Is Belarus A Communist Country?, Articles S

To read our full stories, please turn off your ad blocker.We'd really appreciate it. Close. Prior to assuming her current role, Ms. Cohen was Co-Head of the Consumer and Wealth Management Division. She also spearheaded . and expects to roll out digital checking accounts in the next few months. 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. 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. She started as an analyst in 1999 and has held a series of leadership positions in mergers and acquisitions. Goldman now has credit-card deals with She dug into the bones of the deal and was very compelling.". Im doing it every day. terms: Goldman Sachs Banks Stephanie Cohen Succession. Because consumer banking has been around for a really long time. And this year were going to launch Marcus Invest and checking and a credit card partnership with General Motors. Dallas is now Goldmans second-biggest U.S. office outside of New York, surpassing Salt Lake City. My husband and I were talking about it last night, we all still need a lot of help. How does this all fit together? And the thing I say all the time is that you cant talk about these things in two different places. Financial Health Pulse 2022 Chicago Report, Jennifer Tescher | Leaning Forward for FinHealth. How has that influenced you? Apple 01 Mar 2023 02:08:06 The latest group includes 32 white men, giving them a 53 per cent share of the promotions, the demographic's smallest representation on record. Instead, I found it really helpful to look at a, people and look for things that I like or relate to. One of the first people that called me after the announcement that I was going to be the co-head of this division, was a friend and they wanted help managing their financial lives, but not just theirs, but their family. Goldman Sachs Group Senior Editor, Women's Programs, American Banker. By years end, 40% of its employees were working in those locations, the company said. 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. We call those businesses, private wealth management and personal financial management. We have more than 7,500 people in our division globally. 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. For example, when I am 60 and look back, what might I need the most? Ms. Stephanie is head of Private Equity in Asia and global co-head of Growth Equity within Goldman Sachs Asset Management. Goldman Sachs has tapped a former Uber executive to lead its fledgling consumer banking division, . And I remember these moments of falling really hard and your parents, your coach is like, Oh my. 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. 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. Shell be among seven women on the 33-person panel. And so now one of the things, weve tried and a new skill actually inside of Goldman, which is this experimentation. On Monday, the company unveiled a branded terrace at the University of Texas at Dallas in Richardson that it hopes will inspire students to want to learn more about Goldman Sachs, she said. Stephanie Cohen: 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. Listening is the most important thing that I do. And I really got to know them on a totally new level because they were talking to me about their lives and their goals and their dreams and how we could be helpful. Youve mentioned the fact that soon youre going to be launching a new set of investment options and opportunities. She also serves as trustee for the Board of The Economic Club of New York. The business is not yet profitable but is expected to hit revenue of $4 billion by 2024, she said. And so you didnt get into this chief strategy officer role with a real clear job description. The bank says the candidates failed to make full disclosures. 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. Stephanie Cohen Global Head of Platform Solutions February 2023. Yeah. And hopefully again, thats millions of customers that we will speak to and we can be helpful to. I love that you had that visceral experience from the book and particularly given the role youre in now. 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. Youre one of the few women whos risen to that level. Consequently, they can be prickly customers. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. And if you look at those businesses, the thing that we have focused on in those businesses is providing holistic advice to individuals and to families and to helping them get the right diversified portfolio for them. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. 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. Its funny because as chief strategy officer, people do this, Do you sit around and just have really big thoughts? No, ideas are really nice, but its about execution. By signing up you agree to our Terms of Service and Privacy Policy, Stand with us in our mission to discover and uncover the story of North Texas, D-FW is now Goldman Sachs second-largest U.S. hub after nearly doubling to 4,000 workers, Goldman Sachs hiring over 200 for its Marcus consumer banking division in Richardson, American Airlines, flight attendants file for mediation during contract negotiations, Years after North Texas bid for Amazons second headquarters, retail giant halts plan, New Uptown office tower lands second major lease, Mesquite to become the site of new 2,500-home community, Its not like 2009: No signs yet of D-FWs expected apartment building slowdown, 12 Dallas-Fort Worth restaurants that have closed in 2023, Funky wine bar Postino has closed in Dallas, Mark Wahlberg pours tequila for fans at Dallas restaurant during thunderstorm, SMU grad Jack Knox donates $11 million to universitys big capital campaign, Look inside Red Phone Booth, the new speakeasy in The Colony, Woman arrested in killing of 3 children at Italy, Texas, home in Ellis County, The Cowboys are closer than you think to a total makeover at running back, What we know after 3 children killed, 2 wounded at Ellis County home, How a Texas districts reaction to school shooting fears highlights discipline concerns, 3 children killed, 2 wounded at Ellis County home; suspect in custody, Ross Perot Jr.s Hillwood buys California NASCAR track for $559 million, Whats next for former Texas coach Chris Beard after domestic violence case was dropped, Chambelanes cambian de look: bailarines se adaptan a una nueva moda y ritmo en DFW, Dallas Cowboys to place second-round tender on RT Terence Steele. Jung, weiblich, Bankerin: Stephanie Cohen macht bei Goldman Sachs Karriere. I do think were in this moment where thats this really perfect combination for the type of world that were in. 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 have savings, lending, investing, and we're close to launching checking. 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. Bringing in young talent and training those people will benefit not just Goldman but other companies around the city looking for engineering talent, she said. And so we created Launch with GS, which was our commitment to closing the diversity investing gap, where we said we were going to invest in companies founded, owned and led by diverse founders and diverse management. And so I think its embedded in your question, but I think its a fair question. And how do you feel about essentially being a change agent in this way? Before that, she was the firm's Chief Strategy Officer, where she drove strategy, Mergers & Acquisitions (M&A), strategic investing and partnerships for the firm. Copyright HT Digital Streams Limited All rights reserved. And then we did savings. We obviously have a lot going on and were excited about so many things and hopefully we get to talk about them, but what Im most looking forward to and where were spending most of our time is of course on people because were the division that focuses on people. And we think that this is a great way for people to think about investing. And then we have another part of that business where we embed our capabilities into the ecosystems of our partners and thats basically what were doing with the Apple card. Yeah. 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. Were looking for mission-driven people to join our team. Goldman also will provide six student scholarships for $10,000 each at UTD over the next three years. So much. 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,. They most recently attended, or will attend, Money 20/20 USA 2021 on Oct 24, 2021 . It had revenue of $1.5 billion in 2021. Now I have to turn the conversation a little bit back to you for a minute, because youre a lifer at Goldman Sachs. And then as you mentioned, we have a digital consumer bank. Stephanie Cohen has participated in 2 events. Well, this is one of the most exciting versions of quote unquote embedded finance that Ive heard about in a long time. 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. Its been really fun getting to know all of them. And I have to say, I was a little bit surprised that that was the book you chose. 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. 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. 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. Well, I guess were not going to be on the human schedule because were in our fifth year, not quite adolescence, but as you said, time really does fly. Stephanie Cohen is one the bank's highest-ranking female . Stephanie Cohen: 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. Stephanie Cohen: As an investment banker for close to 20 years, my presence in board rooms was often an anomaly. 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 I think in some ways, this podcast is an outgrowth of my curious nature. 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 . Tiger Trump and nothing to ex-husband Donald Trump. Ive run, as you said, the consumer and wealth management business with my partner, Tucker York. Outside of work, Cohen spends time with her husband and young son, who "helps me hone my negotiation skills," she laughs. How big the Dallas operation will get is a source of regular speculation in the North Texas real estate community. Jennifer, it is great to be here. Stephanie joined Goldman Sachs as an analyst in 1999, was named managing director in 2008, and became a partner in 2014. To learn more about the work and research we do, please visit emerge.finhealthnetwork.org. I wonder if you might reflect a little bit on how Goldman is really trying to make good on this idea of inclusive capitalism when it comes to forms of identity, gender identity, race and ethnicity, et cetera. And so kind of being happy with that rather than it being a negative, it being a positive I think its one of the most important life lessons and figure skating teaches you that in spades. Stephanie Cohen: Flagstar Bank launches its next mortgage-tech accelerator while Walmart and Citi partner on a supplier loan program. And then on the other side of the people equation is our clients and our customers. 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. 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. She is also a Global Executive sponsor of the Women's Network. 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. Goldman Sachs. 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. In January 2021, she was appointed global co-head of consumer and wealth management. We have businesses that do that and were really excited to do that as well. Talk to me a little bit about how thats happened. Or what lessons have you taken from that and in your leadership roles at Goldman? Yeah, were really excited about the Marcus Invest product, which will launch this quarter. 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. Already a member? 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. And besides those numbers being kind of horrific, they are a misallocation of capital. Are you okay? And being really happy because you could tell that you were almost there. Its not a one size fits all product and solution. This is good-return investing.". Thank you for inviting me. 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. She also serves as trustee for the Board of The Economic Club of New York. Stephanie Cohen: Goldman Sachs Group wants to be your digital banker, and it has assigned the job to Stephanie Cohen, marking her second year on the Barrons list. Stephanie Cohen 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. The 43-year-old. And so I think that Ive learned over time that while being an individual contributor and being really fantastic at what you do, actually the way to really get stuff done is make everyone around you better. 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. Things like auto pay. And it will be interesting to think about how you leverage your vast capabilities and capital. Goldman Sachs Group Inc's Chief Executive David Solomon and top executives will give investors an update on their strategy on Tuesday. Talk a little bit about how you do that as a leader. 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. 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. Some inside the bank wonder whether shes destined to rise even higher. In her new role overseeing consumer and wealth management for the organization, she shepherds a vision for diversity and inclusion that prioritizes broad consumer access to high-quality financial solutions. Net revenues for the consumer business in the second quarter were $608 million, 67% higher than the second quarter of 2021, primarily reflecting significantly higher balances on both credit card balances and higher deposit balances. Do you have any ideas or things youve thought about in terms of how to leverage your capabilities in this regard? Collage of David Solomon . We're getting to the moment where we can help someone holistically manage their financial lives," Stephanie Cohen,. 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. Stephanie Cohen has been at Goldman Sachs for more than 23 years. And weve turned that into a lot of different financial products, but the reality is were just trying to solve those problems for consumers. Im actually a former journalist. Stephanie Cohen: Upon arriving, her trajectory changed, and she has remained at the firm for over two decades in a variety of roles. Jennifer Tescher: 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. In this article that I had written, I talked about how originally, the mob was after Wall Street, if you will. And so were doing that with Apple, but also well do it with General Motors. Secondly, culturally. And we think it does help people better manage their finances. Speaker Bio: Stephanie Cohen is Goldman Sachs' Chief Strategy Officer and a member of the Management Committee. No question. Money 20/20 USA 2021 Speaker Oct 24, 2021 Ms. Cohen serves on the National Board of Directors of College Spring and as a member of the Board of Quill.org. Jennifer Tescher: Stephanie Cohen: 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. I was a big bank diversity hire. 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. Goldman Sachs CEO shuffles consumer banking, wealth management leaders [CNBC] Tags. 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. Cohen, 41, joined Goldman Sachs in. Jennifer Tescher: 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. 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. And then how do you take that into your next role? How do you look at the data in a way that really helps you? 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. I didnt have that term before, but as a giver. 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. Jennifer Tescher: And then weve also done that with Walmart and Amazon in terms of providing credit to their merchants. 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. And so I would really, I would kind of exclamation point on that point. Got it. 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. You can use that as something that bothers you, or you can use that as a point of differentiation. We do it internally. And I love learning. We recommend using Google Chrome, Mozilla Firefox, Apple Safari, or . He will report to Stephanie Cohen, Goldman's global co-head of consumer and wealth management. As the banks chief strategy officer, she brought clarity and focus, including a new commitment to diversity and inclusion. Stephanie Cohen has been at Goldman Sachs for more than 23 years. Im a lifelong learner. I went on a listening tour. ", 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. Stephanie, welcome to Emerge Everywhere. Learn more about Marcus by Goldman Sachs and check out additional episodes of EMERGE Everywhere. Stephanie Cohen is now the management committee's youngest, with the rare label of 'ex officio' member. Sign In. Wells Fargo's asset cap has been in place for fi ve years, and there's no end in sight. One Goldman Sachs go-to-market strategy combined with products developers love and can easily adopt 2 Business-to-business with innovative, client- and Click the AdBlock Plus button on your browser and select Disable on Observer.com. You are just one step away from creating your watchlist! 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. 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. Abby Joseph Cohen (born February 29, 1952) is an American economist and financial analyst on Wall Street. Because for us, this is a business and a strategic imperative. Mr . A checking account is currently in beta, according to Cohen. Tell us a little bit about where you expect to focus most of your time and attention this year. 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. Because you cant do things exactly the same way. How we set it up made it easier for them and then how it affected their lives going forward. Log in to our website to save your bookmarks. And thats really the most exciting thing about being able to run this division. Kristin Broughton Reprint For reprint and licensing requests for this article, click here. Prior to that, Ms. Cohen was a Vice President in the Industrials and Merger Leadership Groups in San Francisco. 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.