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We do it internally. One Goldman Sachs go-to-market strategy combined with products developers love and can easily adopt 2 Business-to-business with innovative, client- and 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. If you liked this episode, please review the show and subscribe wherever you get your podcasts. My husband and I were talking about it last night, we all still need a lot of help. 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. The activist investor is crying foul, claiming the Dallas-based bank harassed one of his board candidates into withdrawing and rejected the nomination of another. And you asked me about the focus. In so many ways. In mid-July, the company announced it will promote David Solomon to succeed Lloyd Blankfein as chief executive officer. Well, I think Im biased, but I think I have the best job at Goldman Sachs. Im Jennifer Tescher, and Id love to hear your ideas for future guests and your reactions to the show. 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. 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. To order presentation-ready copies for distribution to your colleagues, clients or customers visit http://www.djreprints.com. And I talked to you about three things that I think have helped me and the teams around me be successful. A Flagstar executive said the mortgage-focused bank is "not just going to sit on the sidelines and watch this happen.". 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. 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 . terms: Goldman Sachs Banks Stephanie Cohen Succession. Abby Joseph Cohen (born February 29, 1952) is an American economist and financial analyst on Wall Street. Jennifer Tescher: And the reality is that is the right advice for our clients. 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. Someone get Stephanie Cohen a set of hair clippers. 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? The 43-year-old. 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. One, we want to be the bank on your phone. But by the way, you cant do that always at scale. Shes about 10 years younger than the average man already on the committee, after becoming a partner just four years ago. Because you cant do things exactly the same way. And it will be interesting to think about how you leverage your vast capabilities and capital. Yeah. . Looks like you have exceeded the limit to bookmark the image. Learn more about Marcus by Goldman Sachs and check out additional episodes of EMERGE Everywhere. Since then, the 41-year-old has charted a rapid rise inside Goldman Sachs, landing a seat last week on its most coveted decision-making body. 2021, ``ENVIRONMENTAL JUSTICE FOR ALL ACT'' ===== LEGISLATIVE HEARING before the COMMITTEE ON NATURAL RESOURCES U.S. HOUSE OF REPRESENTATIVES ONE HUNDRED SEVENTEENTH CONGRESS SECOND SESSION _____ Tuesday, February 15, 2022 _____ Serial No. 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. 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. And what were doing in our division is we do it a couple of different ways. Stephanie Cohen, MFT is a specialist in Psychiatry: Child/Adolescent who has an office at 710 S Broadway Street, Walnut Creek, CA 94596 and can be reached at 1-925-295-4145. Our people find Dallas a really, really great place to live and raise a family.. This $90 million Liked by Stephanie. You went there right out of graduating from the University of Illinois and youve experienced a tremendous amount of success. I didnt have that term before, but as a giver. 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 we think it does help people better manage their finances. Here are her five best pieces of advice on work and personal finance for professional women. 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. And also, we didnt really know exactly what that was going to look and feel like, but what we figured out is actually people really do like it. Cohen drives strategy, Mergers & Acquisitions (M&A . Im a big question asker too. Goldman Sachs Group Inc will pump $500 million into companies led, . As of February 2017, she continues to serve as an advisory director at Goldman Sachs, after retiring from leadership of its Global Markets Institute. 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. [House Hearing, 117 Congress] [From the U.S. Government Publishing Office] H.R. General Motors Stephanie Cohen, head of platform solutions, said scale would help the business reach profitability by 2025. And so, while theres a lot of sadness in that, were hopefully, the idea is turning that into opportunity. The San Francisco bank entered into a multiyear partnership with Choice Hotels, which operates brands such as Radisson, Comfort and Econo Lodge. Stephanie Cohen: Stephanie Cohen is Global Head of Platform Solutions and a member of the Management Committee. Global Financial Health Launch Decision: Send Em! Stephanie Cohen is one the bank's highest-ranking female . Close. I suspect theres also something to it about the moment were living in, the era were living in. 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. How do you look at the data in a way that really helps you? On September 29, 2020, Stephanie Cohen, Goldman Sachs' Chief Strategy. 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. 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. Goldman Sachs mulls deal options after consumer flop. The banking industry appears to be stuck when it comes to diversifying the leadership ranks. 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 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. And the idea really brings together the reason by the way, why we have our consumer and wealth management businesses all together. It had revenue of $1.5 billion in 2021. 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. Im Jennifer Tescher, journalist turned financial health champion. We believe our investment in these strategic locations enables us to build centers of excellence around specific capabilities that support our business initiatives, the company said. Here are her five best pieces of advice on work and personal finance for professional women. And how can we serve them where they are with the capabilities of Goldman Sachs? And then on the other side of the people equation is our clients and our customers. Well, I guess were not going to be on the human schedule because were in our fifth year, not quite adolescence, but as you said, time really does fly. 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. We have more than 7,500 people in our division globally. 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. For example, one of the things I learned early on was that when I was on big conference calls with lots of people, everyone would know when I spoke because I was the only woman., If you work in a company and you want to become the CEO or the CFO, when you look at the person who has the role, and you might think, Im nothing like that person, so I can never do that., Instead, I found it really helpful to look at abroadgroup ofpeople and look for things that I like or relate to. New York: The venue was the Gotham Club an exclusive den inside the San Francisco Giants home stadium. 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. We call those businesses, private wealth management and personal financial management. Stephanie joined Goldman Sachs as an analyst in 1999, was named managing director in 2008, and became a partner in 2014. Stephanie Cohens first 15 years at Goldman Sachs, her career ladder didnt look much different than that of a typical investment banker. . By the way, thats only been sped up over the last year or so, given everything thats gone on. She is one of seven women named on the committee and is 10 years younger than the average man on the team. Apple Cohen, 41, joined Goldman Sachs in. 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. 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? I suspect that theres only so far a brand like Marcus can go in terms of meeting the needs of underserved consumers. Now I have to turn the conversation a little bit back to you for a minute, because youre a lifer at Goldman Sachs. And how do you feel about essentially being a change agent in this way? They most recently attended, or will attend, Money 20/20 USA 2021 on Oct 24, 2021 . 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. Copyright HT Digital Streams Limited All rights reserved. Theres the customer calls, which I love listening to. Hier kommt Frau Goldman Sachs. Its complicated. Were looking for mission-driven people to join our team. I mentioned at the top, youre the youngest member of the banks management committee. 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. Earlier in her career, Ms. Cohen worked in New York in the M&A department. Updated Jan. 17, 2017 9:10 pm ET. You pack a lot into a day. 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. You are now subscribed to our newsletters. 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. Stephanie Cohen is Goldman Sachs' Chief Strategy Officer and an Ex Officio member of the Management Committee. 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. Talk to me a little bit about how thats happened. Internet Explorer not supported . 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. Jennifer Tescher: 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. Where does the bank and the Fed go from here? And this year were going to launch Marcus Invest and checking and a credit card partnership with General Motors. It could be meal delivery services, paying for working out, or makeup and clothes. 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. He will report to Stephanie Cohen, Goldman's global co-head of consumer and wealth management. 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. because investing and helping companies grow is our business," Stephanie Cohen, Goldman Sachs' chief strategy officer . 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. 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. And that has definitely been sped up by whats gone on with COVID. Youve begun offering credit beyond debt consolidation. Yeah, I think its this idea of being a learner. There werent a lot ofinvestment bankers that looked like me. 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. 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.' You, it turns out I learned, were once a competitive figure skater growing up. When I walked into a board room, theyd expect a very tall man, but instead theyd get a relatively shortwoman. Got it. Cohen declined to give projections for growth in Dallas or say whether Goldman is considering such a move. One, we have our advisor led businesses. 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. She is also a member of the Partnership Committee, Global Diversity Committee, Firmwide Enterprise Risk Committee and Firmwide Finance Committee. And I remember these moments of falling really hard and your parents, your coach is like, Oh my. 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. Oops! 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 then as you mentioned, we have a digital consumer bank. How does this all fit together? An error has occurred, please try again later. 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 connect with me on Twitter @JenTescher. And in that business, we have two different pieces, one, which is Marcus, which you mentioned, which helps customers save, borrow, and soon invest and spend. 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. Before that, she was Global Head of Financial Sponsor M&A in the Investment Banking Division (IBD). And weve turned that into a lot of different financial products, but the reality is were just trying to solve those problems for consumers. 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. Im actually a former journalist. And that we were going to build an ecosystem around it. Flagstar Bank launches its next mortgage-tech accelerator while Walmart and Citi partner on a supplier loan program. To further the bank's efforts to become a Main Street lender, Goldman now offers credit cards and buy now/pay later options for consumers. Natalie is an award-winning reporter who covers banks, crypto, fraud, deals and other money topics for The Dallas Morning News. 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 were going to be better if we do that. Its great for a woman to be achieving this level of success at Goldman and shes certainly capable of going further," Nugent said. Goldman Sachs Group wants to be your digital banker, and it has assigned the job to Stephanie Cohen, marking her second year on the Barrons list. In 2008, she managed Conflicts and Business Selection for IBD in the Americas. Figuring out how what youre doing is affecting people. 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 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. Feb 2, 2021, 8:42 AM. Mr . And hopefully again, thats millions of customers that we will speak to and we can be helpful to. She was previously based in New York where she reported for The Motley Fool, TheStreet and Business Insider. Goldman also will provide six student scholarships for $10,000 each at UTD over the next three years. And then weve also done that with Walmart and Amazon in terms of providing credit to their merchants. Are you okay? And being really happy because you could tell that you were almost there. Youve got to figure out whats important to you and what you really want to spendmoney on. The latest group includes 32 white men, giving them a 53 per cent share of the promotions, the demographic's smallest representation on record. 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. Its going to be two this year. 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 /. 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. Jennifer, it is great to be here. The caucus started as a small gathering a decade ago organized by Stephanie Cohen then an up-and-coming banker at Goldman Sachs, who was vexed by the chummy boys network thats long dominated the business of guiding mergers and acquisitions. And besides those numbers being kind of horrific, they are a misallocation of capital. 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. Im wondering how youre viewing that experience in light of the coming launch of these new products for Marcus customers? 1 Executive Summary Primary drivers Key focus areas INVESTOR DAY 2023 PLATFORM SOLUTIONS . There are places where theyre ahead and there are places where theyre behind and actually seeing that in a different environment, I think is another really interesting way to listen to what the world may become and to listen to ways that we can do things differently and 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. Im going to start by saying that Ive gotten to where I am today because there are amazing people inside of Goldman Sachs and outside of Goldman Sachs who have been tremendously helpful to me. 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. And we are lucky because we get to spend our entire days focusing on people. Prior to assuming her current role, Ms. Cohen was Co-Head of the Consumer and Wealth Management Division. Stephanie is head of Private Equity in Asia and global co-head of Growth Equity within Goldman Sachs Asset Management. Ive run, as you said, the consumer and wealth management business with my partner, Tucker York. 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. The news, which . And so were not going to do that on our own. And then we did the Apple card. 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. For example, when I am 60 and look back, what might I need the most? Wells Fargo's asset cap has been in place for fi ve years, and there's no end in sight. Internet Explorer is no longer supported on our website. As the banks chief strategy officer, she brought clarity and focus, including a new commitment to diversity and inclusion. Theres a savings portion of Marcus. And I have to say, I was a little bit surprised that that was the book you chose. The group, typically considered the killjoys within investment banking, have to tell senior bankers about the deals they cant pursue a tricky task in the best of times. Cohen said Goldman has been focused on fortifying its relationships with universities to help attract engineering talent to D-FW. By doing that, you can actually, authentically be the person you want without assuming that you have to be someone else., Make it easier to make the right decisions. Some there have earmarked her as a candidate to become the first woman to lead the investment banking division, the banks most profitable arm. I went on a listening tour. Its been really fun getting to know all of them. Cohen is now the committees youngest, with the rare label of ex officio" member. Wow. Ms. Cohen, also 32, is an independent marketing consultant in Chicago. On September 29, 2020 . Stephanie Cohen: Do you have any ideas or things youve thought about in terms of how to leverage your capabilities in this regard? Our vision for this is that in the same way that we have developed a really good talent base in places like London and Hong Kong and New York, where people come to Goldman Sachs in order to work in finance and investment banking, I think there will be people who come to Dallas who want to work in fintech and want to do that at Goldman Sachs, said Cohen, who moved to Dallas from New York in August to lead the companys growth. Things like auto pay. Ihr wird inzwischen sogar der Platz an der Bank-Spitze zugetraut. They are Goldman Sachs customers. This copy is for your personal, non-commercial use only. Talk a little bit about how you do that as a leader. 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.