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Young, female, banker: Stephanie Cohen has made a career at Goldman Sachs. Here are her five best pieces of advice on work and personal finance for professional women. And it will be interesting to think about how you leverage your vast capabilities and capital. Goldman named 60 new partners on Thursday. 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. Stephanie Cohen: We want to be the bank on your phone, she says. 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. 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. Consequently, they can be prickly customers. 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. 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. Got it. Goldman also will provide six student scholarships for $10,000 each at UTD over the next three years. We've detected you are on Internet Explorer. Ms. Cohen serves on the National Board of Directors of CollegeSpring and as a member of the Board of Quill.org. Cohen is now the committees youngest, with the rare label of ex officio" member. Ive run, as you said, the consumer and wealth management business with my partner, Tucker York. In January 2021, she was appointed global co-head of consumer and wealth management. and expects to roll out digital checking accounts in the next few months. The Guys From 'Government Sachs' - The New York Times Certainly youre gifted and talented. Copyright HT Digital Streams Limited All rights reserved. Stephanie Cohen: Chief Strategy Officer at Goldman Sachs HerStory Created Are you okay? And being really happy because you could tell that you were almost there. It'll just take a moment. Stephanie Cohen - Global Head, Goldman Sachs Platform Solutions Best of Both Worlds: Goldman Sachs' Stephanie Cohen Jo Ann Barefoot 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. She is the daughter . She graduated cum laude from New York University and received an M.B.A. in May from Indiana University. By continuing to use our site you agree to our. 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. Because consumer banking has been around for a really long time. 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. "They are like-minded brands that are meeting people where they are," Cohen said. Goldman Sachs mulls deal options after consumer flop My guest today is one of the most powerful women on Wall Street. Why Goldman's Marcus project failed and what it means for CEO Solomon 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. The consumer and wealth management team in Dallas is close to 1,200 now, which is about how many are on the same team in New York, said Cohen, who also noted that employees are back in the office in the U.S. Cohens division, consumer and wealth management, includes the consumer banking platform Marcus, which launched in 2016 followed by an app in January 2020 that allows consumers to do everyday banking. Jun 22 Stephanie Cohen: Chief Strategy Officer at Goldman Sachs. Diversity, equity and inclusion are core to our mission, see why. Jennifer Tescher: Im excited to see how that develops. How we set it up made it easier for them and then how it affected their lives going forward. Dallas is now Goldmans second-biggest U.S. office outside of New York, surpassing Salt Lake City. 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. She dug into the bones of the deal and was very compelling.". Its great for a woman to be achieving this level of success at Goldman and shes certainly capable of going further," Nugent said. Tiger Trump and nothing to ex-husband Donald Trump. 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. Goldman Sachs Changes 60 Slightly Less White, Less Male - Dealbreaker 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. In less than a year, Goldman Sachs has grown its North Texas presence from more than 2,000 employees to nearly 4,000. Theres just so many things that you learn from the richness of those individual conversations. 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. Goldman Sachs CEO shuffles consumer banking, wealth management leaders [CNBC] Tags. Barron's 100 Most Influential Women in U.S. Finance: Stephanie Cohen 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. He will report to Stephanie Cohen, Goldman's global co-head of consumer and wealth management. Female banker emerges as possible successor to Goldman Sachs CEO Inside a massive transformation at powerhouse Wall Street bank Goldman I really felt like I hadnt learned it. 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. First, Goldman Sachs CEO David Solomon said it. Stephanie Cohen is Goldman Sachs' Chief Strategy Officer and an Ex Officio member of the Management Committee. 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 often say that feedback is a gift and I had a lot of people who gave me a lot of feedback along the way. 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. Learn more about Marcus by Goldman Sachs and check out additional episodes of EMERGE Everywhere. They most recently attended, or will attend, Money 20/20 USA 2021 on Oct 24, 2021 . In its 2021 annual report released in February, Goldman said it had established key strategic locations that included Dallas, Salt Lake City, Singapore, Warsaw and Bengaluru. And when I was in my role as chief strategy officer, we created this thing called Accelerate, which we call our internal innovation engine. [1] [2] Prior to March 2008, she was the firm's Chief Investment Strategist. And that starts with our own people. Yeah. Click the AdBlock Plus button on your browser and select Disable on Observer.com. You have to talk about all that in one place, because its the only way to win, but its also the only way to serve customers and ultimately help them achieve their goals. Chief Strategy Officer, Goldman Sachs Much has been made over the past few months about Stephanie Cohen's age. Earlier in her career, Ms. Cohen worked in New York in the M&A department. 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. Is the idea here that Marcus customers eventually become Goldman Sachs customers, if you will? We get it: you like to have control of your own internet experience. As an investment banker for close to 20 years, my presence in board rooms was often an anomaly. Secondly, culturally. My moms a teacher and its just something. 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. Goldman Sachs Group Inc will pump $500 million into companies led, . Goldman Sachs mulls deal options after consumer flop. The reality is that investing can be intimidating for a lot of people. Goldman Sachs mulls deal options after consumer flop - ET BFSI And so, while theres a lot of sadness in that, were hopefully, the idea is turning that into opportunity. They are part of Goldman Sachs and we are really excited to serve them with the best of Goldman Sachs digitally. Your session has expired, please login again. 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. Stephanie Cohen: Goldman Sachs (GS-0.84%) CEO David Solomon has promoted Stephanie Cohen to co-head its consumer banking and wealth management division as part of an executive shuffle at the bank.. 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. 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. Goldman Sachs consumer exec Stephanie Cohen explains why the Wall Street bank just inked a $2.2 billion home-improvement lending deal; . 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 . . And what were doing in our division is we do it a couple of different ways. They are not only of course the right thing to do, but it is the only way to run the business. Become a business insider with the latest news. A checking account is currently in beta, according to Cohen. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. Tell us a little bit about where you expect to focus most of your time and attention this year. 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. And then as you mentioned, we have a digital consumer bank. Stephanie Cohen is now the management committee's youngest, with the rare label of 'ex officio' member. 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. For example, theres a bunch of statistics showing that if you give people the option toinvest in a 401(k) plan, many people wont do it. This is a subscriber only feature Subscribe Now to get daily updates on WhatsApp. Cohen declined to give projections for growth in Dallas or say whether Goldman is considering such a move. 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. You should spendmoney on things that truly make you happy. We have businesses that do that and were really excited to do that as well. She is also a member of the Partnership Committee, Global Diversity Committee, Firmwide Enterprise Risk Committee and Firmwide Finance Committee. Jennifer Tescher: Predict the closing value of sensex and win free subscription. And in doing that, we want to fundamentally change the way people experience financial services and in doing that improve their lives. Wells Fargo, eyeing growth in credit cards, lands hotel chain as partner, First Foundation row with Abbott Cooper moves closer to court, Senate Banking Republicans warn Fed not to go too far in capital review, Fed's Bowman: Regulators should monitor Treasuries market function, Flagstar gives $1 million to fix appraisal industry's lack of diversity, What banks need to know about the White House's cybersecurity strategy. 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. We have the ability to have access to our clients in Texas but also more broadly across the United States and internationally. She is one of seven women named on the committee and is 10 years younger than the average man on the team. Build a resilient workforce by prioritizing finhealth for employees. Jennifer Tescher: Oops! 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. If you liked this episode, please review the show and subscribe wherever you get your podcasts. Explore how to make financial services a force for good. To learn more about the work and research we do, please visit emerge.finhealthnetwork.org. 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. Great. Kristin Broughton Reprint For reprint and licensing requests for this article, click here. 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. E ine Stunde mit . 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. 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. If her tenure there is successful, it could pave the way for Cohen to make history at the firm. We do it internally. It didn't go well. In so many ways. And my mom who is a history teacher at some point and really cares about history and I love history and read it. to talk about career, money and life. Bill Goldman, 38, historian, philanthropist and Levi Strauss heir Its the ultimate man-cave. And so I think its this, how do you do that in a way where youre excelling at things and doing something that you really love, but combining it with all the other things that you have going on in your life and balancing it. Yeah. And that we were going to build an ecosystem around it. Global Financial Health Launch Decision: Send Em! CompTIA expects that to grow to nearly 7,700 net new positions this year, the fifth-highest total nationally. I suspect that theres only so far a brand like Marcus can go in terms of meeting the needs of underserved consumers. March 02, 2023, 14:16 IST. 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. PDF Investor Day: Platform Solutions 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. Ms. Cohen was Sector Captain for General Industrials in the Global Industrials Group and a member of the M&A Group in IBD. Someone get Stephanie Cohen a set of hair clippers. And so in skating you fall all the time. 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. Wow, this is so devastating. Jennifer Tescher: Or what lessons have you taken from that and in your leadership roles at Goldman? After, it was the bank's Stephanie Cohen who reiterated that Goldman is considering strategic alternatives for its consumer lending business. 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. The company had previously partnered on its credit cards with Barclays. 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. 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. She is also a Global Executive sponsor of the Women's Network. 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. Ihr wird inzwischen sogar der Platz an der Bank-Spitze zugetraut. When I walked into a board room, theyd expect a very tall man, but instead theyd get a relatively shortwoman. Goldman Sachs' Youngest Banker's Top 5 Career & Money - Observer And so I did that. Stephanie Cohen to co-head consumer and wealth management at Goldman By the way, a lot of people who spend their careers in financial services. 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. Its complicated. 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. 01 Mar 2023 02:08:06 Goldman Sachs Group Inc's Chief Executive David Solomon and top executives will give investors an update on their strategy on Tuesday. terms: Goldman Sachs Banks Stephanie Cohen Succession. The business is not yet profitable but is expected to hit revenue of $4 billion by 2024, she said. Stephanie Cohen: The latest group includes 32 white men, giving them a 53 per cent share of the promotions, the demographic's smallest representation on record. And then how do you take that into your next role? Stephanie Cohen has participated in 2 events. Goldman Sachs Continues to Simplify With Personnel Moves Jennifer, it is great to be here. Jennifer Tescher: Prior to her current role, Stephanie drove strategy, M&A, strategic investing, and partnerships as the firm's chief strategy officer. 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. Most Powerful Women 2019: Stephanie Cohen | Crain's New York Business Goldman's Stephanie Cohen rises to management committee, as youngest 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. I went on a listening tour. 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. That thats clearly a very important part of your role and has been. Natalie Walters, Business reporter. 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, . Goldman Sachs Group And its been so fascinating to watch the frankly, explosive growth of the business. Were looking for mission-driven people to join our team. 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. And I remember these moments of falling really hard and your parents, your coach is like, Oh my. And I think in some ways, this podcast is an outgrowth of my curious nature. Jennifer Tescher: Goldman Sachs. Talk a little bit about how Marcus has evolved and where you see that business heading now that youve reached, say adolescence.