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. We've detected you are on Internet Explorer. The delicate transaction was a milestone in the carmakers comeback after the financial crisis. And then as you mentioned, we have a digital consumer bank. Marcus. Jun 22 Stephanie Cohen: Chief Strategy Officer at Goldman Sachs. But she doesn't see what the fuss is about. STEPHANIE COHEN, GLOBAL HEAD OF PLATFORM SOLUTIONS, 45. Its really complex. 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. Its pretty amazing feat that youve managed to essentially build a homegrown digital business from inside this storied institution. 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. 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. 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. Youre just one more inch and I would have landed that jump. The world is awash in capital and you never see 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. They are Goldman Sachs customers. 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. Someone get Stephanie Cohen a set of hair clippers. Stephanie Cohen: This copy is for your personal, non-commercial use only. 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. One is this mindset about making everyone around you better and that were kind of better together and its this really focused teamwork partnership orientation that I think I learned at Goldman Sachs. 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. Flagstar Bank launches its next mortgage-tech accelerator while Walmart and Citi partner on a supplier loan program. The sale of that company, which has been making parts of the US currency bill going back to the 19th century, was among the last deals she worked on before moving to the executive suite. Stephanie joined Goldman Sachs as an analyst in 1999, was named managing director in 2008, and became a partner in 2014. 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. Goldman Sachs is exploring "strategic alternatives" for its nascent consumer banking business. We get it: you like to have control of your own internet experience. And since then, youve begun offering all kinds of things. That makes a lot of sense. I love it and its the advice I give people all the time. Cohen said Goldman has been focused on fortifying its relationships with universities to help attract engineering talent to D-FW. I think Goldman has a growing number of excellent women at the firm. I didnt have that term before, but as a giver. 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. Measurement made easy for your organization. Cohens elevation to the committee followed just days later strong evidence she has the incoming CEOs confidence. 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. Correction: A previous version of this article mistakenly stated that Cohen became a managing partner at Goldman Sachs in 2008. and Apple Stephanie Cohen is one the bank's highest-ranking female . Cohen is now the committees youngest, with the rare label of ex officio" member. Stephanie Cohen is Goldman Sachs' Chief Strategy Officer and an Ex Officio member of the Management Committee. Mr . And its also, I think, no accident that youve also been anointed to the operating committee. 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. 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. If you liked this episode, please review the show and subscribe wherever you get your podcasts. And then how do you take that into your next role? You went there right out of graduating from the University of Illinois and youve experienced a tremendous amount of success. Jennifer Tescher: Updated Jan. 17, 2017 9:10 pm ET. For the best Barrons.com experience, please update to a modern browser. To read our full stories, please turn off your ad blocker.We'd really appreciate it. But by the way, you cant do that always at scale. We have the ability to have access to our clients in Texas but also more broadly across the United States and internationally. Figuring out how what youre doing is affecting people. "LeaseQuery has found a way to deliver easy-to-use solutions to their clients' complex problems," said Stephanie Cohen, Goldman Sachs' chief strategy officer who founded Launch With GS, an . And just a few weeks ago, she was asked to jointly lead the banks global consumer and wealth management division. And so, one of the things we certainly talk about is the board initiative, which was that we werent going to take companies public unless they had at least one diverse board member. And so I did that. Cohen, 41, joined Goldman Sachs in. And so the next question is, how do you listen to the data? 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. "We have 500 corporate clients, and we have the ability to provide financial wellness to all levels of employees," she said. And so I would expect that some of this will end up being, as you said, not necessarily directly, but through partners. And by the way, how it made them actually better customers over time, because we got them through a really tough period. And this year were going to launch Marcus Invest and checking and a credit card partnership with General Motors. It celebrated the repayment by handing employees buttons that said Paid.". Which is that theres a specific type of customer thats the Marcus customer. Actually, I got on a plane a lot. The banking industry appears to be stuck when it comes to diversifying the leadership ranks. terms: Goldman Sachs Banks Stephanie Cohen Succession. And then we have this great program where we work with companies on financial wellness for their employees and we call that Ayco. 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. And I love learning. 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? Were looking for mission-driven people to join our team. Shes about 10 years younger than the average man already on the committee, after becoming a partner just four years ago. Feb 2, 2021, 8:42 AM. It was in some respects kind of an embarrassing realization to have worked in financial services for almost two decades and to realize that I didnt understand how the financial system operated and there were really complicated parts of the financial system that I understood from a capital markets perspective, but from a day to day, how does an average American experience the financial services system? This is good-return investing.". 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. . The strategy document identifies potential avenues for cutting cybercriminals off from financing, as well as other actions banks can take. 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. 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. Learn more about Marcus by Goldman Sachs and check out additional episodes of EMERGE Everywhere. Cohen declined to give projections for growth in Dallas or say whether Goldman is considering such a move. Its going to be two this year. She is the daughter . Are you okay? And being really happy because you could tell that you were almost there. Stephanie Cohen: 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. And what were hoping with Marcus Invest is through the content and through the ease with which people can go through the signup process and then the investment process, people are going to be able to interact with an investing in a way thats understandable, but also is going to help them achieve whatever financial goals that they have. I was a big bank diversity hire. 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. Copyright HT Digital Streams Limited All rights reserved. This copy is for your personal, non-commercial use only. 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. 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. For reprint and licensing requests for this article, https://www.linkedin.com/in/mary-ellen-egan-97506b5/, Banking on sisterhood: A Black sorority launches a credit union. And that starts with our own people. 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. 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. And of course, people want access to an advisor. Ms. Cohen was Sector Captain for General Industrials in the Global Industrials Group and a member of the M&A Group in IBD. You pack a lot into a day. And the reality is that is the right advice for our clients. Its been really fun getting to know all of them. Goldman Sachs has chosen Stephanie Cohen as co-head of its consumer and wealth management . <p><img src="https://static1.businessinsider.com/image/5c40b6cbb492cb3ebd48300a-2400/gettyimages-1048898186.jpg" border="0" alt="Goldman Sachs CEO David Solomon" data . As of February 2017, she continues to serve as an advisory director at Goldman Sachs, after retiring from leadership of its Global Markets Institute. She also spearheaded . We have more than 7,500 people in our division globally. Cohen joined Goldman Sachs as an Analyst in 1999, was named Managing Director in 2008 and Partner in 2014. 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. 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. Its great for a woman to be achieving this level of success at Goldman and shes certainly capable of going further," Nugent said. But, if you make the enrollment default and you have to opt out if you dont want to do it, more people end up investing in 401(k).. But she really got it. 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. And so in skating you fall all the time. 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. Jennifer Tescher: . Because you cant do things exactly the same way. 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. And I talked to you about three things that I think have helped me and the teams around me be successful. 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. By the way, a lot of people who spend their careers in financial services. 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. 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. In less than a year, Goldman Sachs has grown its North Texas presence from more than 2,000 employees to nearly 4,000. 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. 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. A checking account is currently in beta, according to Cohen. No question. Prior to her current role, Stephanie drove strategy, M&A, strategic investing, and partnerships as the firm's chief strategy officer. Goldman Sachs has tapped a former Uber executive to lead its fledgling consumer banking division, . 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. [House Hearing, 117 Congress] [From the U.S. Government Publishing Office] H.R. Because consumer banking has been around for a really long time. Diversity in the ranks at Goldman and at the companies it invests in is a priority for Cohen. Yeah, I think that is, as we think about these two self reinforcing strategies that were pursuing consumer, thats one of the I think the really hopefully great ideas we have around it. 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. This account of her ascent is based on interviews with people whove worked with Cohen, who asked not to be named discussing their interactions. You are just one step away from creating your watchlist! 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 . The . The 9 biggest takeaways from Goldman Sachs' investor day, from a tense Q&A with CEO David Solomon to the tater tots for breakfast. 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. Where does the bank and the Fed go from here? And then on the other side of the people equation is our clients and our customers. We want to be the bank on your phone, she says. General Motors 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. Im doing it every day. I know many of them, but it says something entirely different to have someone at the operating committee level. 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. 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. The latest group includes 32 white men, giving them a 53 per cent share of the promotions, the demographic's smallest representation on record. Natalie Walters, Business reporter. Stephanie Cohen, culture builder, lifelong learner, thanks so much for joining me on Emerge Everywhere. 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. 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. As an investment banker for close to 20 years, my presence in board rooms was often an anomaly. 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. Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. 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. DuringStephanie Cohens first 15 years at Goldman Sachs, her career ladder didnt look much different than that of a typical investment banker. How we set it up made it easier for them and then how it affected their lives going forward. And so what were really saying is were really proud advocates for inclusive capitalism and theres no better way to do that than to serve millions of consumers. Remove some to bookmark this image. https://www.barrons.com/articles/barrons-100-most-influential-women-in-u-s-finance-stephanie-cohen-51615543200.
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