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. Stephanie joined Goldman Sachs as an analyst in 1999, was named managing director in 2008, and became a partner in 2014. Stephanie Cohen has been at Goldman Sachs for more than 23 years. 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. And of course, people want access to an advisor. 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. 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. 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. Yeah. It didn't go well. 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. 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. 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. She went on to a more traditional M&A role in the industrials team. Ms. Cohen serves on the National Board of Directors of College Spring and as a member of the Board of Quill.org. 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. Carter Johnson and Hayley Cuccinello. Stephanie Cohen has been at Goldman Sachs for more than 23 years. And so I would really, I would kind of exclamation point on that point. And so you didnt get into this chief strategy officer role with a real clear job description. Are you okay? And being really happy because you could tell that you were almost there. And so were doing that with Apple, but also well do it with General Motors. 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. 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. Im doing it every day. Outside of work, Cohen spends time with her husband and young son, who "helps me hone my negotiation skills," she laughs. But she is quick to point out that this is no PR ploy on behalf of the bank: "This is not philanthropy. "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. To read our full stories, please turn off your ad blocker.We'd really appreciate it. 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. 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 you asked me about the focus. 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. Stephanie Cohen, Goldman's co-head of consumer and wealth management, is working on setting up a second base for herself in Dallas. Listening is the most important thing that I do. And in doing that, we want to fundamentally change the way people experience financial services and in doing that improve their lives. General Motors 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 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. Tell me more about that choice and sort of what youve learned from it. 117-14 _____ Printed for the use of the Committee on Natural . Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. 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. <p><img src="https://static1.businessinsider.com/image/5c40b6cbb492cb3ebd48300a-2400/gettyimages-1048898186.jpg" border="0" alt="Goldman Sachs CEO David Solomon" data . You went there right out of graduating from the University of Illinois and youve experienced a tremendous amount of success. wants to be your digital banker, and it has assigned the job to Stephanie Cohen, marking her second year on the Barrons list. And that we were going to build an ecosystem around it. And how do you feel about essentially being a change agent in this way? You can connect with me on Twitter @JenTescher. Diversity in the ranks at Goldman and at the companies it invests in is a priority for Cohen. Before that, she was Global Head of Financial Sponsor M&A in the Investment Banking Division (IBD). 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. Well, I think Im biased, but I think I have the best job at Goldman Sachs. 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 strategy document identifies potential avenues for cutting cybercriminals off from financing, as well as other actions banks can take. In August, The Dallas Morning News reported that Goldman is eyeing a new skyscraper project on the edge of downtown Dallas as a location for up to 6,000 workers. And when I was in my role as chief strategy officer, we created this thing called Accelerate, which we call our internal innovation engine. March 02, 2023, 14:16 IST. In her new role overseeing consumer and wealth management for the organization, she shepherds a vision for diversity and inclusion that prioritizes broad consumer access to high-quality financial solutions. And that starts with our own people. Yeah. Her elevation was the most noticeable in the group of four tapped to join the management committee, and not just because its comprised mostly of men. "They are like-minded brands that are meeting people where they are," Cohen said. And so this real focus on execution, which I no doubt learned by being a mergers and acquisitions banker inside of Goldman Sachs. 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. And so in skating you fall all the time. Its complicated. My moms a teacher and its just something. A Flagstar executive said the mortgage-focused bank is "not just going to sit on the sidelines and watch this happen.". Your session has expired, please login again. It could be meal delivery services, paying for working out, or makeup and clothes. Goldman Sachs has created a new consumer and wealth management division co-led by Stephanie Cohen. 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. And so I would expect that some of this will end up being, as you said, not necessarily directly, but through partners. In mid-July, the company announced it will promote David Solomon to succeed Lloyd Blankfein as chief executive officer. See our career opportunities. Goldman Sachs Group Inc will pump $500 million into companies led, . Secondly, culturally. Cohens elevation to the committee followed just days later strong evidence she has the incoming CEOs confidence. "We have savings, lending, investing, and we're close to launching checking. "We have 500 corporate clients, and we have the ability to provide financial wellness to all levels of employees," she said. I went on a listening tour. These stories and more in banking news this week. And so I think its embedded in your question, but I think its a fair question. You are just one step away from creating your watchlist! I really felt like I hadnt learned it. Goldman plans to add checking to Marcus later this year but doesnt have a set date, Cohen said. Goldman chief executive David Solomon announced Tuesday that he has shuffled the executive ranks once again, this time making Stephanie Cohen co-head of the $2 trillion megabank's consumer. We're getting to the moment where we can help someone holistically manage their financial lives," Stephanie Cohen,. The regions tech workforce is projected to expand 17% over the next decade. For Members Only Federal Credit Union in Chicago, which was founded by the African American sorority Alpha Kappa Alpha, is focused on helping members build generational wealth. He will report to Stephanie Cohen, Goldman's global co-head of consumer and wealth management. 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. Goldman Sachs managers say one takeaway of the pandemic. And how can we serve them? She is a key architect of the bank's . 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. Stephanie Cohen, cohead of Goldman's consumer and wealth group, is the only woman heading one of the bank's primary business divisions. The . 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. [1] [2] Prior to March 2008, she was the firm's Chief Investment Strategist. 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. My guest today is one of the most powerful women on Wall Street. And so I did that. The world is awash in capital and you never see that. 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. How do you look at the data in a way that really helps you? Maybe If youll indulge me because I was chief strategy officer, well go up a level to the corporate strategy just for a second, which is that when we think about what were trying to do at Goldman Sachs, its to advance sustainable economic growth and financial opportunity. Im actually a former journalist. 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. 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. As the banks chief strategy officer, she brought clarity and focus, including a new commitment to diversity and inclusion. An error has occurred, please try again later. One, we want to be the bank on your phone. 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. 2021-11-30T13:05:49.103Z. 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? Jennifer Tescher: I did that internally and I also did it externally. I think I learned that at a really young age. 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. Shes about 10 years younger than the average man already on the committee, after becoming a partner just four years ago. It had revenue of $1.5 billion in 2021. Some inside the bank wonder whether shes destined to rise even higher. And so the main thing Im focused on is people internally and externally. And I remember these moments of falling really hard and your parents, your coach is like, Oh my. 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: If you liked this episode, please review the show and subscribe wherever you get your podcasts. She is the daughter . She is also a member of the Partnership Committee, Global Diversity Committee, Firmwide Enterprise Risk Committee and Firmwide Finance Committee. 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. But by the way, you cant do that always at scale. You mentioned the Apple card. And what are we trying to become? And weve turned that into a lot of different financial products, but the reality is were just trying to solve those problems for consumers. Internet Explorer is no longer supported on our website. She joined Goldman Sachs as an Analyst in 1999, was named Managing Director in 2008 and Partner in 2014. Copyright HT Digital Streams Limited All rights reserved. Collage of David Solomon . Stephanie Cohen Global Head of Platform Solutions February 2023. 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. A checking account is currently in beta, according to Cohen. Dallas is quite central, Cohen said. 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. Jennifer Tescher: She is now even given the place at the top of the bank. Tiger Trump and nothing to ex-husband Donald Trump. The business is not yet profitable but is expected to hit revenue of $4 billion by 2024, she said. She also serves as trustee for the Board of The Economic Club of New York. And by the way, how it made them actually better customers over time, because we got them through a really tough period. Cohen declined to give projections for growth in Dallas or say whether Goldman is considering such a move. Im wondering how youre viewing that experience in light of the coming launch of these new products for Marcus customers? Correction: A previous version of this article mistakenly stated that Cohen became a managing partner at Goldman Sachs in 2008. And so I think that Ive learned over time that while being an individual contributor and being really fantastic at what you do, actually the way to really get stuff done is make everyone around you better. 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. The 9 biggest takeaways from Goldman Sachs' investor day, from a tense Q&A with CEO David Solomon to the tater tots for breakfast. Jennifer Tescher: Well, this is one of the most exciting versions of quote unquote embedded finance that Ive heard about in a long time. By the way, thats only been sped up over the last year or so, given everything thats gone on. 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. Explore how to make financial services a force for good. You should spendmoney on things that truly make you happy. Theres just so many things that you learn from the richness of those individual conversations. Its great for a woman to be achieving this level of success at Goldman and shes certainly capable of going further," Nugent 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. 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.' Cohen joined Goldman Sachs as an Analyst in 1999, was named Managing Director in 2008 and Partner in 2014. 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. As of February 2017, she continues to serve as an advisory director at Goldman Sachs, after retiring from leadership of its Global Markets Institute. Stephanie Cohen, global co-head of consumer and wealth management at Goldman Sachs, speaks during a dedication ceremony of the company's branded terrace at the University of Texas at Dallas. Apple Its pretty amazing feat that youve managed to essentially build a homegrown digital business from inside this storied institution. 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. And thats really the most exciting thing about being able to run this division. 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. One, it affects how you manage your own people. Jennifer Tescher: Cohen, 41, joined Goldman Sachs in. And its also, I think, no accident that youve also been anointed to the operating committee. She is also a Global Executive sponsor of the Women's Network. Second, in kind of a funny way, theres not much things that are hard and scary after youve lived with the you alone center of the ice, audience in front of you, judges behind you, couple of minutes to do something that youve practiced for hours upon hours. In case you cant find any email from our side, please check the spam folder. 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 I have to say, I was a little bit surprised that that was the book you chose. 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. 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. She started as an analyst in 1999 and has held a series of leadership positions in mergers and acquisitions. Jennifer Tescher: She graduated cum laude from New York University and received an M.B.A. in May from Indiana University. Youve got to figure out whats important to you and what you really want to spendmoney on. Im Jennifer Tescher, and Id love to hear your ideas for future guests and your reactions to the show. 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 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. The phrase is often used as company jargon for a sale or merger. . 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. She also spearheaded . And then we did the Apple card. And then to your point, the clients and the customers in those businesses that were ultimately serving. But she doesn't see what the fuss is about. And the reason why we decided now was the right time for Goldman Sachs is because one, technology. Stephanie is head of Private Equity in Asia and global co-head of Growth Equity within Goldman Sachs Asset Management. On September 29, 2020 . And I love learning. This $90 million Liked by Stephanie. But in July of this year, she scored a seat on the banks most elite decision-making team, a 33-person management committee appointed by new CEODavid Solomon. 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. 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. Stephanie Cohens first 15 years at Goldman Sachs, her career ladder didnt look much different than that of a typical investment banker. How does this all fit together? 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.