And by the way, how it made them actually better customers over time, because we got them through a really tough period. She also serves as trustee for the Board of The Economic Club of New York. "We have savings, lending, investing, and we're close to launching checking. Dive Brief: Goldman Sachs on Tuesday named Stephanie Cohen co-head of the bank's consumer and wealth management business, making the 43-year-old arguably the most powerful woman at the company, and the first woman to lead a Goldman division since trading co-chief Isabelle Ealet left the bank in 2018, Bloomberg and the Financial Times reported . Change is underway in the financial services industry and it's disrupt or be disrupted. Stephanie Cohen: 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. Goldman Sachs Group Inc will pump $500 million into companies led, founded or owned by women, as it steps up efforts to close the gender investing gap, the Wall Street bank said on Tuesday. How do you look at the data in a way that really helps you? She joined Goldman Sachs as an Analyst in 1999, was named Managing Director in 2008 and Partner in 2014. Its funny because as chief strategy officer, people do this, Do you sit around and just have really big thoughts? No, ideas are really nice, but its about execution. And 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. Jennifer Tescher: 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. Dallas is quite central, Cohen said. I love that you had that visceral experience from the book and particularly given the role youre in now. And what we are and what were trying to become is we have these two self reinforcing strategies. A great question. I really enjoyed hearing about how you go about listening. And then how do you take that into your next role? Its great for a woman to be achieving this level of success at Goldman and shes certainly capable of going further," Nugent said. And we think that this is a great way for people to think about investing. Goldman also will provide six student scholarships for $10,000 each at UTD over the next three years. 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. Prior to her current role, Stephanie drove strategy, M&A, strategic investing, and partnerships as the firm's chief strategy officer. Here are her five best pieces of advice on work and personal finance for professional women. Stephanie Cohen is Global Head of Platform Solutions and a member of the Management Committee. Im wondering how youre viewing that experience in light of the coming launch of these new products for Marcus customers? The . Diversity in the ranks at Goldman and at the companies it invests in is a priority for Cohen. And so what are we? And of course, people want access to an advisor. 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. In this article that I had written, I talked about how originally, the mob was after Wall Street, if you will. Consequently, they can be prickly customers. 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. Talk a little bit about how you do that as a leader. We do it externally. One, it affects how you manage your own people. She is also a member of the Partnership Committee, Global Diversity Committee, Firmwide Enterprise Risk Committee and Firmwide Finance Committee. The other place that weve been embedding it is very deeply in our investing businesses, because what we noticed was that inclusive and diverse teams outperformed and they were under invested in. 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. 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. CompTIA expects that to grow to nearly 7,700 net new positions this year, the fifth-highest total nationally. Wow. Stephanie Cohen: Im a lifelong learner. Mr Solomon teased a sale, saying Goldman was exploring "strategic alternatives". I think Goldman has a growing number of excellent women at the firm. terms: Goldman Sachs Banks Stephanie Cohen Succession. By continuing to use our site you agree to our. Carter Johnson and Hayley Cuccinello. Im realizing through this conversation that youre really a culture builder. You mentioned the Apple card. 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. Jennifer Tescher: . And so 85% of all venture capital dollars goes to all male founded teams. Cohen joined Goldman Sachs as an Analyst in 1999, was named Managing Director in 2008 and Partner in 2014. I do think were in this moment where thats this really perfect combination for the type of world that were in. Updated Jan. 17, 2017 9:10 pm ET. Yeah, I think its this idea of being a learner. 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. 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. And then to your point, the clients and the customers in those businesses that were ultimately serving. She is one of seven women named on the committee and is 10 years younger than the average man on the team. Close. Stephanie earned an AB in Biology, summa cum laude, from Harvard . And so I do think this idea of bringing the best of Goldman Sachs, this corporate franchise and the relationships we have with those brands and then taking these in many cases, digital capabilities weve built in the consumer business and embedding them into those ecosystems in a way that serves their customers, I think is one of the ways that we can access this much broader audience. I suspect that theres only so far a brand like Marcus can go in terms of meeting the needs of underserved consumers. They are part of Goldman Sachs and we are really excited to serve them with the best of Goldman Sachs digitally. And so I would expect that some of this will end up being, as you said, not necessarily directly, but through partners. And then we have this great program where we work with companies on financial wellness for their employees and we call that Ayco. And the question is, how do you do that at scale? Correction: A previous version of this article mistakenly stated that Cohen became a managing partner at Goldman Sachs in 2008. 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. Stephanie Cohen has been at Goldman Sachs for more than 23 years. to talk about career, money and life. Ms. Cohen serves on the National Board of Directors of College Spring and as a member of the Board of Quill.org. When I walked into a board room, theyd expect a very tall man, but instead theyd get a relatively shortwoman. And the thing I say all the time is that you cant talk about these things in two different places. Its really complex. And I love learning. Cohens elevation to the committee followed just days later strong evidence she has the incoming CEOs confidence. And I think in some ways, this podcast is an outgrowth of my curious nature. And the idea really brings together the reason by the way, why we have our consumer and wealth management businesses all together. And so the next question is, how do you listen to the data? 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: While wealth management services have been a mainstay for the 153-year-old investment bank, the shift to offering consumer banking happened less than six years ago. Collage of David Solomon . This copy is for your personal, non-commercial use only. And then on the other side of the people equation is our clients and our customers. 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. 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. 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. Goldman Sachs. 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. 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. . "We have 500 corporate clients, and we have the ability to provide financial wellness to all levels of employees," she said. It was a pre-COVID time period. 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. 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. 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? 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. Copyright 2022 HT Digital Streams Ltd All Right Reserved. And so were having a great time, really engaging with our team. And one of the things that we kind of put out there in the wild was this idea of being able to pay your credit card bill multiple times a month in the Apple cart. Stephanie Cohen: Stephanie Cohen: Stephanie Cohen: Stephanie Cohen, Goldman's co-head of consumer and wealth management, is working on setting up a second base for herself in Dallas. And its been so fascinating to watch the frankly, explosive growth of the business. The company had previously partnered on its credit cards with Barclays. 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? But she doesn't see what the fuss is about. Download the Mint app and read premium stories. 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. Stephanie Cohen: Before that, she was Global Head of Financial Sponsor M&A in the Investment Banking Division (IBD). because investing and helping companies grow is our business," Stephanie Cohen, Goldman Sachs' chief strategy officer . 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. 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. 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. Click the AdBlock Plus button on your browser and select Disable on Observer.com. 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. 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. Some there have earmarked her as a candidate to become the first woman to lead the investment banking division, the banks most profitable arm. Jung, weiblich, Bankerin: Stephanie Cohen macht bei Goldman Sachs Karriere. Whether thats direct disbursements in our loans, meaning when you sign up for a Marcus loan, we can directly pay off your other debts. But she really got it. How does this all fit together? Global Financial Health Launch Decision: Send Em! https://www.barrons.com/articles/barrons-100-most-influential-women-in-u-s-finance-stephanie-cohen-51615543200. Internet Explorer is no longer supported on our website. and And what are we trying to become? NEW YORK (Reuters) -Goldman Sachs Group Inc's Chief Executive David Solomon told investors on Tuesday the bank is considering "strategic alternatives" for its consumer arm, raising prospects for a . In January 2021, she was appointed global co-head of consumer and wealth management. The 9 biggest takeaways from Goldman Sachs' investor day, from a tense Q&A with CEO David Solomon to the tater tots for breakfast. 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. 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. Prior to assuming her current role, Ms. Cohen was Co-Head of the Consumer and Wealth Management Division. In mid-July, the company announced it will promote David Solomon to succeed Lloyd Blankfein as chief executive officer. Abby Joseph Cohen (born February 29, 1952) is an American economist and financial analyst on Wall Street. And how do you feel about essentially being a change agent in this way? You can learn more about how we use cookies by reviewing our Privacy Policy.Dismiss, Global Co-Head of Consumer and Wealth Management. One, we have our advisor led businesses. Im glad youre drilling in on it. Stephanie, welcome to Emerge Everywhere. Now I have to turn the conversation a little bit back to you for a minute, because youre a lifer at Goldman Sachs. They are Goldman Sachs customers. "They are like-minded brands that are meeting people where they are," Cohen said. She started as an analyst in 1999 and has held a series of leadership positions in mergers and acquisitions. I used to get off the ice from practices and be soaking wet because you just are cleaning up the ice falling because its the only way to learn a new skill. 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.
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