Goldman Sachs has created a new consumer and wealth management division co-led by Stephanie Cohen. David Solomon says Goldman Sachs is exploring 'strategic alternatives Goldman's Compliance Chief Moves On - WSJ Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. 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. Goldman Sachs CEO shuffles consumer banking, wealth management leaders [CNBC] Tags. For the best Barrons.com experience, please update to a modern browser. 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. Listening is the most important thing that I do. 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. Cohens elevation to the committee followed just days later strong evidence she has the incoming CEOs confidence. 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. Money 20/20 USA 2021 Speaker Oct 24, 2021 But she really got it. Goldman Sachs mulls deal options after consumer flop Some there have earmarked her as a candidate to become the first woman to lead the investment banking division, the banks most profitable arm. 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 /. E ine Stunde mit . The 9 biggest takeaways from Goldman Sachs' investor day, from a tense Q&A with CEO David Solomon to the tater tots for breakfast. 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. Since then, the 41-year-old has charted a rapid rise inside Goldman Sachs, landing a seat last week on its most coveted decision-making body. 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. 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 . Stephanie Cohen: Here comes Ms. Goldman Sachs - Teller Report And its also, I think, no accident that youve also been anointed to the operating committee. 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. Things like auto pay. Because consumer banking has been around for a really long time. H.r. 2021, ``Environmental Justice for All Act'' Yeah. One Goldman Sachs go-to-market strategy combined with products developers love and can easily adopt 2 Business-to-business with innovative, client- and Bloomberg on Twitter: "First, Goldman Sachs CEO David Solomon said it 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. And then how do you take that into your next role? Goldman Sachs executives to rally investors in New York For example, when I am 60 and look back, what might I need the most? Shes about 10 years younger than the average man already on the committee, after becoming a partner just four years ago. As of February 2017, she continues to serve as an advisory director at Goldman Sachs, after retiring from leadership of its Global Markets Institute. To read our full stories, please turn off your ad blocker.We'd really appreciate it. Stephanie Cohen: 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. Carter Johnson and Hayley Cuccinello. And were going to be better if we do that. Goldman Shakes Up Units in Fresh Push to Win Over Investors Goldman Sachs CEO David Solomon fends off attacks over Marcus flop Goldman Sachs to invest $500 million in women-run companies 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. And the idea really brings together the reason by the way, why we have our consumer and wealth management businesses all together. And so in skating you fall all the time. And so 85% of all venture capital dollars goes to all male founded teams. We have more than 7,500 people in our division globally. And the reality is that is the right advice for our clients. It had revenue of $1.5 billion in 2021. Stephanie Cohen Global Head of Platform Solutions February 2023. 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. Im Jennifer Tescher, journalist turned financial health champion. She dug into the bones of the deal and was very compelling.". Stephanie Cohen, culture builder, lifelong learner, thanks so much for joining me on Emerge Everywhere. And so were having a great time, really engaging with our team. Goldman Sachs to invest $500 mln in women-run companies The Guys From 'Government Sachs' - The New York Times To order presentation-ready copies for distribution to your colleagues, clients or customers visit http://www.djreprints.com. When Goldmans board gathered on the West Coast in late June, she gave a presentation on that groups work. Its pretty amazing feat that youve managed to essentially build a homegrown digital business from inside this storied institution. And that starts with our own people. Where does the bank and the Fed go from here? Goldman Sachs Names Stephanie Cohen as Head of Strategy Ms. Cohen, also 32, is an independent marketing consultant in Chicago. Prior to that, Ms. Cohen was a Vice President in the Industrials and Merger Leadership Groups in San Francisco. Theyre sitting there every day and theyre trying to figure out how they can do things in a really complex financial world that are simple and transparent and valuable. Stephanie Cohen is one the bank's highest-ranking female . We do it externally. Ms. Cohen also led Launch With GS, Goldman Sachs $1 billion commitment to invest in companies and investment managers with diverse leadership, as well as GS Accelerate, the firms in-house innovation engine. 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. And so this real focus on execution, which I no doubt learned by being a mergers and acquisitions banker inside of Goldman Sachs. 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. 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. Thank you for inviting me. And in that business, we have two different pieces, one, which is Marcus, which you mentioned, which helps customers save, borrow, and soon invest and spend. 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. Stephanie Cohen: Yeah. Yeah. To learn more about the work and research we do, please visit emerge.finhealthnetwork.org. The High. And I remember these moments of falling really hard and your parents, your coach is like, Oh my. 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. But advertising revenue helps support our journalism. The second thing is this kind of get stuff done attitude. Most Powerful Women in Banking: No. 12, Stephanie Cohen, Goldman Sachs Over 99% goes to all white teams. 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. Voice of Experience: Stephanie Cohen, Managing Director, Goldman Sachs 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. Collage of David Solomon . And then we did savings. Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. 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. 117-14 _____ Printed for the use of the Committee on Natural . No question. In this article that I had written, I talked about how originally, the mob was after Wall Street, if you will. Goldman Sachs executive who led consumer banking launch set to depart Inside a massive transformation at powerhouse Wall Street bank Goldman And by the way, how it made them actually better customers over time, because we got them through a really tough period. "We have 500 corporate clients, and we have the ability to provide financial wellness to all levels of employees," she said. 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. The company had previously partnered on its credit cards with Barclays. LeaseQuery Announces $40 Million in Series A Funding Mr . Why Goldman's Marcus project failed and what it means for CEO Solomon If they want to build companies that are going to succeed, having diverse voices around the table is one of the most important things that they can do. Consequently, they can be prickly customers. March 02, 2023, 14:16 IST. Before that, she was Global Head of Financial Sponsor M&A in the Investment Banking Division (IBD). And so what were trying to do is no different, we were just doing it with one product and now were going to try to do it with a holistic product suite. 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. Abby Joseph Cohen - Wikipedia 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 the latest in a rapid career of. because investing and helping companies grow is our business," Stephanie Cohen, Goldman Sachs' chief strategy officer . 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. "We have savings, lending, investing, and we're close to launching checking. One, it affects how you manage your own people. And since then, youve begun offering all kinds of things. Stephanie Cohen, cohead of Goldman's consumer and wealth group, is the only woman heading one of the bank's primary business divisions. And so I think its this, how do you do that in a way where youre excelling at things and doing something that you really love, but combining it with all the other things that you have going on in your life and balancing it. The reality is, theres basically two different states where people have some money and they either want to figure out a way to invest it or save it or spend it or they want to do something and they need to figure out how to pay for that. Secondly, culturally. Stephanie Cohen has been at Goldman Sachs for more than 23 years. "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. <p><img src="https://static1.businessinsider.com/image/5c40b6cbb492cb3ebd48300a-2400/gettyimages-1048898186.jpg" border="0" alt="Goldman Sachs CEO David Solomon" data . Oops! 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. They are Goldman Sachs customers. Theres just so many things that you learn from the richness of those individual conversations. Getting out of our silos, hearing from other people, other perspectives we might not hear from otherwise and finding the interconnections. That thats clearly a very important part of your role and has been. 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. We have businesses that do that and were really excited to do that as well. The . Jennifer Tescher: Goldman's Stephanie Cohen rises to management committee, as youngest 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 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. I really felt like I hadnt learned it. We have the ability to have access to our clients in Texas but also more broadly across the United States and internationally. Stephanie Cohen, MFT is a specialist in Psychiatry: Child/Adolescent who has an office at 710 S Broadway Street, Walnut Creek, CA 94596 and can be reached at 1-925-295-4145. Jennifer Tescher: And we think that this is a great way for people to think about investing. And by the way, that portfolio is different for different people. For example, one of the things I learned early on was that when I was on big conference calls with lots of people, everyone would know when I spoke because I was the only woman., If you work in a company and you want to become the CEO or the CFO, when you look at the person who has the role, and you might think, Im nothing like that person, so I can never do that., Instead, I found it really helpful to look at abroadgroup ofpeople and look for things that I like or relate to. 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. But she doesn't see what the fuss is about. And the question is, how do you do that at scale? These stories and more in banking news this week. Welcome to EMERGE Everywhere. Chief Strategy Officer, Goldman Sachs Much has been made over the past few months about Stephanie Cohen's age. The best way to do this is to have a long-term view. 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 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. Ms. Goldman Sachs has tapped a former Uber executive to lead its fledgling consumer banking division, . Figuring out how what youre doing is affecting people. And you asked me about the focus. First, Goldman Sachs CEO David Solomon said it. 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.' We get it: you like to have control of your own internet experience. Stephanie Cohen, Goldman's co-head of consumer and wealth management, is working on setting up a second base for herself in Dallas. Goldman Sachs | In The News - Closing the Gender Investing Gap 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. 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. Certainly youre gifted and talented. and Most Powerful Women 2019: Stephanie Cohen | Crain's New York Business She is now even given the place at the top of the bank. After, it was the bank's Stephanie Cohen who reiterated that Goldman is considering strategic alternatives for its consumer lending business. Outside of work, Cohen spends time with her husband and young son, who "helps me hone my negotiation skills," she laughs. Ms. Cohen serves on the National Board of Directors of CollegeSpring and as a member of the Board of Quill.org. The regions tech workforce is projected to expand 17% over the next decade. You went there right out of graduating from the University of Illinois and youve experienced a tremendous amount of success. In 2008, she managed Conflicts and Business Selection for IBD in the Americas. Goldman Sachs mulls deal options after consumer flop. 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? . Jennifer Tescher: We think technology is in a place where you can really have a bank on your phone. Its been really fun getting to know all of them. As an investment banker for close to 20 years, my presence in board rooms was often an anomaly. 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. Stephanie Cohen is now the management committee's youngest, with the rare label of 'ex officio' member. 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 . The business is not yet profitable but is expected to hit revenue of $4 billion by 2024, she said. 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. Im realizing through this conversation that youre really a culture builder. She was previously based in New York where she reported for The Motley Fool, TheStreet and Business Insider. Here are her five best pieces of advice on work and personal finance for professional women. Marianne Lake Is Not Having A Good Month - Dealbreaker Tell us a little bit about where you expect to focus most of your time and attention this year. Learn more about Marcus by Goldman Sachs and check out additional episodes of EMERGE Everywhere. Apple I mentioned at the top, youre the youngest member of the banks management committee. And I love learning. And I talked to you about three things that I think have helped me and the teams around me be successful. And then because while we can access millions of customers, the way that we can really have impact is by taking those capabilities and embedding it into the ecosystems of our partners. One, we have our advisor led businesses. Stephanie Cohen, head of platform solutions, said scale would help the business reach profitability by 2025. NEW YORK (Reuters) -Goldman Sachs Group Inc's Chief Executive David Solomon told investors on Tuesday the bank is considering "strategic alternatives" for its consumer arm, raising prospects for a . Talk a little bit about how you do that as a leader. Goldman Sachs. Stephanie Cohen: The Business Case for Inclusion And that has definitely been sped up by whats gone on with COVID. Jennifer Tescher: Goldman Sachs has chosen Stephanie Cohen as co-head of its consumer and wealth management . Jennifer Tescher: Earlier in her career, Ms. Cohen worked in New York in the M&A department. After getting an offer to work at Goldman Sachs in investment banking out of school, she thought she would work there for two years and then attend law school. 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. Prior to assuming her current role, Ms. Cohen was Co-Head of the Consumer and Wealth Management Division. 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. I think Goldman has a growing number of excellent women at the firm. You can learn more about how we use cookies by reviewing our Privacy Policy.Dismiss, Global Co-Head of Consumer and Wealth Management. It celebrated the repayment by handing employees buttons that said Paid.". They are part of Goldman Sachs and we are really excited to serve them with the best of Goldman Sachs digitally. Prior to her current role, Stephanie drove strategy, M&A, strategic investing, and partnerships as the firm's chief strategy officer. Updated Jan. 17, 2017 9:10 pm ET. 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. David Solomon lacks answers for Goldman Sachs's angry investors | The How has that influenced you? Stephanie Cohen is Global Head of Platform Solutions and a member of the Management Committee. Best of Both Worlds: Goldman Sachs' Stephanie Cohen Jo Ann Barefoot Kristin Broughton Reprint For reprint and licensing requests for this article, click here. A step-by-step guide for HR professionals. When I walked into a board room, theyd expect a very tall man, but instead theyd get a relatively shortwoman. Stephanie earned an AB in Biology, summa cum laude, from Harvard . And so I did that and I mirrored that with my people. And hopefully again, thats millions of customers that we will speak to and we can be helpful to. Abby Joseph Cohen (born February 29, 1952) is an American economist and financial analyst on Wall Street. We do it internally. It didn't go well. Youre just one more inch and I would have landed that jump. You pack a lot into a day. She is a key architect of the bank's . Were looking for mission-driven people to join our team. Bill Goldman, 38, historian, philanthropist and Levi Strauss heir 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? Close. Jennifer Tescher: And so the next question is, how do you listen to the data? Wow. 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.
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