Wow, this is so devastating. Particularly consumers in Marcus, youve talked a lot about the role youre in now is really about people. 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. Where does the bank and the Fed go from here? Stephanie Cohen is now the management committee's youngest, with the rare label of 'ex officio' member. I suspect theres also something to it about the moment were living in, the era were living in. Download the Mint app and read premium stories. Theres the customer calls, which I love listening to. 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. Already, Steven Mnuchin has been tapped as Treasury secretary, Stephen K. Bannon was named senior adviser and Gary D. Cohn, Goldman's president, is expected to direct the National Economic Council. She is also a member of the Partnership Committee, Global Diversity Committee, Firmwide Enterprise Risk Committee and Firmwide Finance Committee. It celebrated the repayment by handing employees buttons that said Paid.". Stephanie Cohen: The reality is, theres basically two different states where people have some money and they either want to figure out a way to invest it or save it or spend it or they want to do something and they need to figure out how to pay for that. Goldman also will provide six student scholarships for $10,000 each at UTD over the next three years. 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. Copyright HT Digital Streams Limited All rights reserved. And so what are we? How do you look at the data in a way that really helps you? The world is awash in capital and you never see that. There werent a lot ofinvestment bankers that looked like me. Shell be among seven women on the 33-person panel. Prior to assuming her current role, Ms. Cohen was Co-Head of the Consumer and Wealth Management Division. 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: And I remember these moments of falling really hard and your parents, your coach is like, Oh my. He will report to Stephanie Cohen, Goldman's global co-head of consumer and wealth management. A great question. I think Goldman has a growing number of excellent women at the firm. And that we were going to build an ecosystem around it. 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. 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. By the way, thats only been sped up over the last year or so, given everything thats gone on. You, it turns out I learned, were once a competitive figure skater growing up. Jennifer Tescher: 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 . You mentioned the Apple card. Yeah. Are you okay? And being really happy because you could tell that you were almost there. She is also a Global Executive sponsor of the Women's Network. Jennifer Tescher: terms: Goldman Sachs Banks Stephanie Cohen Succession. She dug into the bones of the deal and was very compelling.". She went on to a more traditional M&A role in the industrials team. We could have a whole conversation you and me, just on this topic so lets do that another time. As the banks chief strategy officer, she brought clarity and focus, including a new commitment to diversity and inclusion. And the thing I say all the time is that you cant talk about these things in two different places. Stephanie Cohen: Jennifer Tescher: Stephanie Cohen: And this kind of idea of people wanting to experience financial services deeply embedded into ecosystems rather than being this separate action. 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. Because for us, this is a business and a strategic imperative. Click the AdBlock Plus button on your browser and select Disable on Observer.com. 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. 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. 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. The best way to do this is to have a long-term view. Goldman plans to add checking to Marcus later this year but doesnt have a set date, Cohen said. 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. Stephanie Cohen, head of platform solutions, said scale would help the business reach profitability by 2025. Goldman Sachs has chosen Stephanie Cohen as co-head of its consumer and wealth management . 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. A step-by-step guide for HR professionals. After, it was the bank's Stephanie Cohen who reiterated that Goldman is considering strategic alternatives for its consumer lending business. New York: The venue was the Gotham Club an exclusive den inside the San Francisco Giants home stadium. Become a business insider with the latest news. One, it affects how you manage your own people. And then on the other side of the people equation is our clients and our customers. I find that being in the business that Im in, similar things happen at cocktail parties, I get random questions, financial questions and I think its clear that I am not a financial planner. 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 not going to do that on our own. And the question, which is kind of an obvious question is why now? And when I was in my role as chief strategy officer, we created this thing called Accelerate, which we call our internal innovation engine. Some inside the bank wonder whether shes destined to rise even higher. The regions tech workforce is projected to expand 17% over the next decade. 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. 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. 117-14 _____ Printed for the use of the Committee on Natural . And so we felt like now is the right time where we can then take our capabilities, which were you alluded to this, but our capabilities in technology, but we could do the consumer technology with a blank sheet of paper. And so I did that and I mirrored that with my people. 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. . DuringStephanie Cohens first 15 years at Goldman Sachs, her career ladder didnt look much different than that of a typical investment banker. 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. The second thing is this kind of get stuff done attitude. Theres just so many things that you learn from the richness of those individual conversations. Remove some to bookmark this image. Im realizing through this conversation that youre really a culture builder. Actually, I got on a plane a lot. And then we did savings. And in order to do that, youve got to do a couple of things. . And then weve also done that with Walmart and Amazon in terms of providing credit to their merchants. To learn more about the work and research we do, please visit emerge.finhealthnetwork.org. And in doing that, we want to fundamentally change the way people experience financial services and in doing that improve their lives. Measurement made easy for your organization. In January 2021, she was appointed global co-head of consumer and wealth management. She joined Goldman Sachs as an Analyst in 1999, was named Managing Director in 2008 and Partner in 2014. . And its also, I think, no accident that youve also been anointed to the operating committee. More than 90% of appraisers are white, and researchers have found that bias leads to lower valuations for homeowners of color. 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? NEW YORK (Reuters) -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 . Dallas is quite central, Cohen said. Over 99% goes to all white teams. 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. Hier kommt Frau Goldman Sachs. And I love learning. CompTIA expects that to grow to nearly 7,700 net new positions this year, the fifth-highest total nationally. Talk a little bit about how you do that as a leader. 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. "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. 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. Earlier in her career, Ms. Cohen worked in New York in the M&A department. Yeah. 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 the idea really brings together the reason by the way, why we have our consumer and wealth management businesses all together. As founder and CEO of the Financial Health Network, Ive spent my career breaking down silos by engaging with innovators across industries, and now, Im sharing those conversations with you. She is a key architect of the bank's . Yeah. And so the next question is, how do you listen to the data? Im Jennifer Tescher, journalist turned financial health champion. STEPHANIE COHEN, GLOBAL HEAD OF PLATFORM SOLUTIONS, 45. Stephanie Cohen: Upon arriving, her trajectory changed, and she has remained at the firm for over two decades in a variety of roles. Im glad youre drilling in on it. And so we created Launch with GS, which was our commitment to closing the diversity investing gap, where we said we were going to invest in companies founded, owned and led by diverse founders and diverse management. 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. If you liked this episode, please review the show and subscribe wherever you get your podcasts. What it really was, was it was where people went when they had really great ideas and they just wanted to get it done. And then, were going to be part of fixing this and were going to have to work with a lot of people to fix it because the financial system is this intertwined organism. And by the way, how it made them actually better customers over time, because we got them through a really tough period. Jennifer Tescher: When I walked into a board room, theyd expect a very tall man, but instead theyd get a relatively shortwoman. . 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. I love that you had that visceral experience from the book and particularly given the role youre in now. This copy is for your personal, non-commercial use only. 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. And hopefully again, thats millions of customers that we will speak to and we can be helpful to. But she really got it. Jennifer Tescher: And my mom who is a history teacher at some point and really cares about history and I love history and read it. "We have 500 corporate clients, and we have the ability to provide financial wellness to all levels of employees," she said. She started as an analyst in 1999 and has held a series of leadership positions in mergers and acquisitions. Is the idea here that Marcus customers eventually become Goldman Sachs customers, if you will? E ine Stunde mit . I really felt like I hadnt learned it. In the latest in a rapid career of promotions, Cohen, 43, took over as co-head of consumer and wealth management in January, overseeing consumer bank Marcus, which has racked up $97 billion in deposits. And we are lucky because we get to spend our entire days focusing on people. They are not only of course the right thing to do, but it is the only way to run the business. 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,. A Flagstar executive said the mortgage-focused bank is "not just going to sit on the sidelines and watch this happen.". 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. 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. We get it: you like to have control of your own internet experience. Stephanie Cohen: Goldman Sachs consumer exec Stephanie Cohen explains why the Wall Street bank just inked a $2.2 billion home-improvement lending deal; . And then as you mentioned, we have a digital consumer bank. For example, when I am 60 and look back, what might I need the most? Learn more about Marcus by Goldman Sachs and check out additional episodes of EMERGE Everywhere. "We have savings, lending, investing, and we're close to launching checking. The business is not yet profitable but is expected to hit revenue of $4 billion by 2024, she said. And so were doing that with Apple, but also well do it with General Motors. Change is underway in the financial services industry and it's disrupt or be disrupted. Stephanie earned an AB in Biology, summa cum laude, from Harvard . 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. And so this real focus on execution, which I no doubt learned by being a mergers and acquisitions banker inside of Goldman Sachs. Stephanie Cohen is one the bank's highest-ranking female . Its been really fun getting to know all of them. 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. 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. Yeah. ", 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. Stephanie Cohen: This is a subscriber only feature Subscribe Now to get daily updates on WhatsApp. Cohen said Goldman has been focused on fortifying its relationships with universities to help attract engineering talent to D-FW. You should spendmoney on things that truly make you happy. 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. 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. And just a few weeks ago, she was asked to jointly lead the banks global consumer and wealth management division. 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. 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 can connect with me on Twitter @JenTescher. Im excited to see how that develops. Updated Jan. 17, 2017 9:10 pm ET. Stephanie Cohen is Global Co-Head of Consumer and Wealth Management at Goldman Sachs, the only woman to currently lead one of the firm's four revenue divisions. And so I would really, I would kind of exclamation point on that point. 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. 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. And so now one of the things, weve tried and a new skill actually inside of Goldman, which is this experimentation. She is also a Global Executive sponsor of the Women's Network. 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. 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. Senior Editor, Women's Programs, American Banker. Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. 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. Marcus is Goldman's digital-first consumer bank, offers customers saving accounts, personal loans and investment advisory services. Youve begun offering credit beyond debt consolidation. How has that influenced you? 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. Listening is the most important thing that I do. An error has occurred, please try again later. 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. 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. 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. Jung, weiblich, Bankerin: Stephanie Cohen macht bei Goldman Sachs Karriere. We want to use simple, transparent and valuable products to help people manage their financial lives. Goldman Sachs has created a new consumer and wealth management division co-led by Stephanie Cohen. 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. In case you cant find any email from our side, please check the spam folder. It was during a stint in the conflict and business selection group that her work stood out, according to a person who worked with her at the time. Cohen drives strategy, Mergers & Acquisitions (M&A . 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.

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