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. 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 how can we serve them where they are with the capabilities of Goldman Sachs? And that starts with our own people. Stephanie Cohen: 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. Yeah. 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. A lot of investment bankers have the attention span of a gnat," said Stephen DeFalco, who was the CEO of Crane & Co. before Goldman Sachs helped sell the company. Youve got to figure out whats important to you and what you really want to spendmoney on. 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 best way to do this is to have a long-term view. 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. And then weve also done that with Walmart and Amazon in terms of providing credit to their merchants. And so this real focus on execution, which I no doubt learned by being a mergers and acquisitions banker inside of Goldman Sachs. My husband and I were talking about it last night, we all still need a lot of help. 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. Ihr wird inzwischen sogar der Platz an der Bank-Spitze zugetraut. Im a lifelong learner. We recommend using Google Chrome, Mozilla Firefox, Apple Safari, or . Women. 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. Jennifer Tescher: Its pretty amazing feat that youve managed to essentially build a homegrown digital business from inside this storied institution. Over 99% goes to all white teams. Natalie is an award-winning reporter who covers banks, crypto, fraud, deals and other money topics for The Dallas Morning News. Which is that theres a specific type of customer thats the Marcus customer. Stephanie Cohen, global co-head of consumer and wealth management at Goldman Sachs, speaks during a dedication ceremony of the company's branded terrace at the University of Texas at Dallas. March 02, 2023, 14:16 IST. 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. 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. Abby Joseph Cohen (born February 29, 1952) is an American economist and financial analyst on Wall Street. General Motors They are Goldman Sachs customers. And just a few weeks ago, she was asked to jointly lead the banks global consumer and wealth management division. When I walked into a board room, theyd expect a very tall man, but instead theyd get a relatively shortwoman. You are just one step away from creating your watchlist! 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. But she doesn't see what the fuss is about. Someone get Stephanie Cohen a set of hair clippers. 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. Ms. And so, while theres a lot of sadness in that, were hopefully, the idea is turning that into opportunity. Prior to assuming her current role, Ms. Cohen was Co-Head of the Consumer and Wealth Management Division. Become a business insider with the latest news. Listening is the most important thing that I do. As founder and CEO of the Financial Health Network, Ive spent my career breaking down silos by engaging with innovators across industries, and now, Im sharing those conversations with you. But advertising revenue helps support our journalism. 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. 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. One, its this kind of practical thing, which is that if youre a competitive figure skater and youre going to school and youre trying to do other things, youre waking up for the 5:45 AM skating, skating before school, going to school, skating after school, getting homework done. The High. We're getting to the moment where we can help someone holistically manage their financial lives," Stephanie Cohen,. Jennifer Tescher: Stephanie Cohen, Goldman's co-head of consumer and wealth management, is working on setting up a second base for herself in Dallas. Not much is scary after that. Stephanie Cohen quickly rose through the ranks at Goldman Sachs to become one of the youngest members of the banks senior leadership, joining just a small handful of women at that level. 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. 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. 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. On September 29, 2020, Stephanie Cohen, Goldman Sachs' Chief Strategy. 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 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. If her tenure there is successful, it could pave the way for Cohen to make history at the firm. Its complicated. Copyright HT Digital Streams Limited All rights reserved. No question. Stephanie Cohen, head of platform solutions, said scale would help the business reach profitability by 2025. DuringStephanie Cohens first 15 years at Goldman Sachs, her career ladder didnt look much different than that of a typical investment banker. And I think theres a lot to learn about how culture builders do that, because I think a lot about the importance of stepping outside of our silos, that thats where, and that relates to the comments that you made about diversity. It was here on an evening last December when roughly 100 women from the investment banking world gathered at an event billed as a leadership dinner. I wonder if you could talk a little bit about when you joined as chief strategy officer in that role, what you did to listen and learn about both the parts of the business that you might have been less familiar with, but also the end user, if you will, the consumer. 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. 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. And then we have this great program where we work with companies on financial wellness for their employees and we call that Ayco. Youve mentioned the fact that soon youre going to be launching a new set of investment options and opportunities. And so were doing that with Apple, but also well do it with General Motors. Yeah, were really excited about the Marcus Invest product, which will launch this quarter. You can learn more about how we use cookies by reviewing our Privacy Policy.Dismiss, Global Co-Head of Consumer and Wealth Management. And you asked me about the focus. They most recently attended, or will attend, Money 20/20 USA 2021 on Oct 24, 2021 . Stephanie, welcome to Emerge Everywhere. Yeah. And what are we trying to become? 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. "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 . Stephanie joined Goldman Sachs as an analyst in 1999, was named managing director in 2008, and became a partner in 2014. Jennifer Tescher: And the thing I say all the time is that you cant talk about these things in two different places. Particularly consumers in Marcus, youve talked a lot about the role youre in now is really about people. She grew up in Augusta, Ga., and holds an MA in Investigative Journalism from The Cronkite School. Goldman Sachs has tapped a former Uber executive to lead its fledgling consumer banking division, . Cohen said Goldman has been focused on fortifying its relationships with universities to help attract engineering talent to D-FW. Stephanie Cohen: 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).. You, it turns out I learned, were once a competitive figure skater growing up. Sign In. The bureaucratic asterisk is likely meant to avoid upsetting senior executives whove spent much longer trying to get on the panel, without luck. One of the first people that called me after the announcement that I was going to be the co-head of this division, was a friend and they wanted help managing their financial lives, but not just theirs, but their family. Explore how to make financial services a force for good. Log in to our website to save your bookmarks. 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 Cohen Global Head of Platform Solutions February 2023. 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. Goldman Sachs Group Stephanie Cohen has participated in 2 events. 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. Earlier in her career, Ms. Cohen worked in New York in the M&A department. 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. As of February 2017, she continues to serve as an advisory director at Goldman Sachs, after retiring from leadership of its Global Markets Institute. . She is also a Global Executive sponsor of the Women's Network. Stephanie Cohens first 15 years at Goldman Sachs, her career ladder didnt look much different than that of a typical investment banker. Hier kommt Frau Goldman Sachs. See you next time. because investing and helping companies grow is our business," Stephanie Cohen, Goldman Sachs' chief strategy officer . One Goldman Sachs go-to-market strategy combined with products developers love and can easily adopt 2 Business-to-business with innovative, client- and She graduated cum laude from New York University and received an M.B.A. in May from Indiana University. 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. Its great for a woman to be achieving this level of success at Goldman and shes certainly capable of going further," Nugent said. 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. 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. He will report to Stephanie Cohen, Goldman's global co-head of consumer and wealth management. There werent a lot ofinvestment bankers that looked like me. 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. A step-by-step guide for HR professionals. 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. She is also on the national board of the nonprofit group Reading Partners, which focuses on literacy in grammar schools, helping underprivileged kids who are behind in reading. Stephanie Cohen quickly rose through the ranks at Goldman Sachs to become one of the youngest members and one of only a few women on its management committee. And that has definitely been sped up by whats gone on with COVID. 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? 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. The second thing is this kind of get stuff done attitude. The reality is that investing can be intimidating for a lot of people. Cohen is now the committees youngest, with the rare label of ex officio" member. Stephanie is head of Private Equity in Asia and global co-head of Growth Equity within Goldman Sachs Asset Management. And of course, people want access to an advisor. The strategy document identifies potential avenues for cutting cybercriminals off from financing, as well as other actions banks can take. Cohen declined to give projections for growth in Dallas or say whether Goldman is considering such a move. 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. 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. On Monday, the company unveiled a branded terrace at the University of Texas at Dallas in Richardson that it hopes will inspire students to want to learn more about Goldman Sachs, she said. 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. Goldman Sachs mulls deal options after consumer flop. 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. By continuing to use our site you agree to our Terms of Use and Privacy Policy. 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. And this year were going to launch Marcus Invest and checking and a credit card partnership with General Motors. It celebrated the repayment by handing employees buttons that said Paid.". 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. 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 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. Her appointment this summer to Goldman Sachs' management committee made her its youngest member. And I have to say, I was a little bit surprised that that was the book you chose. Talk a little bit about how Marcus has evolved and where you see that business heading now that youve reached, say adolescence. he has worked onhistoric large corporate deals, including Chryslers repayment of a U.S. government loan, which marked the automakers comeback after the 2008 Financial Crisis, Last weekend, Cohen joined a panel at this years. 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. Shared by Stephanie Cohen At a critical moment for women's and family health, I am proud to share news of Maven Clinic's Series E, led by General Catalyst. Jennifer Tescher: Your session has expired, please login again. Prior to her current role, Stephanie drove strategy, M&A, strategic investing, and partnerships as the firms chief strategy officer. 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. And we think that this is a great way for people to think about investing. Stephanie Cohen is Global Head of Platform Solutions and a member of the Management Committee. Jennifer Tescher: And so I did that. Goldman Sachs is exploring "strategic alternatives" for its nascent consumer banking business. Im excited to see how that develops. Prior to her current role, Stephanie drove strategy, M&A, strategic investing, and partnerships as the firm's chief strategy officer. Because for us, this is a business and a strategic imperative. 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. The business is not yet profitable but is expected to hit revenue of $4 billion by 2024, she said. Stephanie Cohen is Goldman Sachs' Chief Strategy Officer and an Ex Officio member of the Management Committee. Stephanie Cohen, a merger banker who has spent the past few years doing deals for private-equity firms and other big investors, will replace Stephen Scherr, who has held the role since 2014,. Some of my favorite ones have been, we created a customer assistance program right as COVID was starting to help people so that they could defer loan payments and credit card payments and just listening to why it mattered to them. Learn more about Marcus by Goldman Sachs and check out additional episodes of EMERGE Everywhere. 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? 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. Now I have to turn the conversation a little bit back to you for a minute, because youre a lifer at Goldman Sachs. And so I would expect that some of this will end up being, as you said, not necessarily directly, but through partners. And I talked to you about three things that I think have helped me and the teams around me be successful. Cohen is a Goldman Sachs lifer who started at the bank as an analyst back in 1999, spending time in New York and San Francisco. Updated Jan. 17, 2017 9:10 pm ET. 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 so I would be that person that was like, Please just explain this to me from the base level. And when you get to that base level, you actually start to understand not only the products and how theyre all executed, but how it affects an end customer. And then the last thing was what weve already talked about, which is being super curious and kind of asking a million questions and really want to learn things from the base level. Cohen, 41, joined Goldman Sachs in 1999 as an analyst and worked her way up in the investment banking division to managing director in 2008 and partner six years later. Cohen, 41, joined Goldman Sachs in. Stephanie Cohen has been at Goldman Sachs for more than 23 years. Flagstar Bank launches its next mortgage-tech accelerator while Walmart and Citi partner on a supplier loan program. Upon arriving, her trajectory changed, and she has remained at the firm for over two decades in a variety of roles. Remove some to bookmark this image. Goldman Sachs Group Inc will pump $500 million into companies led, founded or owned by women, as it steps up efforts to close the gender investing gap, the Wall Street bank said on Tuesday. 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. 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. 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 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 . And weve turned that into a lot of different financial products, but the reality is were just trying to solve those problems for consumers. In mid-July, the company announced it will promote David Solomon to succeed Lloyd Blankfein as chief executive officer. We want to use simple, transparent and valuable products to help people manage their financial lives. Where does the bank and the Fed go from here? Its been really fun getting to know all of them. Some of that could be due to the fact that there are fewer women in venture capital and fewer women founders. This is a subscriber only feature Subscribe Now to get daily updates on WhatsApp. Download the Mint app and read premium stories. 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. In its 2021 annual report released in February, Goldman said it had established key strategic locations that included Dallas, Salt Lake City, Singapore, Warsaw and Bengaluru. Here are her five best pieces of advice on work and personal finance for professional women. E ine Stunde mit . Certainly youre gifted and talented. 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. Ms. Cohen was Sector Captain for General Industrials in the Global Industrials Group and a member of the M&A Group in IBD. More than 90% of appraisers are white, and researchers have found that bias leads to lower valuations for homeowners of color. 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 .