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. Goldman Sachs is exploring "strategic alternatives" for its nascent consumer banking business. Then President John Waldron repeated it. And the question is, how do you do that at scale? We get it: you like to have control of your own internet experience. When I walked into a board room, theyd expect a very tall man, but instead theyd get a relatively shortwoman. March 02, 2023, 14:16 IST. Youve got to figure out whats important to you and what you really want to spendmoney on. 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. She grew up in Augusta, Ga., and holds an MA in Investigative Journalism from The Cronkite School. Looks like you have exceeded the limit to bookmark the image. See you next time. 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. Natalie Walters, Business reporter. This is good-return investing.". 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'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 so you didnt get into this chief strategy officer role with a real clear job description. They are Goldman Sachs customers. In case you cant find any email from our side, please check the spam folder. 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. You are now subscribed to our newsletters. Stephanie Cohen is one the bank's highest-ranking female . terms: Goldman Sachs Banks Stephanie Cohen Succession. Copyright HT Digital Streams Limited All rights reserved. Jennifer Tescher: And in this new role in particular, but I was doing some of this as chief strategy officer, but now doing much more of it, I think you really have to figure out how you can listen to customers directly. Whether thats direct disbursements in our loans, meaning when you sign up for a Marcus loan, we can directly pay off your other debts. And so the next question is, how do you listen to the data? 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 so we have this situation where you have an under invested asset class and theyre going to out return and you never see that. 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. The business is not yet profitable but is expected to hit revenue of $4 billion by 2024, she said. The phrase is often used as company jargon for a sale or merger. 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. And the reason why we decided now was the right time for Goldman Sachs is because one, technology. 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. These stories and more in banking news this week. And we think that this is a great way for people to think about investing. Yeah. Youve begun offering credit beyond debt consolidation. 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. And I talked to you about three things that I think have helped me and the teams around me be successful. The world is awash in capital and you never see that. Secondly, culturally. How do you look at the data in a way that really helps you? 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. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. Jennifer Tescher: More on Stephanie. 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. Here are her five best pieces of advice on work and personal finance for professional women. We think technology is in a place where you can really have a bank on your phone. Someone get Stephanie Cohen a set of hair clippers. And then we did savings. 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. Particularly consumers in Marcus, youve talked a lot about the role youre in now is really about people. She is also a Global Executive sponsor of the Women's Network. I mentioned at the top, youre the youngest member of the banks management committee. 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. 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 that starts with our own people. Abby Joseph Cohen (born February 29, 1952) is an American economist and financial analyst on Wall Street. Goldman Sachs has tapped a former Uber executive to lead its fledgling consumer banking division, . 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. And so reading The Unbanking of America was kind of an emotional journey for me, which was that I cant believe I dont know this. 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 . She went on to a more traditional M&A role in the industrials team. 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. Goldman Sachs Group Inc's Chief Executive David Solomon and top executives will give investors an update on their strategy on Tuesday. Jennifer, it is great to be here. And then to your point, the clients and the customers in those businesses that were ultimately serving. Before that, she was Global Head of Financial Sponsor M&A in the Investment Banking Division (IBD). Its the ultimate man-cave. Its great for a woman to be achieving this level of success at Goldman and shes certainly capable of going further," Nugent said. "We have savings, lending, investing, and we're close to launching checking. 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 . She also serves as trustee for the Board of The Economic Club of New York. No question. We recommend using Google Chrome, Mozilla Firefox, Apple Safari, or . Figuring out how what youre doing is affecting people. "We have 500 corporate clients, and we have the ability to provide financial wellness to all levels of employees," she said. 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. 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. Youre just one more inch and I would have landed that jump. The best way to do this is to have a long-term view. Im a lifelong learner. Correction: A previous version of this article mistakenly stated that Cohen became a managing partner at Goldman Sachs in 2008. Stephanie is head of Private Equity in Asia and global co-head of Growth Equity within Goldman Sachs Asset Management. The news, which . 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. 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. For example, when I am 60 and look back, what might I need the most? We've detected you are on Internet Explorer. And how do you feel about essentially being a change agent in this way? 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. Theres the customer calls, which I love listening to. Stephanie Cohen: In this article that I had written, I talked about how originally, the mob was after Wall Street, if you will. Tiger Trump and nothing to ex-husband Donald Trump. 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).. And so, one of the things we certainly talk about is the board initiative, which was that we werent going to take companies public unless they had at least one diverse board member. CompTIA expects that to grow to nearly 7,700 net new positions this year, the fifth-highest total nationally. 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. She graduated cum laude from New York University and received an M.B.A. in May from Indiana University. Carter Johnson and Hayley Cuccinello. to talk about career, money and life. And thats really the most exciting thing about being able to run this division. Im Jennifer Tescher, journalist turned financial health champion. When Goldmans board gathered on the West Coast in late June, she gave a presentation on that groups work. 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. Oops! I didnt have that term before, but as a giver. 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. Yeah, I think its this idea of being a learner. Learn about the important intersection of healthcare and financial heath. You can use that as something that bothers you, or you can use that as a point of differentiation. Stephanie Cohen, culture builder, lifelong learner, thanks so much for joining me on Emerge Everywhere. Youre one of the few women whos risen to that level. Stephanie Cohens first 15 years at Goldman Sachs, her career ladder didnt look much different than that of a typical investment banker. 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. And its also, I think, no accident that youve also been anointed to the operating committee. And you talked about that mission, and I want to come back to it because it really is there every day when our people design our products. I was a big bank diversity hire. And the great thing about what were going to do with Marcus Invest and kind of in contrast to some of whats been going on over the last couple of weeks, is were going to take that capability, the capability to provide this diversified portfolio from our advisor led business into our digitally led business and really bring the best of Goldman Sachs capabilities and products to hopefully millions of consumers. The strategy document identifies potential avenues for cutting cybercriminals off from financing, as well as other actions banks can take. And so what are we? Because consumer banking has been around for a really long time. 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. In 2008, she managed Conflicts and Business Selection for IBD in the Americas. Im actually a former journalist. Is the idea here that Marcus customers eventually become Goldman Sachs customers, if you will? And the idea really brings together the reason by the way, why we have our consumer and wealth management businesses all together. Well, I think Im biased, but I think I have the best job at Goldman Sachs. Goldman Sachs has chosen Stephanie Cohen as co-head of its consumer and wealth management . 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. 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. Things like auto pay. Its been really fun getting to know all of them. And how can we serve them? Im realizing through this conversation that youre really a culture builder. You can learn more about how we use cookies by reviewing our Privacy Policy.Dismiss, Global Co-Head of Consumer and Wealth Management. ", 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. 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. 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.' And besides those numbers being kind of horrific, they are a misallocation of capital. Her appointment this summer to Goldman Sachs' management committee made her its youngest member. Ihr wird inzwischen sogar der Platz an der Bank-Spitze zugetraut. Stephanie Cohen, a merger banker who has spent the past few years doing deals for private-equity firms and other big investors, will replace Stephen Scherr, who has held the role since 2014,. Stephanie Cohen is global co-head of Consumer and Wealth Management at Goldman Sachs, a member of the firms Management Committee, and global executive sponsor of the Womens Network. Jennifer Tescher: And so the main thing Im focused on is people internally and externally. And by the way, how it made them actually better customers over time, because we got them through a really tough period. And that has definitely been sped up by whats gone on with COVID. https://www.barrons.com/articles/barrons-100-most-influential-women-in-u-s-finance-stephanie-cohen-51615543200. You, it turns out I learned, were once a competitive figure skater growing up. In 2019, Goldman launched an Apple credit card, and last January it rolled out a GM credit card. Cohen joined Goldman Sachs as an Analyst in 1999, was named Managing Director in 2008 and Partner in 2014. 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. Money 20/20 USA 2021 Speaker Oct 24, 2021 2021-11-30T13:05:49.103Z. And my mom who is a history teacher at some point and really cares about history and I love history and read it. 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. We have the ability to have access to our clients in Texas but also more broadly across the United States and internationally. 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. In the latest in a rapid career of. 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?
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