And I think in some ways, this podcast is an outgrowth of my curious nature. This is a subscriber only feature Subscribe Now to get daily updates on WhatsApp. I think people have gotten to a place, and theres some good and theres some bad here where the phone is kind of really the center of everything that they do and how they interact with so many parts of their lives. 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. My moms a teacher and its just something. In this article that I had written, I talked about how originally, the mob was after Wall Street, if you will. Now weve put a bunch of features into our products to help people make better decisions. 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 /. Welcome to EMERGE Everywhere. Youve mentioned the fact that soon youre going to be launching a new set of investment options and opportunities. 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,. Goldman Sachs Group Inc's Chief Executive David Solomon and top executives will give investors an update on their strategy on Tuesday. Jennifer Tescher: Wow. Cindy Ord/Getty Images for Girlboss Rally NYC 2018. The delicate transaction was a milestone in the carmakers comeback after the financial crisis. By the way, a lot of people who spend their careers in financial services. Theres the customer calls, which I love listening to. She is a key architect of the bank's . 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. Stephanie Cohen: There werent a lot ofinvestment bankers that looked like me. Goldman also will provide six student scholarships for $10,000 each at UTD over the next three years. 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 besides those numbers being kind of horrific, they are a misallocation of capital. The phrase is often used as company jargon for a sale or merger. The regions tech workforce is projected to expand 17% over the next decade. 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. And that we were going to build an ecosystem around it. And I talked to you about three things that I think have helped me and the teams around me be successful. 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. Youve got to figure out whats important to you and what you really want to spendmoney on. To order presentation-ready copies for distribution to your colleagues, clients or customers visit http://www.djreprints.com. https://www.barrons.com/articles/barrons-100-most-influential-women-in-u-s-finance-stephanie-cohen-51615543200. This copy is for your personal, non-commercial use only. 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. 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 that starts with our own people. 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. Goldman Sachs has created a new consumer and wealth management division co-led by Stephanie Cohen. terms: Goldman Sachs Banks Stephanie Cohen Succession. 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. 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. You can connect with me on Twitter @JenTescher. See our career opportunities. It could be meal delivery services, paying for working out, or makeup and clothes. Whether thats direct disbursements in our loans, meaning when you sign up for a Marcus loan, we can directly pay off your other debts. 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. 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. Marcus is Goldman's digital-first consumer bank, offers customers saving accounts, personal loans and investment advisory services. Outside of work, Cohen spends time with her husband and young son, who "helps me hone my negotiation skills," she laughs. 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 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. Ms. Cohen was Sector Captain for General Industrials in the Global Industrials Group and a member of the M&A Group in IBD. Stephanie Cohen: Stephanie Cohen is Goldman Sachs' Chief Strategy Officer and an Ex Officio member of the Management Committee. New York: The venue was the Gotham Club an exclusive den inside the San Francisco Giants home stadium. Well, I think Im biased, but I think I have the best job at Goldman Sachs. Company president John Waldron and Stephanie Cohen, global head of the Platform Solutions unit, echoed Solomon's comments about the bank's consumer business, signalling a further retreat from its . And so 85% of all venture capital dollars goes to all male founded teams. After getting an offer to work at Goldman Sachs in investment banking out of school, she thought she would work there for two years and then attend law school. 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. Theres just so many things that you learn from the richness of those individual conversations. 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. You can learn more about how we use cookies by reviewing our Privacy Policy.Dismiss, Global Co-Head of Consumer and Wealth Management. Im actually a former journalist. Solomon, who recently laid off more than 3,200 workers in what was dubbed "David's Demolition Day," was pounded with questions from Wall Street analysts about the bank's . 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. Goldman Sachs Group Inc will pump $500 million into companies led, . Shes about 10 years younger than the average man already on the committee, after becoming a partner just four years ago. It celebrated the repayment by handing employees buttons that said Paid.". 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. Cohen drives strategy, Mergers & Acquisitions (M&A . I went on a listening tour. 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? This has been EMERGE Everywhere, a Financial Health Network production. Cohens elevation to the committee followed just days later strong evidence she has the incoming CEOs confidence. 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. 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. One is this mindset about making everyone around you better and that were kind of better together and its this really focused teamwork partnership orientation that I think I learned at Goldman Sachs. I suspect that theres only so far a brand like Marcus can go in terms of meeting the needs of underserved consumers. We've detected you are on Internet Explorer. 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. Hier kommt Frau Goldman Sachs. A great question. He will report to Stephanie Cohen, Goldman's global co-head of consumer and wealth management. Im wondering how youre viewing that experience in light of the coming launch of these new products for Marcus customers? And so you didnt get into this chief strategy officer role with a real clear job description. And so we think this idea of really starting with a clean sheet of paper and building financial services that puts the customer at the center, is something that we can do directly through Marcus and we can do through our partners. A checking account is currently in beta, according to Cohen. 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. Jennifer Tescher: The company had previously partnered on its credit cards with Barclays. 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. Apple I think I learned that at a really young age. Jennifer Tescher: . 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. Ms. Cohen serves on the National Board of Directors of College Spring and as a member of the Board of Quill.org. Prior to assuming her current role, Ms. Cohen was Co-Head of the Consumer and Wealth Management Division. Collage of David Solomon . 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. 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. Oops! Stephanie Cohen has been at Goldman Sachs for more than 23 years. Great. See you next time. Thank you for inviting me. This account of her ascent is based on interviews with people whove worked with Cohen, who asked not to be named discussing their interactions. And I remember these moments of falling really hard and your parents, your coach is like, Oh my. This is good-return investing.". 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. And I raise all of that because its really important that this idea of inclusion and diversity gets to every level of the organization and people realize how deeply embedded it is in your business and your strategy and Launch with GS is an example of, the board initiative is an example, but there are many others. Its really complex. Im a big question asker too. Certainly youre gifted and talented. Stephanie Cohen is one the bank's highest-ranking female . 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. 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. 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. Shell be among seven women on the 33-person panel. 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. This copy is for your personal, non-commercial use only. 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. 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. 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. She dug into the bones of the deal and was very compelling.". 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. The San Francisco bank entered into a multiyear partnership with Choice Hotels, which operates brands such as Radisson, Comfort and Econo Lodge. Remove some to bookmark this image. Abby Joseph Cohen (born February 29, 1952) is an American economist and financial analyst on Wall Street. 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. Stephanie Cohen has been at Goldman Sachs for more than 23 years. 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 then we did savings. And the question is, how do you do that at scale? Before that, she was Global Head of Financial Sponsor M&A in the Investment Banking Division (IBD). Updated Jan. 17, 2017 9:10 pm ET. Women. The world is awash in capital and you never see that. "They are like-minded brands that are meeting people where they are," Cohen said. And its interesting though, because when we think about it and we talk about it and what we focus on every day, the mission is still the same. In January 2021, she was appointed global co-head of consumer and wealth management. Actually, I got on a plane a lot. Thats not something anyone told us to do so we didnt listen in terms of having a conversation, but we watched the way that customers are interacting with our product and were learning from that. She is also a Global Executive sponsor of the Women's Network. By continuing to use our site you agree to our Terms of Use and Privacy Policy. We do it externally. And we think that this is a great way for people to think about investing. 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. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. The . Stephanie, welcome to Emerge Everywhere. 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. 1 Executive Summary Primary drivers Key focus areas INVESTOR DAY 2023 PLATFORM SOLUTIONS . Text. 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. Natalie Walters, Business reporter. 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. But advertising revenue helps support our journalism. 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. 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. 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 . How we set it up made it easier for them and then how it affected their lives going forward. Stephanie Cohen is Global Head of Platform Solutions and a 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 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. She is also a member of the Firmwide Asset Liability Committee and the Global Inclusion and Diversity Committee, serving as a Global Executive sponsor of the Women's Network. Stephanie Cohen has participated in 2 events. And then on the other side of the people equation is our clients and our 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. By the way, thats only been sped up over the last year or so, given everything thats gone on. Now I have to turn the conversation a little bit back to you for a minute, because youre a lifer at Goldman Sachs. And what are we trying to become? 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. 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. 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. And then weve also done that with Walmart and Amazon in terms of providing credit to their merchants. In case you cant find any email from our side, please check the spam folder. By signing up you agree to our Terms of Service and Privacy Policy, Stand with us in our mission to discover and uncover the story of North Texas, D-FW is now Goldman Sachs second-largest U.S. hub after nearly doubling to 4,000 workers, Goldman Sachs hiring over 200 for its Marcus consumer banking division in Richardson, American Airlines, flight attendants file for mediation during contract negotiations, Years after North Texas bid for Amazons second headquarters, retail giant halts plan, New Uptown office tower lands second major lease, Mesquite to become the site of new 2,500-home community, Its not like 2009: No signs yet of D-FWs expected apartment building slowdown, 12 Dallas-Fort Worth restaurants that have closed in 2023, Funky wine bar Postino has closed in Dallas, Mark Wahlberg pours tequila for fans at Dallas restaurant during thunderstorm, SMU grad Jack Knox donates $11 million to universitys big capital campaign, Look inside Red Phone Booth, the new speakeasy in The Colony, Woman arrested in killing of 3 children at Italy, Texas, home in Ellis County, The Cowboys are closer than you think to a total makeover at running back, What we know after 3 children killed, 2 wounded at Ellis County home, How a Texas districts reaction to school shooting fears highlights discipline concerns, 3 children killed, 2 wounded at Ellis County home; suspect in custody, Ross Perot Jr.s Hillwood buys California NASCAR track for $559 million, Whats next for former Texas coach Chris Beard after domestic violence case was dropped, Chambelanes cambian de look: bailarines se adaptan a una nueva moda y ritmo en DFW, Dallas Cowboys to place second-round tender on RT Terence Steele. . Feb 2, 2021, 8:42 AM. Secondly, culturally. And of course, people want access to an advisor. Youve begun offering credit beyond debt consolidation. I love that you had that visceral experience from the book and particularly given the role youre in now. Jennifer Tescher: Prior to her current role, Stephanie drove strategy, M&A, strategic investing, and partnerships as the firm's chief strategy officer. wants to be your digital banker, and it has assigned the job to Stephanie Cohen, marking her second year on the Barrons list. And so I would expect that some of this will end up being, as you said, not necessarily directly, but through partners. Yeah, I think that is, as we think about these two self reinforcing strategies that were pursuing consumer, thats one of the I think the really hopefully great ideas we have around it. 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. The strategy document identifies potential avenues for cutting cybercriminals off from financing, as well as other actions banks can take. It didn't go well. 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. 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. In less than a year, Goldman Sachs has grown its North Texas presence from more than 2,000 employees to nearly 4,000. Its been really fun getting to know all of them. 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. 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. Learn more about Marcus by Goldman Sachs and check out additional episodes of EMERGE Everywhere. 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. We want to be the bank on your phone, she says. You can use that as something that bothers you, or you can use that as a point of differentiation. 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 my mom who is a history teacher at some point and really cares about history and I love history and read it. And so thats really what were trying to do with what were doing in consumer and in Marcus. Talk a little bit about how you do that as a leader. And then we have this great program where we work with companies on financial wellness for their employees and we call that Ayco. Jennifer Tescher: And how do you feel about essentially being a change agent in this way? [House Hearing, 117 Congress] [From the U.S. Government Publishing Office] H.R. Goldman Sachs Group Inc's Chief Executive David Solomon and top executives will give investors an update on their strategy on Tuesday. Goldman Sachs. Stephanie Cohen, Goldman's co-head of consumer and wealth management, is working on setting up a second base for herself in Dallas. 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).. Talk a little bit about how Marcus has evolved and where you see that business heading now that youve reached, say adolescence. Jennifer Tescher: We recommend using Google Chrome, Mozilla Firefox, Apple Safari, or . 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. Do you have any ideas or things youve thought about in terms of how to leverage your capabilities in this regard? And then as you mentioned, we have a digital consumer bank. 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. When I walked into a board room, theyd expect a very tall man, but instead theyd get a relatively shortwoman. Stephanie Cohen: Cohen declined to give projections for growth in Dallas or say whether Goldman is considering such a move. 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. 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. <p><img src="https://static1.businessinsider.com/image/5c40b6cbb492cb3ebd48300a-2400/gettyimages-1048898186.jpg" border="0" alt="Goldman Sachs CEO David Solomon" data .