Is the idea here that Marcus customers eventually become Goldman Sachs customers, if you will? And so what were really saying is were really proud advocates for inclusive capitalism and theres no better way to do that than to serve millions of consumers. Are you okay? And being really happy because you could tell that you were almost there. Jennifer Tescher: Flagstar Bank launches its next mortgage-tech accelerator while Walmart and Citi partner on a supplier loan program. Prior to that, Ms. Cohen was a Vice President in the Industrials and Merger Leadership Groups in San Francisco. . And so thats really what were trying to do with what were doing in consumer and in Marcus. Measurement made easy for your organization. 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. 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. 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. Do you have any ideas or things youve thought about in terms of how to leverage your capabilities in this regard? Im certain that I had it before, but its really deeply ingrained in the Goldman Sachs culture, but I happen to naturally be, I guess what Adam Grant would describe as a giver. And the reason why we decided now was the right time for Goldman Sachs is because one, technology. Meaning I end a lot of conversations with, How can I be most helpful to you? And I do try to give people really direct feedback because I think its the way to make them better in their own careers. It was a pre-COVID time period. Now weve put a bunch of features into our products to help people make better decisions. When I started as chief strategy officer, I had, of course that realization that you said exactly, which is okay, Ive been at Goldman Sachs 17, 18 years and Ive been sitting in the investment bank and Ive learned a lot, but there is a lot about what we even do at Goldman Sachs that I dont understand. Youre just one more inch and I would have landed that jump. Click the AdBlock Plus button on your browser and select Disable on Observer.com. 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. Collage of David Solomon . 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. How has that influenced you? Its been really fun getting to know all of them. Cohen declined to give projections for growth in Dallas or say whether Goldman is considering such a move. By continuing to use our site you agree to our. 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. And how can we serve them? 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. And so I would expect that some of this will end up being, as you said, not necessarily directly, but through partners. 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. Ive run, as you said, the consumer and wealth management business with my partner, Tucker York. And so I did that and I mirrored that with my people. And I remember these moments of falling really hard and your parents, your coach is like, Oh my. March 02, 2023, 14:16 IST. It could be meal delivery services, paying for working out, or makeup and clothes. You can connect with me on Twitter @JenTescher. Were really excited about our Marcus Invest launch and were really excited internally because it brings together the best of our wealth management business with the best of our consumer business. And that has definitely been sped up by whats gone on with COVID. . And its also, I think, no accident that youve also been anointed to the operating committee. Internet Explorer is no longer supported on our website. 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. That thats clearly a very important part of your role and has been. 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. For the best Barrons.com experience, please update to a modern browser. By the way, thats only been sped up over the last year or so, given everything thats gone on. and expects to roll out digital checking accounts in the next few months. Because you cant do things exactly the same way. Jennifer Tescher: Goldman Sachs has created a new consumer and wealth management division co-led by Stephanie Cohen. By the way, a lot of people who spend their careers in financial services. And by the way, how it made them actually better customers over time, because we got them through a really tough period. And just a few weeks ago, she was asked to jointly lead the banks global consumer and wealth management division. She also serves as trustee for the Board of The Economic Club of New York. Goldman Sachs CEO shuffles consumer banking, wealth management leaders [CNBC] Tags. Getting out of our silos, hearing from other people, other perspectives we might not hear from otherwise and finding the interconnections. 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. Learn more about Marcus by Goldman Sachs and check out additional episodes of EMERGE Everywhere. Goldman Sachs Group Inc's Chief Executive David Solomon and top executives will give investors an update on their strategy on Tuesday. Great. Consequently, they can be prickly customers. Theres the customer calls, which I love listening to. And hopefully again, thats millions of customers that we will speak to and we can be helpful to. She is a key architect of the bank's . Im glad youre drilling in on it. You, it turns out I learned, were once a competitive figure skater growing up. Jennifer Tescher: 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. Dallas is now Goldmans second-biggest U.S. office outside of New York, surpassing Salt Lake City. 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. 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. Im a lifelong learner. 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. Goldman Sachs mulls deal options after consumer flop. She also spearheaded . In January 2021, she was appointed global co-head of consumer and wealth management. Thank you for inviting me. Learn about the important intersection of healthcare and financial heath. Download the Mint app and read premium stories. And so were doing that with Apple, but also well do it with General Motors. And then we did savings. Stephanie Cohen, Goldman's co-head of consumer and wealth management, is working on setting up a second base for herself in Dallas. And so now one of the things, weve tried and a new skill actually inside of Goldman, which is this experimentation. But she doesn't see what the fuss is about. I suspect that theres only so far a brand like Marcus can go in terms of meeting the needs of underserved consumers. Ms. Cohen was Sector Captain for General Industrials in the Global Industrials Group and a member of the M&A Group in IBD. She went on to a more traditional M&A role in the industrials team. And then we have this great program where we work with companies on financial wellness for their employees and we call that Ayco. Youve begun offering credit beyond debt consolidation. The Wall Street heavyweight, which had about 44,000 global employees at the end of 2021, is particularly focused on engineering talent in Dallas-Fort Worth, said Stephanie Cohen, who co-leads the consumer and wealth management division at Goldman. Where does the bank and the Fed go from here? You pack a lot into a day. Goldman Sachs Group Inc will pump $500 million into companies led, . We'll send you a myFT Daily Digest email rounding up the latest Goldman Sachs Group news every morning. 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. Hier kommt Frau Goldman Sachs. "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. One, we have our advisor led businesses. I often say that feedback is a gift and I had a lot of people who gave me a lot of feedback along the way. Got it. Im actually a former journalist. Shell be among seven women on the 33-person panel. Jennifer Tescher: Your session has expired, please login again. 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? The reality is that investing can be intimidating for a lot of people. 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 you asked me about the focus. 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. Correction: A previous version of this article mistakenly stated that Cohen became a managing partner at Goldman Sachs in 2008. This has been EMERGE Everywhere, a Financial Health Network production. Talk a little bit about how Marcus has evolved and where you see that business heading now that youve reached, say adolescence. Youve mentioned the fact that soon youre going to be launching a new set of investment options and opportunities. 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 Cohen, culture builder, lifelong learner, thanks so much for joining me on Emerge Everywhere. 117-14 _____ Printed for the use of the Committee on Natural . And since then, youve begun offering all kinds of things. And of course, people want access to an advisor. 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).. Some inside the bank wonder whether shes destined to rise even higher. Sometimes you have to tell people what they dont want to hear, and shes among the best Ive seen when she gives advice," said Eileen Nugent, a senior M&A lawyer who has advised on buyouts. 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. Yeah. 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. 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 think its embedded in your question, but I think its a fair question. It didn't go well. It had revenue of $1.5 billion in 2021. "We have savings, lending, investing, and we're close to launching checking. 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. 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. 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 Cohens first 15 years at Goldman Sachs, her career ladder didnt look much different than that of a typical investment banker. You went there right out of graduating from the University of Illinois and youve experienced a tremendous amount of success. In mid-July, the company announced it will promote David Solomon to succeed Lloyd Blankfein as chief executive officer. 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. 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. And I have to say, I was a little bit surprised that that was the book you chose. 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. Its pretty amazing feat that youve managed to essentially build a homegrown digital business from inside this storied institution. And then we did the Apple card. Prior to assuming her current role, Ms. Cohen was Co-Head of the Consumer and Wealth Management Division. Jennifer Tescher: Ihr wird inzwischen sogar der Platz an der Bank-Spitze zugetraut. 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. 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. Cohen drives strategy, Mergers & Acquisitions (M&A . Before that, she was Global Head of Financial Sponsor M&A in the Investment Banking Division (IBD). And at least I believe and I think its fair to say that theyre amazing. So I heard you mention that youre getting ready to add a set of investment tools for Marcus customers and that makes me think about what weve been witnessing over the last couple of weeks with the GameStop frenzy. Yeah, I think its this idea of being a learner. She is now even given the place at the top of the bank. Our 150 years of financial services experience and things like risk and compliance, our scale, which is our ability to invest, but also the balance sheet, which provides the ability to provide things like credit and great relationships with people like Apple and GM. Stephanie Cohen: Jennifer Tescher: She is also a Global Executive sponsor of the Women's Network. They are Goldman Sachs customers. 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. Stephanie Cohen has been at Goldman Sachs for more than 23 years. Stephanie Cohen is Goldman Sachs' Chief Strategy Officer and an Ex Officio member of the Management Committee. One Goldman Sachs go-to-market strategy combined with products developers love and can easily adopt 2 Business-to-business with innovative, client- and How does this all fit together? Yeah. 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. 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. She is one of seven women named on the committee and is 10 years younger than the average man on the team. because investing and helping companies grow is our business," Stephanie Cohen, Goldman Sachs' chief strategy officer . DuringStephanie Cohens first 15 years at Goldman Sachs, her career ladder didnt look much different than that of a typical investment banker. This copy is for your personal, non-commercial use only. Her appointment this summer to Goldman Sachs' management committee made her its youngest member. We want to use simple, transparent and valuable products to help people manage their financial lives. An error has occurred, please try again later. And the question, which is kind of an obvious question is why now? And we are lucky because we get to spend our entire days focusing on people. Stephanie Cohen: 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. He will report to Stephanie Cohen, Goldman's global co-head of consumer and wealth management. Ms. Cohen, also 32, is an independent marketing consultant in Chicago. Listening is the most important thing that I do. One, we want to be the bank on your phone. 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. Jennifer, it is great to be here. And when I was in my role as chief strategy officer, we created this thing called Accelerate, which we call our internal innovation engine. I suspect theres also something to it about the moment were living in, the era were living in. Stephanie Cohen, head of platform solutions, said scale would help the business reach profitability by 2025. That makes a lot of sense. As the banks chief strategy officer, she brought clarity and focus, including a new commitment to diversity and inclusion. Some there have earmarked her as a candidate to become the first woman to lead the investment banking division, the banks most profitable arm. And what were doing in our division is we do it a couple of different ways. Goldman now has credit-card deals with I love that you had that visceral experience from the book and particularly given the role youre in now. 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 managers say one takeaway of the pandemic. I talked a little bit about all the businesses that Tucker and I are managing and they include these advisor led wealth management businesses that we have been in for decades. 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. 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. To learn more about the work and research we do, please visit emerge.finhealthnetwork.org. 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. A great question. 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 is Global Head of Platform Solutions and a member of the Management Committee. Because for us, this is a business and a strategic imperative. In a letter to Federal Reserve Chair Jerome Powell, Republican members of the Senate Banking Committee urge the central bank to be mindful of tailoring rules in its ongoing "holistic" capital review. 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 . Goldman named 60 new partners on Thursday. The bureaucratic asterisk is likely meant to avoid upsetting senior executives whove spent much longer trying to get on the panel, without luck. And so you didnt get into this chief strategy officer role with a real clear job description. How do you look at the data in a way that really helps you? Copyright 2022 HT Digital Streams Ltd All Right Reserved. 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. 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. Sign In. And my mom who is a history teacher at some point and really cares about history and I love history and read it. The second thing is this kind of get stuff done attitude. Over 99% goes to all white teams. [House Hearing, 117 Congress] [From the U.S. Government Publishing Office] H.R. They are part of Goldman Sachs and we are really excited to serve them with the best of Goldman Sachs digitally. And we think that this is a great way for people to think about investing. This is a subscriber only feature Subscribe Now to get daily updates on WhatsApp. 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 we think it does help people better manage their finances. A Goldman Sachs banker will have to pay his ex-wife more cash after she appealed her 2 million divorce settlement despite being set to inherit 100 million from her Saudi father. But she really got it. I think I learned that at a really young age. As an investment banker for close to 20 years, my presence in board rooms was often an anomaly. You mentioned the Apple card. 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.
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