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. Stephanie Cohen is Global Head of Platform Solutions and a member of the Management Committee. Goldman Sachs has created a new consumer and wealth management division co-led by Stephanie Cohen. Speaker Bio: Stephanie Cohen is Goldman Sachs' Chief Strategy Officer and a member of the Management Committee. 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. I do think were in this moment where thats this really perfect combination for the type of world that were in. We call those businesses, private wealth management and personal financial management. https://www.barrons.com/articles/barrons-100-most-influential-women-in-u-s-finance-stephanie-cohen-51615543200. Diversity, equity and inclusion are core to our mission, see why. That meant Cohen had to work closely with the then-CEO of the Fiat-Chrysler group, Sergio Marchionne, sometimes camping out for talks in Detroit or paying visits to the U.S. Treasury Department. Stephanie Cohen has been at Goldman Sachs for more than 23 years. Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. 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. Ihr wird inzwischen sogar der Platz an der Bank-Spitze zugetraut. And so we felt like now is the right time where we can then take our capabilities, which were you alluded to this, but our capabilities in technology, but we could do the consumer technology with a blank sheet of paper. . And so thats really what were trying to do with what were doing in consumer and in Marcus. If you liked this episode, please review the show and subscribe wherever you get your podcasts. 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. 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. A step-by-step guide for HR professionals. He will report to Stephanie Cohen, Goldman's global co-head of consumer and wealth management. And the reason why we decided now was the right time for Goldman Sachs is because one, technology. 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 Barron's list. Stephanie Cohen: 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. Cohen is now the committees youngest, with the rare label of ex officio" member. 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 Jennifer Tescher, journalist turned financial health champion. Not much is scary after that. 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. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. It didn't go well. Goldman now has credit-card deals with We do it externally. 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. Talk a little bit about how Marcus has evolved and where you see that business heading now that youve reached, say adolescence. Earlier in her career, Ms. Cohen worked in New York in the M&A department. 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. 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. Listening is the most important thing that I do. . And so I did that and I mirrored that with my people. Goldman Sachs. Mr . She is a key architect of the bank's . Goldman named 60 new partners on Thursday. 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. The strategy document identifies potential avenues for cutting cybercriminals off from financing, as well as other actions banks can take. 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. She is also a member of the Partnership Committee, Global Diversity Committee, Firmwide Enterprise Risk Committee and Firmwide Finance Committee. In case you cant find any email from our side, please check the spam folder. You, it turns out I learned, were once a competitive figure skater growing up. Great. Wow, this is so devastating. Stephanie is head of Private Equity in Asia and global co-head of Growth Equity within Goldman Sachs Asset Management. "We have savings, lending, investing, and we're close to launching checking. Or what lessons have you taken from that and in your leadership roles at Goldman? 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. 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. 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. 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. And that really created an environment where no ones afraid to ask kind of the dumb question, because Stephanies always asking the dumb question because I really wanted to learn. In the latest in a rapid career of. Prior to assuming her current role, Ms. Cohen was Co-Head of the Consumer and Wealth Management Division. Prior to her current role, Stephanie drove strategy, M&A, strategic investing, and partnerships as the firm's chief strategy officer. And its been so fascinating to watch the frankly, explosive growth of the business. Stephanie Cohen, cohead of Goldman's consumer and wealth group, is the only woman heading one of the bank's primary business divisions. We want to use simple, transparent and valuable products to help people manage their financial lives. These stories and more in banking news this week. 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: 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. But she doesn't see what the fuss is about. If her tenure there is successful, it could pave the way for Cohen to make history at the firm. And so were having a great time, really engaging with our team. Natalie Walters, Business reporter. 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? It could be meal delivery services, paying for working out, or makeup and clothes. 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. For example, when I am 60 and look back, what might I need the most? 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. First, Goldman Sachs CEO David Solomon said it. <p><img src="https://static1.businessinsider.com/image/5c40b6cbb492cb3ebd48300a-2400/gettyimages-1048898186.jpg" border="0" alt="Goldman Sachs CEO David Solomon" data . She graduated cum laude from New York University and received an M.B.A. in May from Indiana University. . Stephanie Cohen: 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 has tapped a former Uber executive to lead its fledgling consumer banking division, . Jennifer Tescher: We think technology is in a place where you can really have a bank on your phone. How does this all fit together? I went on a listening tour. "We have 500 corporate clients, and we have the ability to provide financial wellness to all levels of employees," she said. But she is quick to point out that this is no PR ploy on behalf of the bank: "This is not philanthropy. Diversity in the ranks at Goldman and at the companies it invests in is a priority for Cohen. Carter Johnson and Hayley Cuccinello. 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 how can we serve them where they are with the capabilities of Goldman Sachs? 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. 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. 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. Now weve put a bunch of features into our products to help people make better decisions. 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. But advertising revenue helps support our journalism. Money 20/20 USA 2021 Speaker Oct 24, 2021 Internet Explorer is no longer supported on our website. As of February 2017, she continues to serve as an advisory director at Goldman Sachs, after retiring from leadership of its Global Markets Institute. We get it: you like to have control of your own internet experience. 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. In 2008, she managed Conflicts and Business Selection for IBD in the Americas. We could have a whole conversation you and me, just on this topic so lets do that another time. The delicate transaction was a milestone in the carmakers comeback after the financial crisis. 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. We believe our investment in these strategic locations enables us to build centers of excellence around specific capabilities that support our business initiatives, the company said. Do you have any ideas or things youve thought about in terms of how to leverage your capabilities in this regard? Stephanie Cohen: Well, this is one of the most exciting versions of quote unquote embedded finance that Ive heard about in a long time. 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. 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. See our career opportunities. You are just one step away from creating your watchlist! March 02, 2023, 14:16 IST. Some inside the bank wonder whether shes destined to rise even higher. Im a big question asker too. One, we want to be the bank on your phone. My moms a teacher and its just something. We have businesses that do that and were really excited to do that as well. 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. Cohen, 41, joined Goldman Sachs in. How has that influenced you? Already a member? I suspect that theres only so far a brand like Marcus can go in terms of meeting the needs of underserved consumers. Meaning I end a lot of conversations with, How can I be most helpful to you? And I do try to give people really direct feedback because I think its the way to make them better in their own careers. And so I found the book and it was incredibly interesting, but also devastating in so many different ways, because it was very clear that the financial system was not working for most people. She dug into the bones of the deal and was very compelling.". Some of that could be due to the fact that there are fewer women in venture capital and fewer women founders. We'll send you a myFT Daily Digest email rounding up the latest Goldman Sachs Group news every morning. Remove some to bookmark this image. The news, which . More on Stephanie. Cohen said Goldman has been focused on fortifying its relationships with universities to help attract engineering talent to D-FW. Ms. Cohen, also 32, is an independent marketing consultant in Chicago. And that means that we need to go from being about a product, to really having solutions and building holistic relationships with our customers and by building that entire product suite and making it something thats simple and transparent, easy for millions of people to access, we think were going to do that. Where does the bank and the Fed go from here? She grew up in Augusta, Ga., and holds an MA in Investigative Journalism from The Cronkite School. Jennifer Tescher: Stephanie joined Goldman Sachs as an analyst in 1999, was named managing director in 2008, and became a partner in 2014. Im realizing through this conversation that youre really a culture builder. 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. Before that, she was Global Head of Financial Sponsor M&A in the Investment Banking Division (IBD). And so now one of the things, weve tried and a new skill actually inside of Goldman, which is this experimentation. Jennifer Tescher: Jennifer Tescher: Our people find Dallas a really, really great place to live and raise a family.. 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. She joined Goldman Sachs as an Analyst in 1999, was named Managing Director in 2008 and Partner in 2014. They are Goldman Sachs customers. . Actually, I got on a plane a lot. Tiger Trump and nothing to ex-husband Donald Trump. Prior to her current role, Stephanie drove strategy, M&A, strategic investing, and partnerships as the firms chief strategy officer. 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. And we think it does help people better manage their finances. We have the ability to have access to our clients in Texas but also more broadly across the United States and internationally. And so, while theres a lot of sadness in that, were hopefully, the idea is turning that into opportunity. And so we think this idea of really starting with a clean sheet of paper and building financial services that puts the customer at the center, is something that we can do directly through Marcus and we can do through our partners. 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 phrase is often used as company jargon for a sale or merger. Stephanie Cohen is one the bank's highest-ranking female . And I talked to you about three things that I think have helped me and the teams around me be successful. You can learn more about how we use cookies by reviewing our Privacy Policy.Dismiss, Global Co-Head of Consumer and Wealth Management. And so what are we? A Flagstar executive said the mortgage-focused bank is "not just going to sit on the sidelines and watch this happen.". By continuing to use our site you agree to our. How we set it up made it easier for them and then how it affected their lives going forward. Jennifer Tescher: In mid-July, the company announced it will promote David Solomon to succeed Lloyd Blankfein as chief executive officer. Consequently, they can be prickly customers. Stephanie Cohen has been at Goldman Sachs for more than 23 years. Theres a savings portion of Marcus. And my mom who is a history teacher at some point and really cares about history and I love history and read it. Someone get Stephanie Cohen a set of hair clippers. She is the daughter . Dallas is now Goldmans second-biggest U.S. office outside of New York, surpassing Salt Lake City. The regions tech workforce is projected to expand 17% over the next decade. 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. While wealth management services have been a mainstay for the 153-year-old investment bank, the shift to offering consumer banking happened less than six years ago. 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. And so 85% of all venture capital dollars goes to all male founded teams. 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. And in doing that, we want to fundamentally change the way people experience financial services and in doing that improve their lives. The business is not yet profitable but is expected to hit revenue of $4 billion by 2024, she said. Are you okay? And being really happy because you could tell that you were almost there. A checking account is currently in beta, according to Cohen. 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. Become a business insider with the latest news. This is a subscriber only feature Subscribe Now to get daily updates on WhatsApp. The San Francisco bank entered into a multiyear partnership with Choice Hotels, which operates brands such as Radisson, Comfort and Econo Lodge. This $90 million Liked by Stephanie. Ive run, as you said, the consumer and wealth management business with my partner, Tucker York. Ms. Cohen serves on the National Board of Directors of CollegeSpring and as a member of the Board of Quill.org. Stephanie Cohen has participated in 2 events. It'll just take a moment. Yeah. 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. And this kind of idea of people wanting to experience financial services deeply embedded into ecosystems rather than being this separate action. 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. Cohen joined Goldman Sachs as an Analyst in 1999, was named Managing Director in 2008 and Partner in 2014. You should spendmoney on things that truly make you happy. For the best Barrons.com experience, please update to a modern browser. Last weekend, Cohen joined a panel at this years Girlboss Rally in New York, a two-day event to foster networking and learning among women entrepreneurs,to talk about career, money and life. Is the idea here that Marcus customers eventually become Goldman Sachs customers, if you will? Ms. Cohen serves on the National Board of Directors of College Spring and as a member of the Board of Quill.org. 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 then we did the Apple card. 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. 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. After, it was the bank's Stephanie Cohen who reiterated that Goldman is considering strategic alternatives for its consumer lending business. And so were not going to do that on our own. And so I would expect that some of this will end up being, as you said, not necessarily directly, but through partners. Close. 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 . On September 29, 2020 . Yeah. 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 really enjoyed hearing about how you go about listening. 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. and We want to be your primary bank. 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. Im wondering how youre viewing that experience in light of the coming launch of these new products for Marcus customers? She is also a Global Executive sponsor of the Women's Network. Young, female, banker: Stephanie Cohen has made a career at Goldman Sachs. Its really complex. Stephanie, welcome to Emerge Everywhere. 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. What it really was, was it was where people went when they had really great ideas and they just wanted to get it done. 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. . As the banks chief strategy officer, she brought clarity and focus, including a new commitment to diversity and inclusion. And weve turned that into a lot of different financial products, but the reality is were just trying to solve those problems for consumers. Goldman also will provide six student scholarships for $10,000 each at UTD over the next three years. The company had previously partnered on its credit cards with Barclays. This copy is for your personal, non-commercial use only. Stephanie Cohen: Because maybe the content, or for example, we have something called Marcus Insights, which helps people aggregate their accounts and really provide insights into how theyre spending their money and better budget. By the way, thats only been sped up over the last year or so, given everything thats gone on. Dallas is quite central, Cohen said. 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. When Goldmans board gathered on the West Coast in late June, she gave a presentation on that groups work. And then how do you take that into your next role? Stephanie Cohen is now the management committee's youngest, with the rare label of 'ex officio' member. wants to be your digital banker, and it has assigned the job to Stephanie Cohen, marking her second year on the Barrons list. And by the way, that portfolio is different for different people. 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. 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? 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).. Copyright 2022 HT Digital Streams Ltd All Right Reserved. And that starts with our own people. 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. Jennifer Tescher: 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 Sachs mulls deal options after consumer flop. Financial Health Pulse 2022 Chicago Report, Jennifer Tescher | Leaning Forward for FinHealth. That thats clearly a very important part of your role and has been. The second thing is this kind of get stuff done attitude. 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. But she really got it. 117-14 _____ Printed for the use of the Committee on Natural . This has been EMERGE Everywhere, a Financial Health Network production. And I raise all of that because its really important that this idea of inclusion and diversity gets to every level of the organization and people realize how deeply embedded it is in your business and your strategy and Launch with GS is an example of, the board initiative is an example, but there are many others. To order presentation-ready copies for distribution to your colleagues, clients or customers visit http://www.djreprints.com.
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