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. One, it affects how you manage your own people. And what we are and what were trying to become is we have these two self reinforcing strategies. She graduated cum laude from New York University and received an M.B.A. in May from Indiana University. 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. But in July of this year, she scored a seat on the banks most elite decision-making team, a 33-person management committee appointed by new CEODavid Solomon. 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 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. 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. 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. Goldman Sachs managers say one takeaway of the pandemic. And so thats really what were trying to do with what were doing in consumer and in Marcus. LeaseQuery Announces $40 Million in Series A Funding This $90 million Liked by Stephanie. Stephanie Cohen is Global Head of Platform Solutions and a member of the Management Committee. She was previously based in New York where she reported for The Motley Fool, TheStreet and Business Insider. It could be meal delivery services, paying for working out, or makeup and clothes. 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. Money 20/20 USA 2021 Speaker Oct 24, 2021 Goldman Sachs Group Inc's Chief Executive David Solomon and top executives will give investors an update on their strategy on Tuesday. Here are her five best pieces of advice on work and personal finance for professional women. 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. Do you have any ideas or things youve thought about in terms of how to leverage your capabilities in this regard? The banking industry appears to be stuck when it comes to diversifying the leadership ranks. But then there are customers that are General Motors customers and that are Apple customers and that thats much broader and what do they need? And in order to do that, youve got to do a couple of things. Ms. Cohen, also 32, is an independent marketing consultant in Chicago. Kristin Broughton Reprint For reprint and licensing requests for this article, click here. Jennifer Tescher: I was a big bank diversity hire. 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. But she doesn't see what the fuss is about. 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. 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. 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. Its funny because as chief strategy officer, people do this, Do you sit around and just have really big thoughts? No, ideas are really nice, but its about execution. 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Natalie Walters, Business reporter. There werent a lot ofinvestment bankers that looked like me. 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. Oops! Measurement made easy for your organization. See you next time. And so I would expect that some of this will end up being, as you said, not necessarily directly, but through partners. Goldman Sachs Group Inc will pump $500 million into companies led, . I didnt have that term before, but as a giver. Jennifer Tescher: She is also a Global Executive sponsor of the Women's Network. And I remember these moments of falling really hard and your parents, your coach is like, Oh my. Most Powerful Women in Finance: No. 17, Goldman's Stephanie Cohen Ihr wird inzwischen sogar der Platz an der Bank-Spitze zugetraut. My moms a teacher and its just something. And then how do you take that into your next role? Youve begun offering credit beyond debt consolidation. And then to your point, the clients and the customers in those businesses that were ultimately serving. 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. 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 so were doing that with Apple, but also well do it with General Motors. Im glad youre drilling in on it. And so, while theres a lot of sadness in that, were hopefully, the idea is turning that into opportunity. My Doctor Online | Stephanie Cohen - Kaiser Permanente . I suspect theres also something to it about the moment were living in, the era were living in. . Theres just so many things that you learn from the richness of those individual conversations. CompTIA expects that to grow to nearly 7,700 net new positions this year, the fifth-highest total nationally. 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. You can learn more about how we use cookies by reviewing our Privacy Policy.Dismiss, Global Co-Head of Consumer and Wealth Management. In so many ways. On September 29, 2020 . Which is that theres a specific type of customer thats the Marcus customer. Feb 2, 2021, 8:42 AM. He will report to Stephanie Cohen, Goldman's global co-head of consumer and wealth management. Stephanie Cohen: Jennifer Tescher: Speaker Bio: Stephanie Cohen is Goldman Sachs' Chief Strategy Officer and a member of the Management Committee. And you asked me about the focus. 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. Stephanie Cohen: 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. We want to be your primary bank. Where does the bank and the Fed go from here? Prior to her current role, Stephanie drove strategy, M&A, strategic investing, and partnerships as the firm's chief strategy officer. Goldman's Compliance Chief Moves On - WSJ Whether thats direct disbursements in our loans, meaning when you sign up for a Marcus loan, we can directly pay off your other debts. She is now even given the place at the top of the bank. Its important, but the world is changing so fast that just being someone who analyzes whats happened historically and trying to put that on the future, I think doesnt really work. Here are her five best pieces of advice on work and personal finance for professional women. Carter Johnson and Hayley Cuccinello. because investing and helping companies grow is our business," Stephanie Cohen, Goldman Sachs' chief strategy officer . 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 Sachs mulls deal options after consumer flop Inside a massive transformation at powerhouse Wall Street bank Goldman You pack a lot into a day. 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. Goldman taps former Uber executive to lead its consumer bank In 2008, she managed Conflicts and Business Selection for IBD in the Americas. By the way, a lot of people who spend their careers in financial services. 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. Marcus is Goldman's digital-first consumer bank, offers customers saving accounts, personal loans and investment advisory services. https://www.barrons.com/articles/barrons-100-most-influential-women-in-u-s-finance-stephanie-cohen-51615543200. 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. Stephanie Cohen is one the bank's highest-ranking female . "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. Stephanie Cohen: Cohen said she expected Platform Solutions to break even on a pre-tax basis by 2025 after it lost $3 billion in nearly three years. In the latest in a rapid career of. Stephanie Cohen, culture builder, lifelong learner, thanks so much for joining me on Emerge Everywhere. 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. Goldman Sachs executive who led consumer banking launch set to depart Its not a one size fits all product and solution. Goldman also will provide six student scholarships for $10,000 each at UTD over the next three years. Stephanie Cohen Global Head of Platform Solutions February 2023. Yeah. 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. A step-by-step guide for HR professionals. Goldman Sachs has chosen Stephanie Cohen as co-head of its consumer and wealth management . Its really complex. This has been EMERGE Everywhere, a Financial Health Network production. Stephanie Cohen to co-head consumer and wealth management at Goldman Some of that could be due to the fact that there are fewer women in venture capital and fewer women founders. 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,. Stephanie Cohen: 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. And the reality is that is the right advice for our clients. 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. 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. Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. Your session has expired, please login again. 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. "They are like-minded brands that are meeting people where they are," Cohen said. For example, when I am 60 and look back, what might I need the most? 2021-11-30T13:05:49.103Z. Profile of Stephanie Cohen, Goldman Sachs Consumer and Wealth - Insider D-FW is now Goldman Sachs' second-largest U.S. hub after nearly "We have 500 corporate clients, and we have the ability to provide financial wellness to all levels of employees," she said. It didn't go well. Stephanie joined Goldman Sachs as an analyst in 1999, was named managing director in 2008, and became a partner in 2014. Stephanie Cohen - New York, New York, United States - LinkedIn 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. 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. Welcome to EMERGE Everywhere. 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. She joined Goldman Sachs as an Analyst in 1999, was named Managing Director in 2008 and Partner in 2014. Dallas is now Goldmans second-biggest U.S. office outside of New York, surpassing Salt Lake City. Cindy Ord/Getty Images for Girlboss Rally NYC 2018. The best way to do this is to have a long-term view. And the thing I say all the time is that you cant talk about these things in two different places. Ms. Cohen serves on the National Board of Directors of CollegeSpring and as a member of the Board of Quill.org. She is also a Global Executive sponsor of the Women's Network. 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. The phrase is often used as company jargon for a sale or merger. Jennifer Tescher: Cohen is now the committees youngest, with the rare label of ex officio" member. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. In this article that I had written, I talked about how originally, the mob was after Wall Street, if you will. In January 2021, she was appointed global co-head of consumer and wealth management. Outside of work, Cohen spends time with her husband and young son, who "helps me hone my negotiation skills," she laughs. But she really got it. Its a great point. And by the way, that portfolio is different for different people. Stephanie Cohen, Goldman's co-head of consumer and wealth management, is working on setting up a second base for herself in Dallas. Wow. Goldman Sachs is exploring "strategic alternatives" for its nascent consumer banking business. Stephanie Cohen has been at Goldman Sachs for more than 23 years. 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. NY Post Receives Flak for Calling Potential Successor to Goldman Sachs And at least I believe and I think its fair to say that theyre amazing. But advertising revenue helps support our journalism. How does this all fit together? 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. Female banker emerges as possible successor to Goldman Sachs CEO We get it: you like to have control of your own internet experience. The San Francisco bank entered into a multiyear partnership with Choice Hotels, which operates brands such as Radisson, Comfort and Econo Lodge. Abby Joseph Cohen - Wikipedia They are part of Goldman Sachs and we are really excited to serve them with the best of Goldman Sachs digitally. Learn about the important intersection of healthcare and financial heath. 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 . This copy is for your personal, non-commercial use only. The Guys From 'Government Sachs' - The New York Times And how can we serve them where they are with the capabilities of Goldman Sachs? It was a pre-COVID time period. Display event - POWER Series: Stephanie Cohen - CFA Society Chicago And then, I think the most important thing is this idea of being willing to try and realize in the act of trying its not going to be perfect right away. <p><img src="https://static1.businessinsider.com/image/5c40b6cbb492cb3ebd48300a-2400/gettyimages-1048898186.jpg" border="0" alt="Goldman Sachs CEO David Solomon" data . 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. And its been so fascinating to watch the frankly, explosive growth of the business. 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. If you liked this episode, please review the show and subscribe wherever you get your podcasts. And then as you mentioned, we have a digital consumer bank.