres the customer calls, which I love listening to. Feb 2, 2021, 8:42 AM. Its great for a woman to be achieving this level of success at Goldman and shes certainly capable of going further," Nugent said. Stephanie Cohen is Global Head of Platform Solutions and a member of the Management Committee. I went on a listening tour. Stephanie Cohen: I was a big bank diversity hire. Were looking for mission-driven people to join our team. A Goldman Sachs lifer who rose through the ranks of mergers and acquisitions after starting as an analyst fresh out of college, Stephanie Cohen, 42, became chief strategy officer in January. She started as an analyst in 1999 and has held a series of leadership positions in mergers and acquisitions. But advertising revenue helps support our journalism. 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. Goldman Sachs CEO shuffles consumer banking, wealth management leaders [CNBC] Tags. 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. 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. 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. Things like auto pay. 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. I do think were in this moment where thats this really perfect combination for the type of world that were in. But instead of it being about how if elected, she will be the first woman to be CEO, but instead they chose to call her 'female banker.' Prior to her current role, Stephanie drove strategy, M&A, strategic investing, and partnerships as the firm's chief strategy officer. I didnt have that term before, but as a giver. If you liked this episode, please review the show and subscribe wherever you get your podcasts. No question. . And its also, I think, no accident that youve also been anointed to the operating committee. Ms. Cohen, also 32, is an independent marketing consultant in Chicago. I love that you had that visceral experience from the book and particularly given the role youre in now. And the thing I say all the time is that you cant talk about these things in two different places. 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. 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,. Someone get Stephanie Cohen a set of hair clippers. The 43-year-old. Explore how to make financial services a force for good. And then we did the Apple card. The news, which . 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 . and expects to roll out digital checking accounts in the next few months. First, Goldman Sachs CEO David Solomon said it. 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. And so were having a great time, really engaging with our team. 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. And weve turned that into a lot of different financial products, but the reality is were just trying to solve those problems for consumers. Well, this is one of the most exciting versions of quote unquote embedded finance that Ive heard about in a long time. 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. I think Goldman has a growing number of excellent women at the firm. In less than a year, Goldman Sachs has grown its North Texas presence from more than 2,000 employees to nearly 4,000. 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. 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 . 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. By the way, thats only been sped up over the last year or so, given everything thats gone on. I love it and its the advice I give people all the time. Yeah. Yeah, were really excited about the Marcus Invest product, which will launch this quarter. And we think it does help people better manage their finances. And the idea really brings together the reason by the way, why we have our consumer and wealth management businesses all together. wants to be your digital banker, and it has assigned the job to Stephanie Cohen, marking her second year on the Barrons list. How does this all fit together? 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. The second thing is this kind of get stuff done attitude. ", Cohen led "Launch with GS," the bank's $1 billion commitment to increase access to capital for women, Black, Latino and other diverse entrepreneurs and investors. And by the way, how it made them actually better customers over time, because we got them through a really tough period. I really felt like I hadnt learned it. 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. 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. Youre just one more inch and I would have landed that jump. 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. 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. 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 . Youve got to figure out whats important to you and what you really want to spendmoney on. The reality is that investing can be intimidating for a lot of people. Our goal in our vision, in our people, is to empower our clients and customers to achieve their financial goals and we think help them live better lives. 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. It celebrated the repayment by handing employees buttons that said Paid.". 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. 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. Jennifer Tescher: Jennifer Tescher: The bureaucratic asterisk is likely meant to avoid upsetting senior executives whove spent much longer trying to get on the panel, without luck. Shell be among seven women on the 33-person panel. We want to be the bank on your phone, she says. The world is awash in capital and you never see that. As founder and CEO of the Financial Health Network, Ive spent my career breaking down silos by engaging with innovators across industries, and now, Im sharing those conversations with you. Consequently, they can be prickly customers. Goldman Sachs Group Inc will pump $500 million into companies led, . 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. 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. Learn more about Marcus by Goldman Sachs and check out additional episodes of EMERGE Everywhere. Particularly consumers in Marcus, youve talked a lot about the role youre in now is really about people. You can use that as something that bothers you, or you can use that as a point of differentiation. 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. She also serves as trustee for the Board of The Economic Club of New York. Jennifer Tescher: By the way, a lot of people who spend their careers in financial services. Speaker Bio: Stephanie Cohen is Goldman Sachs' Chief Strategy Officer and a member of the Management Committee. 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. Already a member? She is also a Global Executive sponsor of the Women's Network. And this kind of idea of people wanting to experience financial services deeply embedded into ecosystems rather than being this separate action. Jung, weiblich, Bankerin: Stephanie Cohen macht bei Goldman Sachs Karriere. Your session has expired, please login again. 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. terms: Goldman Sachs Banks Stephanie Cohen Succession. More than 90% of appraisers are white, and researchers have found that bias leads to lower valuations for homeowners of color. Im a big question asker too. 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.. We have businesses that do that and were really excited to do that as well. Carter Johnson and Hayley Cuccinello. And besides those numbers being kind of horrific, they are a misallocation of capital. Now weve put a bunch of features into our products to help people make better decisions. This is good-return investing.". Jennifer Tescher: 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. Chief Strategy Officer, Goldman Sachs Much has been made over the past few months about Stephanie Cohen's age. 1 Executive Summary Primary drivers Key focus areas INVESTOR DAY 2023 PLATFORM SOLUTIONS . 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? She went on to a more traditional M&A role in the industrials team. Mr . And we think that this is a great way for people to think about investing. 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. Getting out of our silos, hearing from other people, other perspectives we might not hear from otherwise and finding the interconnections. And I love learning. As an investment banker for close to 20 years, my presence in board rooms was often an anomaly. Goldman named 60 new partners on Thursday. 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. And then weve also done that with Walmart and Amazon in terms of providing credit to their merchants. 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.
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