Prior to assuming her current role, Ms. Cohen was Co-Head of the Consumer and Wealth Management Division. Stephanie Cohen, culture builder, lifelong learner, thanks so much for joining me on Emerge Everywhere. There werent a lot ofinvestment bankers that looked like me. Im glad youre drilling in on it. 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. Her appointment this summer to Goldman Sachs' management committee made her its youngest member. 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 . And its also, I think, no accident that youve also been anointed to the operating committee. Cohen said Goldman has been focused on fortifying its relationships with universities to help attract engineering talent to D-FW. 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 . Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. [1] [2] Prior to March 2008, she was the firm's Chief Investment Strategist. 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. Prior to her current role, Stephanie drove strategy, M&A, strategic investing, and partnerships as the firm's chief strategy officer. She graduated cum laude from New York University and received an M.B.A. in May from Indiana University. Yeah. And as youve mentioned, weve been through an evolution and the reality is we had to start somewhere so we started with loans as you talked about and we really felt like we were doing that in a different way and were proud of what we launched. Particularly consumers in Marcus, youve talked a lot about the role youre in now is really about people. 1 Executive Summary Primary drivers Key focus areas INVESTOR DAY 2023 PLATFORM SOLUTIONS . In the latest in a rapid career of. Goldman leadership shuffle puts woman atop consumer division Dallas led all metropolitan areas in 2021 in net tech job growth, adding 5,321 positions, according to a new report by CompTIA, the nonprofit association for the information technology industry. wants to be your digital banker, and it has assigned the job to Stephanie Cohen, marking her second year on the Barrons list. 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. Goldman Sachs' Youngest Banker's Top 5 Career & Money - Observer My guest today is one of the most powerful women on Wall Street. And so now one of the things, weve tried and a new skill actually inside of Goldman, which is this experimentation. 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. As an investment banker for close to 20 years, my presence in board rooms was often an anomaly. How big the Dallas operation will get is a source of regular speculation in the North Texas real estate community. Stephanie is head of Private Equity in Asia and global co-head of Growth Equity within Goldman Sachs Asset Management. Jennifer Tescher: By the way, a lot of people who spend their careers in financial services. In the latest in a rapid career of promotions, Cohen, 43, took over as co-head of consumer and wealth management in January, overseeing consumer bank Marcus, which has racked up $97 billion in deposits. Goldman Sachs to invest $500 mln in women-run companies Goldman Sachs has created a new consumer and wealth management division co-led by Stephanie Cohen. Build a resilient workforce by prioritizing finhealth for employees. And since then, youve begun offering all kinds of things. 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. Looks like you have exceeded the limit to bookmark the image. Theres a savings portion of Marcus. 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. 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. Im a big question asker too. And so the next question is, how do you listen to the data? 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. 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. More than 90% of appraisers are white, and researchers have found that bias leads to lower valuations for homeowners of color. 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. Yeah. And when I was in my role as chief strategy officer, we created this thing called Accelerate, which we call our internal innovation engine. Bill Goldman, 38, historian, philanthropist and Levi Strauss heir Stephanie Cohen is Global Head of Platform Solutions and a member of the Management Committee. To further the bank's efforts to become a Main Street lender, Goldman now offers credit cards and buy now/pay later options for consumers. 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. 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. Its pretty amazing feat that youve managed to essentially build a homegrown digital business from inside this storied institution. In this article that I had written, I talked about how originally, the mob was after Wall Street, if you will. Stephanie Cohen Global Head of Platform Solutions February 2023. 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 . Become a business insider with the latest news. Goldman Sachs Group Inc will pump $500 million into companies led, . In this episode, Jennifer and Stephanie discuss how the bank is leveraging fintech and personalized solutions to meet diverse consumer needs, while empowering clients and customers to reach their financial goals. Jennifer Tescher: Goldman Sachs executive who led consumer banking launch set to depart See you next time. Stephanie Cohen: 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. 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. Certainly youre gifted and talented. Theres the customer calls, which I love listening to. And so were having a great time, really engaging with our team. On September 29, 2020 . Already a member? Are you okay? And being really happy because you could tell that you were almost there. 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. And so in skating you fall all the time. Cohen drives strategy, Mergers & Acquisitions (M&A . I really enjoyed hearing about how you go about listening. . Tell me more about that choice and sort of what youve learned from it. I love that you had that visceral experience from the book and particularly given the role youre in now. D-FW is now Goldman Sachs' second-largest U.S. hub after nearly In January 2021, she was appointed global co-head of consumer and wealth management. And so what are we? And so were not going to do that on our own. Stephanie Cohen has been at Goldman Sachs for more than 23 years. There are places where theyre ahead and there are places where theyre behind and actually seeing that in a different environment, I think is another really interesting way to listen to what the world may become and to listen to ways that we can do things differently and better. You pack a lot into a day. I think I learned that at a really young age. And how do you feel about essentially being a change agent in this way? We'll send you a myFT Daily Digest email rounding up the latest Goldman Sachs Group news every morning. And we think that this is a great way for people to think about investing. 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. The Guys From 'Government Sachs' - The New York Times 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. Jennifer Tescher: And its interesting though, because when we think about it and we talk about it and what we focus on every day, the mission is still the same. Goldman Sachs CEO David Solomon fends off attacks over Marcus flop We call those businesses, private wealth management and personal financial management. 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. Goldman Sachs mulls deal options after consumer flop 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. By continuing to use our site you agree to our. An error has occurred, please try again later. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. 2021-11-30T13:05:49.103Z. And by the way, how it made them actually better customers over time, because we got them through a really tough period. Cohen, 41, joined Goldman Sachs in. Its really complex. Marcus is Goldman's digital-first consumer bank, offers customers saving accounts, personal loans and investment advisory services. 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. To order presentation-ready copies for distribution to your colleagues, clients or customers visit http://www.djreprints.com. Goldman now has credit-card deals with Stephanie Hui - Partner - Goldman Sachs | LinkedIn And then we did the Apple card. She is now even given the place at the top of the bank. She also serves as trustee for the Board of The Economic Club of New York. 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. "We have 500 corporate clients, and we have the ability to provide financial wellness to all levels of employees," she said. 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 just a few weeks ago, she was asked to jointly lead the banks global consumer and wealth management division. Goldman plans to add checking to Marcus later this year but doesnt have a set date, Cohen said. Most Powerful Women 2019: Stephanie Cohen | Crain's New York Business 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. I used to get off the ice from practices and be soaking wet because you just are cleaning up the ice falling because its the only way to learn a new skill. Learn more about Marcus by Goldman Sachs and check out additional episodes of EMERGE Everywhere. This account of her ascent is based on interviews with people whove worked with Cohen, who asked not to be named discussing their interactions. Senior Editor, Women's Programs, American Banker. Hier kommt Frau Goldman Sachs. 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. Im a lifelong learner. 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. And so we have this situation where you have an under invested asset class and theyre going to out return and you never see that. Yeah, I think its this idea of being a learner. 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. She also spearheaded . Money 20/20 USA 2021 Speaker Oct 24, 2021 Before that, she was Global Head of Financial Sponsor M&A in the Investment Banking Division (IBD). Listening is the most important thing that I do. Its been really fun getting to know all of them. Goldman Sachs Changes 60 Slightly Less White, Less Male - Dealbreaker