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Change is underway in the financial services industry and it's disrupt or be disrupted. And what are we trying to become? Prior to her current role, Stephanie drove strategy, M&A, strategic investing, and partnerships as the firms chief strategy officer. And so you didnt get into this chief strategy officer role with a real clear job description. We want to be the bank on your phone, she says. 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. Its going to be two this year. Predict the closing value of sensex and win free subscription. She serves on the Partnership Committee, and is also on the Board of Advisors of Launch With GS, Goldman Sachs' $1 billion investment strategy grounded in the belief that diverse teams drive strong returns. Ms. Cohen was Sector Captain for General Industrials in the Global Industrials Group and a member of the M&A Group in IBD. 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. She dug into the bones of the deal and was very compelling.". We recommend using Google Chrome, Mozilla Firefox, Apple Safari, or . 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. 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 by the way, how it made them actually better customers over time, because we got them through a really tough period. Dallas is now Goldmans second-biggest U.S. office outside of New York, surpassing Salt Lake City. 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. Internet Explorer not supported . Ive run, as you said, the consumer and wealth management business with my partner, Tucker York. 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. Goldman Sachs Group Inc's Chief Executive David Solomon and top executives will give investors an update on their strategy on Tuesday. 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. She is the daughter . Im glad youre drilling in on it. Jennifer Tescher: to talk about career, money and life. And we think that this is a great way for people to think about investing. And so I found the book and it was incredibly interesting, but also devastating in so many different ways, because it was very clear that the financial system was not working for most people. And then, were going to be part of fixing this and were going to have to work with a lot of people to fix it because the financial system is this intertwined organism. So much. Now I have to turn the conversation a little bit back to you for a minute, because youre a lifer at Goldman Sachs. She is also a Global Executive sponsor of the Women's Network. Ms. Cohen also led Launch With GS, Goldman Sachs $1 billion commitment to invest in companies and investment managers with diverse leadership, as well as GS Accelerate, the firms in-house innovation engine. Goldman Sachs Group And how can we serve them where they are with the capabilities of Goldman Sachs? Money 20/20 USA 2021 Speaker Oct 24, 2021 She grew up in Augusta, Ga., and holds an MA in Investigative Journalism from The Cronkite School. And so what are we? 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. . 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. Or what lessons have you taken from that and in your leadership roles at Goldman? I didnt have that term before, but as a giver. 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. More on Stephanie. Are you okay? And being really happy because you could tell that you were almost there. 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. Were looking for mission-driven people to join our team. And I talked to you about three things that I think have helped me and the teams around me be successful. 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. This $90 million Liked by Stephanie. 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. In 2008, she managed Conflicts and Business Selection for IBD in the Americas. In case you cant find any email from our side, please check the spam folder. In the latest in a rapid career of. Shes about 10 years younger than the average man already on the committee, after becoming a partner just four years ago. The banking industry appears to be stuck when it comes to diversifying the leadership ranks. We call those businesses, private wealth management and personal financial management. 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, Goldman's co-head of consumer and wealth management, is working on setting up a second base for herself in Dallas. An error has occurred, please try again later. Ms. 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 . 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. 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. 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. Senior Editor, Women's Programs, American Banker. 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. [1] [2] Prior to March 2008, she was the firm's Chief Investment Strategist. How does this all fit together? Got it. . Ms. Cohen, also 32, is an independent marketing consultant in Chicago. Jennifer Tescher: And we think it does help people better manage their finances. Jennifer Tescher: How has that influenced you? Close. Well, I think Im biased, but I think I have the best job at Goldman Sachs. She is now even given the place at the top of the bank. That thats clearly a very important part of your role and has been. terms: Goldman Sachs Banks Stephanie Cohen Succession. This copy is for your personal, non-commercial use only. Stephanie Cohen: Looks like you have exceeded the limit to bookmark the image. 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? The reality is that investing can be intimidating for a lot of people. And so I would really, I would kind of exclamation point on that point. When Goldmans board gathered on the West Coast in late June, she gave a presentation on that groups work. 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. 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. I love that you had that visceral experience from the book and particularly given the role youre in now. And so in skating you fall all the time. 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 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 so 85% of all venture capital dollars goes to all male founded teams. And this year were going to launch Marcus Invest and checking and a credit card partnership with General Motors. wants to be your digital banker, and it has assigned the job to Stephanie Cohen, marking her second year on the Barrons list. 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. Stephanie Cohen: 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. The bank says the candidates failed to make full disclosures. 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. Its pretty amazing feat that youve managed to essentially build a homegrown digital business from inside this storied institution. You mentioned the Apple card. And at least I believe and I think its fair to say that theyre amazing. Cohen said Goldman has been focused on fortifying its relationships with universities to help attract engineering talent to D-FW. And how can we serve them? And so I would expect that some of this will end up being, as you said, not necessarily directly, but through partners. My guest today is one of the most powerful women on Wall Street. They most recently attended, or will attend, Money 20/20 USA 2021 on Oct 24, 2021 . 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. 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. And so were doing that with Apple, but also well do it with General Motors. You went there right out of graduating from the University of Illinois and youve experienced a tremendous amount of success. 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. Stephanie is head of Private Equity in Asia and global co-head of Growth Equity within Goldman Sachs Asset Management. Unlike traders, who can shoot to prominence within Wall Street firms at a very young age, Cohens career tracked that of the typical banker, climbing to be managing director in the class of 2008. The news, which . Things like auto pay. If her tenure there is successful, it could pave the way for Cohen to make history at the firm. To order presentation-ready copies for distribution to your colleagues, clients or customers visit http://www.djreprints.com. One Goldman Sachs go-to-market strategy combined with products developers love and can easily adopt 2 Business-to-business with innovative, client- and 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. Copyright 2022 HT Digital Streams Ltd All Right Reserved. One, we have our advisor led businesses. Goldman Sachs has chosen Stephanie Cohen as co-head of its consumer and wealth management . Certainly youre gifted and talented. 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. Its great for a woman to be achieving this level of success at Goldman and shes certainly capable of going further," Nugent said. A great question. Since then, the 41-year-old has charted a rapid rise inside Goldman Sachs, landing a seat last week on its most coveted decision-making body. 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. She graduated cum laude from New York University and received an M.B.A. in May from Indiana University. Correction: A previous version of this article mistakenly stated that Cohen became a managing partner at Goldman Sachs in 2008. Im going to start by saying that Ive gotten to where I am today because there are amazing people inside of Goldman Sachs and outside of Goldman Sachs who have been tremendously helpful to me. In a letter to Federal Reserve Chair Jerome Powell, Republican members of the Senate Banking Committee urge the central bank to be mindful of tailoring rules in its ongoing "holistic" capital review. 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. Stephanie Cohen is one the bank's highest-ranking female . As an investment banker for close to 20 years, my presence in board rooms was often an anomaly. Net revenues for the consumer business in the second quarter were $608 million, 67% higher than the second quarter of 2021, primarily reflecting significantly higher balances on both credit card balances and higher deposit balances. It could be meal delivery services, paying for working out, or makeup and clothes. And we are lucky because we get to spend our entire days focusing on people. And I think in some ways, this podcast is an outgrowth of my curious nature. Collage of David Solomon . Alan Cohen, Goldman Sachs Group Inc.'s head of compliance and the longest-serving internal cop on Wall Street, is vacating his seat after 13 years. And its also, I think, no accident that youve also been anointed to the operating committee. Earlier in her career, Ms. Cohen worked in New York in the M&A department. The regions tech workforce is projected to expand 17% over the next decade. 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. 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. Youve only been in this new role for just a few months and weve talked a fair bit about the great work you did when you were chief strategy officer starting in 2018. 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. Already a member? And then because while we can access millions of customers, the way that we can really have impact is by taking those capabilities and embedding it into the ecosystems of our partners. Dallas is quite central, Cohen said. Goldman also will provide six student scholarships for $10,000 each at UTD over the next three years. Goldman Sachs is exploring "strategic alternatives" for its nascent consumer banking business. Jennifer Tescher: We think technology is in a place where you can really have a bank on your phone. And so what were really saying is were really proud advocates for inclusive capitalism and theres no better way to do that than to serve millions of consumers. Stephanie Cohen: 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. 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. And so I think its embedded in your question, but I think its a fair question. I did a lot of it and a couple of other things that I just think are a little bit of tricks in doing this. 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. This is good-return investing.". And then we did the Apple card. See our career opportunities. 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. Goldman Sachs has tapped a former Uber executive to lead its fledgling consumer banking division, . Here are her five best pieces of advice on work and personal finance for professional women. 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. She went on to a more traditional M&A role in the industrials team. 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. By the way, thats only been sped up over the last year or so, given everything thats gone on. We're getting to the moment where we can help someone holistically manage their financial lives," Stephanie Cohen,. Updated Jan. 17, 2017 9:10 pm ET. How you recruit, you retain and you develop your own people and there are many things that were doing around that, but it also gets to the way of how you serve your clients. 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 San Francisco bank entered into a multiyear partnership with Choice Hotels, which operates brands such as Radisson, Comfort and Econo Lodge. Were really excited about our Marcus Invest launch and were really excited internally because it brings together the best of our wealth management business with the best of our consumer business. Upon arriving, her trajectory changed, and she has remained at the firm for over two decades in a variety of roles. She is also a Global Executive sponsor of the Women's Network. Measurement made easy for your organization. And so this real focus on execution, which I no doubt learned by being a mergers and acquisitions banker inside of Goldman Sachs. 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. And in doing that, we want to fundamentally change the way people experience financial services and in doing that improve their lives. Jennifer Tescher: Sign In. And that we were going to build an ecosystem around it. 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. We've detected you are on Internet Explorer. and The best way to do this is to have a long-term view. 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. 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. Its complicated. 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. It didn't go well. Do you have any ideas or things youve thought about in terms of how to leverage your capabilities in this regard? And you asked me about the focus. Stephanie Cohen, culture builder, lifelong learner, thanks so much for joining me on Emerge Everywhere. On September 29, 2020 . Her appointment this summer to Goldman Sachs' management committee made her its youngest member. Thank you for inviting me. And so the next question is, how do you listen to the data? 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.' They are not only of course the right thing to do, but it is the only way to run the business. Theres a savings portion of Marcus. Its not a one size fits all product and solution. 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. Stephanie Cohen has been at Goldman Sachs for more than 23 years. 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. 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. Im wondering how youre viewing that experience in light of the coming launch of these new products for Marcus customers? Getting out of our silos, hearing from other people, other perspectives we might not hear from otherwise and finding the interconnections. And so I did that. Jennifer Tescher: She is one of seven women named on the committee and is 10 years younger than the average man on the team. Theres just so many things that you learn from the richness of those individual conversations. Key deals there included Chryslers repayment of a loan from the US government, people familiar with the matter said, asking not to be identified discussing private information. Goldman named 60 new partners on Thursday. 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. Already, Steven Mnuchin has been tapped as Treasury secretary, Stephen K. Bannon was named senior adviser and Gary D. Cohn, Goldman's president, is expected to direct the National Economic Council. I love it and its the advice I give people all the time. She also serves as trustee for the Board of The Economic Club of New York. And besides those numbers being kind of horrific, they are a misallocation of capital. Carter Johnson and Hayley Cuccinello. And the reason why we decided now was the right time for Goldman Sachs is because one, technology. That makes a lot of sense. She started as an analyst in 1999 and has held a series of leadership positions in mergers and acquisitions. She said the senior leadership team understands that diversity and inclusion is a "business imperative'' and that "this needs to be discussed in the same meetings where we talk about revenue or investment strategies. I think Goldman has a growing number of excellent women at the firm. In January 2021, she was appointed global co-head of consumer and wealth management. 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.