Internet Explorer is no longer supported on our website. Which is that theres a specific type of customer thats the Marcus customer. Youve got to figure out whats important to you and what you really want to spendmoney on. Already a member? 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. 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. 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 is one of seven women named on the committee and is 10 years younger than the average man on the team. Learn more about Marcus by Goldman Sachs and check out additional episodes of EMERGE Everywhere. And you asked me about the focus. 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. In January 2021, she was appointed global co-head of consumer and wealth management. 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, 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. Theres the customer calls, which I love listening to. 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. 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. By the way, thats only been sped up over the last year or so, given everything thats gone on. 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. Its going to be two this year. Internet Explorer not supported . 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. Prior to her current role, Stephanie drove strategy, M&A, strategic investing, and partnerships as the firm's chief strategy officer. Stephanie Cohen: 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. We want to be the bank on your phone, she says. And how do you feel about essentially being a change agent in this 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. But she really got it. The latest group includes 32 white men, giving them a 53 per cent share of the promotions, the demographic's smallest representation on record. And when I was in my role as chief strategy officer, we created this thing called Accelerate, which we call our internal innovation engine. And what are we trying to become? [1] [2] Prior to March 2008, she was the firm's Chief Investment Strategist. Stephanie Cohen is Global Head of Platform Solutions and a member of the Management Committee. The 9 biggest takeaways from Goldman Sachs' investor day, from a tense Q&A with CEO David Solomon to the tater tots for breakfast. One, we have our advisor led businesses. Because consumer banking has been around for a really long time. Great. 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. She grew up in Augusta, Ga., and holds an MA in Investigative Journalism from The Cronkite School. But Ive also noticed that when women start talking to friends about business ideas, they actually want to help each other.. Jennifer Tescher: 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. By years end, 40% of its employees were working in those locations, the company said. Consequently, they can be prickly customers. These stories and more in banking news this week. Ms. Cohen was Sector Captain for General Industrials in the Global Industrials Group and a member of the M&A Group in IBD. Prior to that, Ms. Cohen was a Vice President in the Industrials and Merger Leadership Groups in San Francisco. In 2019, Goldman launched an Apple credit card, and last January it rolled out a GM credit card. I think Goldman has a growing number of excellent women at the firm. 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. I did that internally and I also did it externally. And also, we didnt really know exactly what that was going to look and feel like, but what we figured out is actually people really do like it. 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. Prior to her current role, Stephanie drove strategy, M&A, strategic investing, and partnerships as the firms chief strategy officer. Two former Goldman Sachs executives have been indicted for conspiring in a multibillion-dollar theft from the Malaysian investment fund known as 1MDB, a scandal that could cost Goldman as. 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. We get it: you like to have control of your own internet experience. We recommend using Google Chrome, Mozilla Firefox, Apple Safari, or . 01 Mar 2023 02:08:06 In mid-July, the company announced it will promote David Solomon to succeed Lloyd Blankfein as chief executive officer. The news, which . One, we want to be the bank on your phone. As the banks chief strategy officer, she brought clarity and focus, including a new commitment to diversity and inclusion. Goldman Sachs mulls deal options after consumer flop. 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. Stephanie Cohen: Prior to her current role, Stephanie drove strategy, M&A, strategic investing, and partnerships as the firm's chief strategy officer. 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. Correction: A previous version of this article mistakenly stated that Cohen became a managing partner at Goldman Sachs in 2008. And then weve also done that with Walmart and Amazon in terms of providing credit to their merchants. 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. On September 29, 2020, Stephanie Cohen, Goldman Sachs' Chief Strategy. 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. Wells Fargo's asset cap has been in place for fi ve years, and there's no end in sight. This has been EMERGE Everywhere, a Financial Health Network production. An error has occurred, please try again later. Text. I do think were in this moment where thats this really perfect combination for the type of world that were in. Diversity in the ranks at Goldman and at the companies it invests in is a priority for Cohen. She started as an analyst in 1999 and has held a series of leadership positions in mergers and acquisitions. The business is not yet profitable but is expected to hit revenue of $4 billion by 2024, she said. Youve begun offering credit beyond debt consolidation. The banking industry appears to be stuck when it comes to diversifying the leadership ranks. They are not only of course the right thing to do, but it is the only way to run the business. Its really complex. 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. Prior to assuming her current role, Ms. Cohen was Co-Head of the Consumer and Wealth Management Division. Our vision for this is that in the same way that we have developed a really good talent base in places like London and Hong Kong and New York, where people come to Goldman Sachs in order to work in finance and investment banking, I think there will be people who come to Dallas who want to work in fintech and want to do that at Goldman Sachs, said Cohen, who moved to Dallas from New York in August to lead the companys growth. And of course, people want access to an advisor. I love it and its the advice I give people all the time. Whether thats direct disbursements in our loans, meaning when you sign up for a Marcus loan, we can directly pay off your other debts. "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 . 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. Goldman Sachs managers say one takeaway of the pandemic. 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. And so now one of the things, weve tried and a new skill actually inside of Goldman, which is this experimentation. In January 2021, she was appointed global co-head of consumer and wealth management. Goldman plans to add checking to Marcus later this year but doesnt have a set date, Cohen said. 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. The High. Stephanie is head of Private Equity in Asia and global co-head of Growth Equity within Goldman Sachs Asset Management. Jennifer Tescher: Copyright 2022 HT Digital Streams Ltd All Right Reserved. We're getting to the moment where we can help someone holistically manage their financial lives," Stephanie Cohen,. It had revenue of $1.5 billion in 2021. 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, Goldman's co-head of consumer and wealth management, is working on setting up a second base for herself in Dallas. Yeah. 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. And the idea really brings together the reason by the way, why we have our consumer and wealth management businesses all together. Chief Strategy Officer, Goldman Sachs Much has been made over the past few months about Stephanie Cohen's age. The phrase is often used as company jargon for a sale or merger. E ine Stunde mit . We have the ability to have access to our clients in Texas but also more broadly across the United States and internationally. 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. Ms. Cohen, also 32, is an independent marketing consultant in Chicago. 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. 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. Earlier in her career, Ms. Cohen worked in New York in the M&A department. 117-14 _____ Printed for the use of the Committee on Natural . 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. It didn't go well. To learn more about the work and research we do, please visit emerge.finhealthnetwork.org. In a sign of her rising stature, Cohen was selected to lead the creation of a new unit to service a critical client base for Goldman Sachs the private-equity firms, family offices and other strategic investors who are a force of their own in the deal-making world. My guest today is one of the most powerful women on Wall Street. 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. Explore how to make financial services a force for good. 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. 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. 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. How has that influenced you? 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. 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. 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. This copy is for your personal, non-commercial use only. Here are her five best pieces of advice on work and personal finance for professional women. How we set it up made it easier for them and then how it affected their lives going forward. And that you knew that you needed to listen and learn from the rest of the businesses, but that also you needed to learn about consumers, given that a growing part of the bank strategy was Marcus. 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. I did a lot of it and a couple of other things that I just think are a little bit of tricks in doing this. Ive run, as you said, the consumer and wealth management business with my partner, Tucker York. Click the AdBlock Plus button on your browser and select Disable on Observer.com. 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. Jennifer Tescher: Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. [House Hearing, 117 Congress] [From the U.S. Government Publishing Office] H.R. Instead, I found it really helpful to look at a, people and look for things that I like or relate to. And this year were going to launch Marcus Invest and checking and a credit card partnership with General Motors. 2021-11-30T13:05:49.103Z. I really enjoyed hearing about how you go about listening. She is also a Global Executive sponsor of the Women's Network. 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. In 2008, she managed Conflicts and Business Selection for IBD in the Americas. We'll send you a myFT Daily Digest email rounding up the latest Goldman Sachs Group news every morning. Certainly youre gifted and talented. Stephanie Cohen: It was a pre-COVID time period. Cohen, who oversees 11,000 employees in her division, said that the business is divided along three lines: ultra-high- wealth households; companies and their employees; and consumers. 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. 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. And then how do you take that into your next role? Company president John Waldron and Stephanie Cohen, global head of the Platform Solutions unit, echoed Solomon's comments about the bank's consumer business, signalling a further retreat from its . Im actually a former journalist. Im excited to see how that develops. 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? But she doesn't see what the fuss is about. How big the Dallas operation will get is a source of regular speculation in the North Texas real estate community. And we think that this is a great way for people to think about investing. 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.

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