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? This is a subscriber only feature Subscribe Now to get daily updates on WhatsApp. . Stephanie Cohen: 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. Because maybe the content, or for example, we have something called Marcus Insights, which helps people aggregate their accounts and really provide insights into how theyre spending their money and better budget. Its a great point. Talk a little bit about how Marcus has evolved and where you see that business heading now that youve reached, say adolescence. And how can we serve them where they are with the capabilities of Goldman Sachs? Prior to that, Ms. Cohen was a Vice President in the Industrials and Merger Leadership Groups in San Francisco. 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. because investing and helping companies grow is our business," Stephanie Cohen, Goldman Sachs' chief strategy officer . I was a big bank diversity hire. 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. And then we have this great program where we work with companies on financial wellness for their employees and we call that Ayco. To order presentation-ready copies for distribution to your colleagues, clients or customers visit http://www.djreprints.com. No question. Stephanie Cohen is Global Head of Platform Solutions and a member of the Management Committee. Stephanie Cohen: She 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. Ms. Cohen serves on the National Board of Directors of CollegeSpring and as a member of the Board of Quill.org. First, Goldman Sachs CEO David Solomon said it. And so I did that and I mirrored that with my people. Goldman Sachs Group Inc's Chief Executive David Solomon and top executives will give investors an update on their strategy on Tuesday. More than 90% of appraisers are white, and researchers have found that bias leads to lower valuations for homeowners of color. We recommend using Google Chrome, Mozilla Firefox, Apple Safari, or . And so what were trying to do is no different, we were just doing it with one product and now were going to try to do it with a holistic product suite. Jennifer Tescher: It was in some respects kind of an embarrassing realization to have worked in financial services for almost two decades and to realize that I didnt understand how the financial system operated and there were really complicated parts of the financial system that I understood from a capital markets perspective, but from a day to day, how does an average American experience the financial services system? 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. 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. I think I learned that at a really young age. 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. By years end, 40% of its employees were working in those locations, the company said. 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 I think in some ways, this podcast is an outgrowth of my curious nature. It celebrated the repayment by handing employees buttons that said Paid.". The San Francisco bank entered into a multiyear partnership with Choice Hotels, which operates brands such as Radisson, Comfort and Econo Lodge. 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. When I walked into a board room, theyd expect a very tall man, but instead theyd get a relatively shortwoman. And so 85% of all venture capital dollars goes to all male founded teams. 01 Mar 2023 02:08:06 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. I really enjoyed hearing about how you go about listening. Theres the customer calls, which I love listening to. Theres a savings portion of Marcus. In less than a year, Goldman Sachs has grown its North Texas presence from more than 2,000 employees to nearly 4,000. And the reality is that is the right advice for our clients. How do you look at the data in a way that really helps you? And so this real focus on execution, which I no doubt learned by being a mergers and acquisitions banker inside of Goldman Sachs. They are not only of course the right thing to do, but it is the only way to run the business. 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. Stephanie Cohens first 15 years at Goldman Sachs, her career ladder didnt look much different than that of a typical investment banker. Im glad youre drilling in on it. And that we were going to invest behind diverse managers because you needed to get money in the hands of diverse managers so that they could get money in the hands of diverse companies. Marcus. Yeah, I think its this idea of being a learner. 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. Yeah. The High. And so we have this situation where you have an under invested asset class and theyre going to out return and you never see that. 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. Youve mentioned the fact that soon youre going to be launching a new set of investment options and opportunities. You pack a lot into a day. Yeah, were really excited about the Marcus Invest product, which will launch this quarter. Senior Editor, Women's Programs, American Banker. And I talked to you about three things that I think have helped me and the teams around me be successful. Click the AdBlock Plus button on your browser and select Disable on Observer.com. And then we have another part of that business where we embed our capabilities into the ecosystems of our partners and thats basically what were doing with the Apple card. We want to be your primary bank. 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. I suspect that theres only so far a brand like Marcus can go in terms of meeting the needs of underserved consumers. 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. 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. and expects to roll out digital checking accounts in the next few months. The phrase is often used as company jargon for a sale or merger. Ms. Outside of work, Cohen spends time with her husband and young son, who "helps me hone my negotiation skills," she laughs. And just to go back to your very specific question on are we trying to take these customers and turn them into Goldman Sachs customers? And then weve also done that with Walmart and Amazon in terms of providing credit to their merchants. Goldman named 60 new partners on Thursday. In January 2021, she was appointed global co-head of consumer and wealth management. And so kind of being happy with that rather than it being a negative, it being a positive I think its one of the most important life lessons and figure skating teaches you that in spades. 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. 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. Then President John Waldron repeated it. Theyre sitting there every day and theyre trying to figure out how they can do things in a really complex financial world that are simple and transparent and valuable. Copyright HT Digital Streams Limited All rights reserved. Are you okay? And being really happy because you could tell that you were almost there. Cindy Ord/Getty Images for Girlboss Rally NYC 2018. And in doing that, we want to fundamentally change the way people experience financial services and in doing that improve their lives. Not much is scary after that. Goldman also will provide six student scholarships for $10,000 each at UTD over the next three years. Or what lessons have you taken from that and in your leadership roles at Goldman? As of February 2017, she continues to serve as an advisory director at Goldman Sachs, after retiring from leadership of its Global Markets Institute. Im a lifelong learner. Tell us a little bit about where you expect to focus most of your time and attention this year. And so thats really what were trying to do with what were doing in consumer and in Marcus. The latest group includes 32 white men, giving them a 53 per cent share of the promotions, the demographic's smallest representation on record. 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. Yeah. So, youre just moving into this new role as global co-head of consumer and wealth management and this puts you in charge of the consumer bank and Marcus by Goldman Sachs. 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 Partnership Committee, Global Diversity Committee, Firmwide Enterprise Risk Committee and Firmwide Finance Committee. 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. For reprint and licensing requests for this article, https://www.linkedin.com/in/mary-ellen-egan-97506b5/, Banking on sisterhood: A Black sorority launches a credit union. Jennifer Tescher: Now I have to turn the conversation a little bit back to you for a minute, because youre a lifer at Goldman Sachs. Jennifer Tescher: Carter Johnson and Hayley Cuccinello. . Goldman Sachs is exploring "strategic alternatives" for its nascent consumer banking business. Already a member? Wells Fargo's asset cap has been in place for fi ve years, and there's no end in sight. Learn more about Marcus by Goldman Sachs and check out additional episodes of EMERGE Everywhere. Jennifer Tescher: March 02, 2023, 14:16 IST. She also serves as trustee for the Board of The Economic Club of New York. 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. And the question is, how do you do that at scale? The reality is that investing can be intimidating for a lot of people. And it will be interesting to think about how you leverage your vast capabilities and capital. Because consumer banking has been around for a really long time. 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. 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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. Here are her five best pieces of advice on work and personal finance for professional women. Natalie Walters, Business reporter. Cohen joined Goldman Sachs as an Analyst in 1999, was named Managing Director in 2008 and Partner in 2014. 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. 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. Ms. Cohen was Sector Captain for General Industrials in the Global Industrials Group and a member of the M&A Group in IBD. 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. Dallas is now Goldmans second-biggest U.S. office outside of New York, surpassing Salt Lake City. 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 . Things like auto pay. 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. Certainly youre gifted and talented. We have businesses that do that and were really excited to do that as well. And were going to be better if we do that. Stephanie Cohen is Global Head of Platform Solutions and a member of the Management Committee. Copyright 2022 HT Digital Streams Ltd All Right Reserved. CompTIA expects that to grow to nearly 7,700 net new positions this year, the fifth-highest total nationally. A step-by-step guide for HR professionals. Goldman Sachs mulls deal options after consumer flop. The world is awash in capital and you never see that. Stephanie Cohen, head of platform solutions, said scale would help the business reach profitability by 2025. Welcome to EMERGE Everywhere. Got it. 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. Stephanie Cohen: 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. But in Marcus and in consumer, we want to bring the best of Goldman Sachs capability to them directly on their phone, wherever they are and however they want to be served. E ine Stunde mit . Prior to assuming her current role, Ms. Cohen was Co-Head of the Consumer and Wealth Management Division. and 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. It was a pre-COVID time period. . We've detected you are on Internet Explorer. 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. 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. And as youve mentioned, weve been through an evolution and the reality is we had to start somewhere so we started with loans as you talked about and we really felt like we were doing that in a different way and were proud of what we launched. 2021-11-30T13:05:49.103Z. 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. And so I would really, I would kind of exclamation point on that point. Ihr wird inzwischen sogar der Platz an der Bank-Spitze zugetraut. On September 29, 2020, Stephanie Cohen, Goldman Sachs' Chief Strategy. 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. Jun 22 Stephanie Cohen: Chief Strategy Officer at Goldman Sachs. A great question. Im glad that you talked about inclusive capitalism because one of the more notable pronouncements from your boss, Goldman chair and CEO David Solomon, was that Goldman was only going to be willing to take companies public if they had at least one woman on their board. And that we were going to build an ecosystem around it. To read our full stories, please turn off your ad blocker.We'd really appreciate it. Im realizing through this conversation that youre really a culture builder. 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 what we are and what were trying to become is we have these two self reinforcing strategies. Jennifer Tescher: Goldman now has credit-card deals with Jennifer Tescher: 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. We're getting to the moment where we can help someone holistically manage their financial lives," Stephanie Cohen,. When I started as chief strategy officer, I had, of course that realization that you said exactly, which is okay, Ive been at Goldman Sachs 17, 18 years and Ive been sitting in the investment bank and Ive learned a lot, but there is a lot about what we even do at Goldman Sachs that I dont understand. She went on to a more traditional M&A role in the industrials team. You can connect with me on Twitter @JenTescher. 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. 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. Its the ultimate man-cave. Stephanie Cohen has been at Goldman Sachs for more than 23 years. She is also a Global Executive Sponsor of the Women's Network and a member of the Management Committee, the most senior governing leadership body at the firm. 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. Tiger Trump and nothing to ex-husband Donald Trump. And so I would expect that some of this will end up being, as you said, not necessarily directly, but through partners. Stephanie, welcome to Emerge Everywhere. And the idea really brings together the reason by the way, why we have our consumer and wealth management businesses all together. The news, which . The 9 biggest takeaways from Goldman Sachs' investor day, from a tense Q&A with CEO David Solomon to the tater tots for breakfast. Oops! Diversity in the ranks at Goldman and at the companies it invests in is a priority for Cohen. After, it was the bank's Stephanie Cohen who reiterated that Goldman is considering strategic alternatives for its consumer lending business. She is one of seven women named on the committee and is 10 years younger than the average man on the team. 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. I often say that feedback is a gift and I had a lot of people who gave me a lot of feedback along the way. Great. And you asked me about the focus. And so I did that. 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. STEPHANIE COHEN, GLOBAL HEAD OF PLATFORM SOLUTIONS, 45. 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. And of course, people want access to an advisor. That thats clearly a very important part of your role and has been. 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. [House Hearing, 117 Congress] [From the U.S. Government Publishing Office] H.R. 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. The . And so you didnt get into this chief strategy officer role with a real clear job description. Stephanie Cohen Global Head of Platform Solutions February 2023. And we think it does help people better manage their finances. This has been EMERGE Everywhere, a Financial Health Network production. Its been really fun getting to know all of them. 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. Young, female, banker: Stephanie Cohen has made a career at Goldman Sachs. 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. Cohens elevation to the committee followed just days later strong evidence she has the incoming CEOs confidence. And I love learning. We have more than 7,500 people in our division globally. In case you cant find any email from our side, please check the spam folder. Wow, this is so devastating. Im wondering how youre viewing that experience in light of the coming launch of these new products for Marcus customers? You are just one step away from creating your watchlist! I love it and its the advice I give people all the time. Consequently, they can be prickly customers. She joined Goldman Sachs as an Analyst in 1999, was named Managing Director in 2008 and Partner in 2014. They are Goldman Sachs customers. <p><img src="https://static1.businessinsider.com/image/5c40b6cbb492cb3ebd48300a-2400/gettyimages-1048898186.jpg" border="0" alt="Goldman Sachs CEO David Solomon" data . 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. 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. Im Jennifer Tescher, journalist turned financial health champion. We get it: you like to have control of your own internet experience. Mr . Chief Strategy Officer, Goldman Sachs Much has been made over the past few months about Stephanie Cohen's age. Since the start of this year, Cohen has also transitioned from investment banking to serve as the bankschief strategy officer,leading a team that decides where the bank should pursue new lines of business. 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.