Im Jennifer Tescher, and Id love to hear your ideas for future guests and your reactions to the show. 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. Shes about 10 years younger than the average man already on the committee, after becoming a partner just four years ago. 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. He will report to Stephanie Cohen, Goldman's global co-head of consumer and wealth management. The company had previously partnered on its credit cards with Barclays. See our career opportunities. So much. Correction: A previous version of this article mistakenly stated that Cohen became a managing partner at Goldman Sachs in 2008. Goldman Sachs Group Stephanie Cohen is Global Head of Platform Solutions and a member of the Management Committee. 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. Getting out of our silos, hearing from other people, other perspectives we might not hear from otherwise and finding the interconnections. 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. Goldman Sachs is exploring "strategic alternatives" for its nascent consumer banking business. 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. Copyright HT Digital Streams Limited All rights reserved. 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. And I love learning. 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. 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. And then how do you take that into your next role? It was a pre-COVID time period. Stephanie Cohen: As an investment banker for close to 20 years, my presence in board rooms was often an anomaly. My guest today is one of the most powerful women on Wall Street. Im excited to see how that develops. Youve mentioned the fact that soon youre going to be launching a new set of investment options and opportunities. 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).. 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 . But Ive also noticed that when women start talking to friends about business ideas, they actually want to help each other.. As of February 2017, she continues to serve as an advisory director at Goldman Sachs, after retiring from leadership of its Global Markets Institute. I love that you had that visceral experience from the book and particularly given the role youre in now. 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. She also serves as trustee for the Board of The Economic Club of New York. Yeah. In case you cant find any email from our side, please check the spam folder. And so now one of the things, weve tried and a new skill actually inside of Goldman, which is this experimentation. This $90 million Liked by Stephanie. During Stephanie Cohen's first 15 years at Goldman Sachs, her career ladder didn't look much different than that of a typical investment banker. She is also a Global Executive sponsor of the Women's Network. In less than a year, Goldman Sachs has grown its North Texas presence from more than 2,000 employees to nearly 4,000. Jennifer Tescher: Stephanie Cohen has been at Goldman Sachs for more than 23 years. 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. Copyright 2022 HT Digital Streams Ltd All Right Reserved. . DuringStephanie Cohens first 15 years at Goldman Sachs, her career ladder didnt look much different than that of a typical investment banker. She is also a member of the Partnership Committee, Global Diversity Committee, Firmwide Enterprise Risk Committee and Firmwide Finance Committee. Marcus. And the great thing about what were going to do with Marcus Invest and kind of in contrast to some of whats been going on over the last couple of weeks, is were going to take that capability, the capability to provide this diversified portfolio from our advisor led business into our digitally led business and really bring the best of Goldman Sachs capabilities and products to hopefully millions of consumers. 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. She started as an analyst in 1999 and has held a series of leadership positions in mergers and acquisitions. 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. Over 99% goes to all white teams. 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. Jennifer Tescher: 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. We recommend using Google Chrome, Mozilla Firefox, Apple Safari, or . We obviously have a lot going on and were excited about so many things and hopefully we get to talk about them, but what Im most looking forward to and where were spending most of our time is of course on people because were the division that focuses on people. Stephanie earned an AB in Biology, summa cum laude, from Harvard . 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. Goldman Sachs (GS-0.84%) CEO David Solomon has promoted Stephanie Cohen to co-head its consumer banking and wealth management division as part of an executive shuffle at the bank.. The San Francisco bank entered into a multiyear partnership with Choice Hotels, which operates brands such as Radisson, Comfort and Econo Lodge. Already a member? Stephanie joined Goldman Sachs as an analyst in 1999, was named managing director in 2008, and became a partner in 2014. And by the way, if you take all of that and everything else were doing, weve now found that two out of three of our Marcus loans customers, after they take out a Marcus loan, their overall debt does decline. 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. Youre one of the few women whos risen to that level. 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. Prior to her current role, Stephanie drove strategy, M&A, strategic investing, and partnerships as the firms chief strategy officer. She grew up in Augusta, Ga., and holds an MA in Investigative Journalism from The Cronkite School. They are not only of course the right thing to do, but it is the only way to run the business. Looks like you have exceeded the limit to bookmark the image. 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. Dallas is now Goldmans second-biggest U.S. office outside of New York, surpassing Salt Lake City. Which is that theres a specific type of customer thats the Marcus customer. And since then, youve begun offering all kinds of things. In January 2021, she was appointed global co-head of consumer and wealth management. Wells Fargo, eyeing growth in credit cards, lands hotel chain as partner, First Foundation row with Abbott Cooper moves closer to court, Senate Banking Republicans warn Fed not to go too far in capital review, Fed's Bowman: Regulators should monitor Treasuries market function, Flagstar gives $1 million to fix appraisal industry's lack of diversity, What banks need to know about the White House's cybersecurity strategy. Cohen is now the committees youngest, with the rare label of ex officio" member. 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. 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. Diversity, equity and inclusion are core to our mission, see why. You went there right out of graduating from the University of Illinois and youve experienced a tremendous amount of success. We could have a whole conversation you and me, just on this topic so lets do that another time. We do it internally. Im actually a former journalist. Yeah. 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. And I talked to you about three things that I think have helped me and the teams around me be successful. Financial Health Pulse 2022 Chicago Report, Jennifer Tescher | Leaning Forward for FinHealth. And so this real focus on execution, which I no doubt learned by being a mergers and acquisitions banker inside of Goldman Sachs. Someone get Stephanie Cohen a set of hair clippers. Stephanie Cohen is global co-head of Consumer and Wealth Management at Goldman Sachs, a member of the firms Management Committee, and global executive sponsor of the Womens Network. Because for us, this is a business and a strategic imperative. 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. Jennifer Tescher: And how do you feel about essentially being a change agent in this way? 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. Shell be among seven women on the 33-person panel. We want to use simple, transparent and valuable products to help people manage their financial lives. And what we are and what were trying to become is we have these two self reinforcing strategies. This copy is for your personal, non-commercial use only. And we think that this is a great way for people to think about investing. Yeah. 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. Stephanie is head of Private Equity in Asia and global co-head of Growth Equity within Goldman Sachs Asset Management. "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 . Goldman named 60 new partners on Thursday. 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. I love it and its the advice I give people all the time. 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? [1] [2] Prior to March 2008, she was the firm's Chief Investment Strategist. 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. 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. STEPHANIE COHEN, GLOBAL HEAD OF PLATFORM SOLUTIONS, 45. And so I think its embedded in your question, but I think its a fair question. And so, while theres a lot of sadness in that, were hopefully, the idea is turning that into opportunity. Marcus is Goldman's digital-first consumer bank, offers customers saving accounts, personal loans and investment advisory services. Some of that could be due to the fact that there are fewer women in venture capital and fewer women founders. 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 potential sale after the business lost billions of dollars. Stephanie Cohen: As the banks chief strategy officer, she brought clarity and focus, including a new commitment to diversity and inclusion. Ultimately, I think thats, to your point on this moment in time, I think were in a place where the world is changing so fast that knowing every single about history is important. This is a subscriber only feature Subscribe Now to get daily updates on WhatsApp. Prior to that, Ms. Cohen was a Vice President in the Industrials and Merger Leadership Groups in San Francisco. 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. Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. I suspect that theres only so far a brand like Marcus can go in terms of meeting the needs of underserved consumers. 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. 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. And hopefully again, thats millions of customers that we will speak to and we can be helpful to. The delicate transaction was a milestone in the carmakers comeback after the financial crisis. Tell me more about that choice and sort of what youve learned from it. 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. Stephanie Cohen: Jennifer Tescher: I really enjoyed hearing about how you go about listening. Not much is scary after that. 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 . Its the ultimate man-cave. 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. By years end, 40% of its employees were working in those locations, the company said. More on Stephanie. We want to be your primary bank. Upon arriving, her trajectory changed, and she has remained at the firm for over two decades in a variety of roles. And my mom who is a history teacher at some point and really cares about history and I love history and read it. 2021-11-30T13:05:49.103Z. Figuring out how what youre doing is affecting people. Stephanie Cohen is one the bank's highest-ranking female . Since the start of this year, Cohen has held the weighty title of chief strategy officer leading a team that helps decide where the bank should pursue new lines of business or acquisitions of its own. And this year were going to launch Marcus Invest and checking and a credit card partnership with General Motors. 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. Im glad youre drilling in on it. Ms. Cohen serves on the National Board of Directors of College Spring and as a member of the Board of Quill.org. Our people find Dallas a really, really great place to live and raise a family.. 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. 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. Its pretty amazing feat that youve managed to essentially build a homegrown digital business from inside this storied institution. 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. Ms. Cohen, also 32, is an independent marketing consultant in Chicago. And we are lucky because we get to spend our entire days focusing on people. 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. Our goal in our vision, in our people, is to empower our clients and customers to achieve their financial goals and we think help them live better lives. The news, which . And then we did the Apple card. On September 29, 2020 . Download the Mint app and read premium stories. And just a few weeks ago, she was asked to jointly lead the banks global consumer and wealth management division. And so I would really, I would kind of exclamation point on that point. Its great for a woman to be achieving this level of success at Goldman and shes certainly capable of going further," Nugent said. Jennifer Tescher: She was previously based in New York where she reported for The Motley Fool, TheStreet and Business Insider. Solomon, who recently laid off more than 3,200 workers in what was dubbed "David's Demolition Day," was pounded with questions from Wall Street analysts about the bank's . 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. 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. 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. Goldman plans to add checking to Marcus later this year but doesnt have a set date, Cohen said. How has that influenced you? One, it affects how you manage your own people. 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. 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.' 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. 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. . 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. Stephanie Cohen Global Head of Platform Solutions February 2023. Things like auto pay. 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I was a big bank diversity hire. We have more than 7,500 people in our division globally. Stephanie Cohen: 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 . 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. 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. Particularly consumers in Marcus, youve talked a lot about the role youre in now is really about people. 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. A great question. 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. Wow, this is so devastating. 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. And in doing that, we want to fundamentally change the way people experience financial services and in doing that improve their lives. Im wondering how youre viewing that experience in light of the coming launch of these new products for Marcus customers? And so 85% of all venture capital dollars goes to all male founded teams. Stephanie Cohen is now the management committee's youngest, with the rare label of 'ex officio' member. 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. By continuing to use our site you agree to our. Theres just so many things that you learn from the richness of those individual conversations. How we set it up made it easier for them and then how it affected their lives going forward. A checking account is currently in beta, according to Cohen. Chief Strategy Officer, Goldman Sachs Much has been made over the past few months about Stephanie Cohen's age.
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