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. 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. Where does the bank and the Fed go from here? Prior to assuming her current role, Ms. Cohen was Co-Head of the Consumer and Wealth Management Division. 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. Talk to me a little bit about how thats happened. In less than a year, Goldman Sachs has grown its North Texas presence from more than 2,000 employees to nearly 4,000. I love that you had that visceral experience from the book and particularly given the role youre in now. 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. And then as you mentioned, we have a digital consumer bank. And so this real focus on execution, which I no doubt learned by being a mergers and acquisitions banker inside of Goldman Sachs. Theres just so many things that you learn from the richness of those individual conversations. Stephanie Cohen: You can use that as something that bothers you, or you can use that as a point of differentiation. Goldman Sachs has chosen Stephanie Cohen as co-head of its consumer and wealth management . The . 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. Explore how to make financial services a force for good. Its the ultimate man-cave. Cohen is now the committees youngest, with the rare label of ex officio" member. 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. One, it affects how you manage your own people. Remove some to bookmark this image. ", Cohen led "Launch with GS," the bank's $1 billion commitment to increase access to capital for women, Black, Latino and other diverse entrepreneurs and investors. The banking industry appears to be stuck when it comes to diversifying the leadership ranks. 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. 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. Stephanie Cohen has been at Goldman Sachs for more than 23 years. Now weve put a bunch of features into our products to help people make better decisions. Stephanie Cohen is now the management committee's youngest, with the rare label of 'ex officio' member. Stephanie Cohen is joining Goldman's most elite tier, as its youngest banker | Mint Get 60% off on Mint+The Economist Gainers & Losers Fri Feb 17 2023 15:29:29 Top Gainers Top Losers Home /. In her new role overseeing consumer and wealth management for the organization, she shepherds a vision for diversity and inclusion that prioritizes broad consumer access to high-quality financial solutions. No question. 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. Natalie is an award-winning reporter who covers banks, crypto, fraud, deals and other money topics for The Dallas Morning News. 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. General Motors Goldman Sachs has created a new consumer and wealth management division co-led by Stephanie Cohen. I really enjoyed hearing about how you go about listening. Your session has expired, please login again. And how do you feel about essentially being a change agent in this way? 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. Its complicated. Youve got to figure out whats important to you and what you really want to spendmoney on. But Ive also noticed that when women start talking to friends about business ideas, they actually want to help each other.. Here are her five best pieces of advice on work and personal finance for professional women. She joined Goldman Sachs as an Analyst in 1999, was named Managing Director in 2008 and Partner in 2014. Got it. And hopefully again, thats millions of customers that we will speak to and we can be helpful to. Predict the closing value of sensex and win free subscription. 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. Wow, this is so devastating. 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. I really felt like I hadnt learned it. Theres a savings portion of Marcus. And so the main thing Im focused on is people internally and externally. 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. 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 been really fun getting to know all of them. Maybe If youll indulge me because I was chief strategy officer, well go up a level to the corporate strategy just for a second, which is that when we think about what were trying to do at Goldman Sachs, its to advance sustainable economic growth and financial opportunity. Stephanie Cohen: The company had previously partnered on its credit cards with Barclays. She also serves as trustee for the Board of The Economic Club of New York. 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? And so I did that. 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. And what were doing in our division is we do it a couple of different ways. 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 . You mentioned the Apple card. <p><img src="https://static1.businessinsider.com/image/5c40b6cbb492cb3ebd48300a-2400/gettyimages-1048898186.jpg" border="0" alt="Goldman Sachs CEO David Solomon" data . "We have 500 corporate clients, and we have the ability to provide financial wellness to all levels of employees," she said. 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. Change is underway in the financial services industry and it's disrupt or be disrupted. But by the way, you cant do that always at scale. Im doing it every day. 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. Thank you for inviting me. This $90 million Liked by Stephanie. 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. 01 Mar 2023 02:08:06 Im Jennifer Tescher, and Id love to hear your ideas for future guests and your reactions to the show. In so many ways. 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. Updated Jan. 17, 2017 9:10 pm ET. Wow. For the best Barrons.com experience, please update to a modern browser. 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. She is a key architect of the bank's . 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. 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. Tell us a little bit about where you expect to focus most of your time and attention this year. 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. 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. The reality is that investing can be intimidating for a lot of people. I know many of them, but it says something entirely different to have someone at the operating committee level. Jennifer Tescher: Earlier in her career, Ms. Cohen worked in New York in the M&A department. And its been so fascinating to watch the frankly, explosive growth of the business. She said the senior leadership team understands that diversity and inclusion is a "business imperative'' and that "this needs to be discussed in the same meetings where we talk about revenue or investment strategies. The San Francisco bank entered into a multiyear partnership with Choice Hotels, which operates brands such as Radisson, Comfort and Econo Lodge. And you talked about that mission, and I want to come back to it because it really is there every day when our people design our products. And besides those numbers being kind of horrific, they are a misallocation of capital. And at least I believe and I think its fair to say that theyre amazing. One, we have our advisor led businesses. Apple 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. 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. Meet the forward thinking leaders challenging the status quo and unleashing creative new ways of improving financial health by seeing their customers, employees, and communities in 3D. And so were having a great time, really engaging with our team. Measurement made easy for your organization. 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 in doing that, we want to fundamentally change the way people experience financial services and in doing that improve their lives. But she really got it. They are not only of course the right thing to do, but it is the only way to run the business. Become a business insider with the latest news. She is the daughter . Already a member? 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.' Youre one of the few women whos risen to that level. 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. A checking account is currently in beta, according to Cohen. She serves on the Partnership Committee, and is also on the Board of Advisors of Launch With GS, Goldman Sachs' $1 billion investment strategy grounded in the belief that diverse teams drive strong returns. 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. Jennifer Tescher: And by the way, that portfolio is different for different people. And this year were going to launch Marcus Invest and checking and a credit card partnership with General Motors. I love it and its the advice I give people all the time. 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. 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. Some of that could be due to the fact that there are fewer women in venture capital and fewer women founders. And then we have this great program where we work with companies on financial wellness for their employees and we call that Ayco. 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. If her tenure there is successful, it could pave the way for Cohen to make history at the firm. 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. 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. How does this all fit together? And that we were going to build an ecosystem around it. Listening is the most important thing that I do. 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. Well, this is one of the most exciting versions of quote unquote embedded finance that Ive heard about in a long time. Stephanie Cohen is Goldman Sachs' Chief Strategy Officer and an Ex Officio member of the Management Committee. Looks like you have exceeded the limit to bookmark the image. Flagstar Bank launches its next mortgage-tech accelerator while Walmart and Citi partner on a supplier loan program. Jennifer Tescher: And I think in some ways, this podcast is an outgrowth of my curious nature. The sale of that company, which has been making parts of the US currency bill going back to the 19th century, was among the last deals she worked on before moving to the executive suite. DuringStephanie Cohens first 15 years at Goldman Sachs, her career ladder didnt look much different than that of a typical investment banker. Which is that theres a specific type of customer thats the Marcus customer. Im a lifelong learner. 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. How do you look at the data in a way that really helps you? And so 85% of all venture capital dollars goes to all male founded teams. 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. 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.. Download the Mint app and read premium stories. 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).. 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. Goldman Sachs is exploring "strategic alternatives" for its nascent consumer banking business. 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 . Mr Solomon teased a sale, saying Goldman was exploring "strategic alternatives". 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. And that we were going to invest behind diverse managers because you needed to get money in the hands of diverse managers so that they could get money in the hands of diverse companies. Its pretty amazing feat that youve managed to essentially build a homegrown digital business from inside this storied institution. I went on a listening tour. Stephanie Cohen: Cohen said Goldman has been focused on fortifying its relationships with universities to help attract engineering talent to D-FW. Stephanie Cohen, head of platform solutions, said scale would help the business reach profitability by 2025. 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. The bank says the candidates failed to make full disclosures. Its really complex. To read our full stories, please turn off your ad blocker.We'd really appreciate it. Goldman Sachs 209K subscribers Subscribe 4.6K views 5 years ago Despite China's macro headwinds, Stephanie Hui, head of the Merchant Banking Division in Asia Pacific Ex-Japan, identifies the. Jun 22 Stephanie Cohen: Chief Strategy Officer at Goldman Sachs. They are part of Goldman Sachs and we are really excited to serve them with the best of Goldman Sachs digitally. Unlike traders, who can shoot to prominence within Wall Street firms at a very young age, Cohens career tracked that of the typical banker, climbing to be managing director in the class of 2008. STEPHANIE COHEN, GLOBAL HEAD OF PLATFORM SOLUTIONS, 45. And then how do you take that into your next role? 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. Natalie Walters, Business reporter. Ms. Cohen serves on the National Board of Directors of College Spring and as a member of the Board of Quill.org. 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. You can learn more about how we use cookies by reviewing our Privacy Policy.Dismiss, Global Co-Head of Consumer and Wealth Management. 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. Yeah, were really excited about the Marcus Invest product, which will launch this quarter. 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. Goldman named 60 new partners on Thursday. Stephanie Cohen: Since the start of this year, Cohen has also transitioned from investment banking to serve as the bankschief strategy officer,leading a team that decides where the bank should pursue new lines of business. 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. 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. Stephanie Cohen, culture builder, lifelong learner, thanks so much for joining me on Emerge Everywhere. terms: Goldman Sachs Banks Stephanie Cohen Succession. Stephanie Cohen is Global Head of Platform Solutions and a member of the Management Committee. Certainly youre gifted and talented. These stories and more in banking news this week. 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. 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. Yeah. Cohen declined to give projections for growth in Dallas or say whether Goldman is considering such a move. . Its a great point. "We believe that there is a real need for consumers to better manage their financial lives, and we have the capabilities to serve them," Cohen said. And so I think that Ive learned over time that while being an individual contributor and being really fantastic at what you do, actually the way to really get stuff done is make everyone around you better. 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. And I thought a lot about this because as you change into a new role, you have to think about what are the things that have helped you to be successful? 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. 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. 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. And so now one of the things, weve tried and a new skill actually inside of Goldman, which is this experimentation. 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. The strategy document identifies potential avenues for cutting cybercriminals off from financing, as well as other actions banks can take. Carter Johnson and Hayley Cuccinello. 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.

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