As the banks chief strategy officer, she brought clarity and focus, including a new commitment to diversity and inclusion. We recommend using Google Chrome, Mozilla Firefox, Apple Safari, or . 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. 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. If you liked this episode, please review the show and subscribe wherever you get your podcasts. Wow, this is so devastating. . 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. It was a pre-COVID time period. Predict the closing value of sensex and win free subscription. Youre just one more inch and I would have landed that jump. A checking account is currently in beta, according to Cohen. Internet Explorer is no longer supported on our website. And when I was in my role as chief strategy officer, we created this thing called Accelerate, which we call our internal innovation engine. ", 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. By continuing to use our site you agree to our. 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 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. Theres the customer calls, which I love listening to. In January 2021, she was appointed global co-head of consumer and wealth management. Jennifer Tescher: Stephanie Cohen has participated in 2 events. And so you didnt get into this chief strategy officer role with a real clear job description. Im Jennifer Tescher, journalist turned financial health champion. 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. Prior to her current role, Stephanie drove strategy, M&A, strategic investing, and partnerships as the firm's chief strategy officer. She is one of seven women named on the committee and is 10 years younger than the average man on the team. General Motors 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. And how can we serve them? Talk a little bit about how you do that as a leader. And we think that this is a great way for people to think about investing. And in doing that, we want to fundamentally change the way people experience financial services and in doing that improve their lives. And in order to do that, youve got to do a couple of things. Natalie is an award-winning reporter who covers banks, crypto, fraud, deals and other money topics for The Dallas Morning News. 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. Its pretty amazing feat that youve managed to essentially build a homegrown digital business from inside this storied institution. 117-14 _____ Printed for the use of the Committee on Natural . We want to be the bank on your phone, she says. 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. 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: 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. Great. Instead, I found it really helpful to look at a, people and look for things that I like or relate to. 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. She also serves as trustee for the Board of The Economic Club of New York. Some there have earmarked her as a candidate to become the first woman to lead the investment banking division, the banks most profitable arm. 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. You are now subscribed to our newsletters. [House Hearing, 117 Congress] [From the U.S. Government Publishing Office] H.R. As founder and CEO of the Financial Health Network, Ive spent my career breaking down silos by engaging with innovators across industries, and now, Im sharing those conversations with you. Listening is the most important thing that I do. 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. She is also a member of the Partnership Committee, Global Diversity Committee, Firmwide Enterprise Risk Committee and Firmwide Finance Committee. She grew up in Augusta, Ga., and holds an MA in Investigative Journalism from The Cronkite School. This account of her ascent is based on interviews with people whove worked with Cohen, who asked not to be named discussing their interactions. Getting out of our silos, hearing from other people, other perspectives we might not hear from otherwise and finding the interconnections. And how can we serve them where they are with the capabilities of Goldman Sachs? 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. William (Bill) Sachs Goldman, the scion of a prominent family of Jewish philanthropists in San Francisco and himself a board member of the New Israel Fund, died in a crash of his private plane. An error has occurred, please try again later. And thats how we ultimately came up with the strategies, which I talked about earlier in terms of going direct and what we call financial cloud. Secondly, culturally. In mid-July, the company announced it will promote David Solomon to succeed Lloyd Blankfein as chief executive officer. Stephanie Cohen: How we set it up made it easier for them and then how it affected their lives going forward. 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,. She is also on the national board of the nonprofit group Reading Partners, which focuses on literacy in grammar schools, helping underprivileged kids who are behind in reading. 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. The second thing is this kind of get stuff done attitude. But by the way, you cant do that always at scale. Stephanie Cohen Global Head of Platform Solutions February 2023. We've detected you are on Internet Explorer. See our career opportunities. Cohen, 41, joined Goldman Sachs in. Change is underway in the financial services industry and it's disrupt or be disrupted. Natalie Walters, Business reporter. 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. We're getting to the moment where we can help someone holistically manage their financial lives," Stephanie Cohen,. Marcus is Goldman's digital-first consumer bank, offers customers saving accounts, personal loans and investment advisory services. to talk about career, money and life. And of course, people want access to an advisor. She started as an analyst in 1999 and has held a series of leadership positions in mergers and acquisitions. She also spearheaded Launch With GS, the organizations $500 million commitment to invest in diverse-led companies and investment managers, and GS Accelerate, the firms in-house innovation engine. Stephanie Cohen: My guest today is one of the most powerful women on Wall Street. This is good-return investing.". I wonder if you could talk a little bit about when you joined as chief strategy officer in that role, what you did to listen and learn about both the parts of the business that you might have been less familiar with, but also the end user, if you will, the consumer. And so, while theres a lot of sadness in that, were hopefully, the idea is turning that into opportunity. More than 90% of appraisers are white, and researchers have found that bias leads to lower valuations for homeowners of color. It doesnt have to be one thing or the other; its about making spending decisions consciously rather than scrolling on your phone and thinking about what youshould spend on., What Ive noticed at Goldman Sachs isthat men tend to talk about investment opportunities amongst each other. 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. That thats clearly a very important part of your role and has been. Where does the bank and the Fed go from here? And I love learning. I love it and its the advice I give people all the time. Now I have to turn the conversation a little bit back to you for a minute, because youre a lifer at Goldman Sachs. Jennifer, it is great to be here. And so this real focus on execution, which I no doubt learned by being a mergers and acquisitions banker inside of Goldman Sachs. Stephanie Cohen: Ms. And what were doing in our division is we do it a couple of different ways. Things like auto pay. . Over 99% goes to all white teams. 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. Some of that could be due to the fact that there are fewer women in venture capital and fewer women founders. 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. And the reality is that is the right advice for our clients. On September 29, 2020 . And then weve also done that with Walmart and Amazon in terms of providing credit to their merchants. I know many of them, but it says something entirely different to have someone at the operating committee level. You are just one step away from creating your watchlist! And besides those numbers being kind of horrific, they are a misallocation of capital. No question. And so were not going to do that on our own. 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 potential sale after the business lost billions of dollars. The High. Sign In. And so the next question is, how do you listen to the data? and The banking industry appears to be stuck when it comes to diversifying the leadership ranks. We think technology is in a place where you can really have a bank on your phone. But Ive also noticed that when women start talking to friends about business ideas, they actually want to help each other.. They are Goldman Sachs customers. In less than a year, Goldman Sachs has grown its North Texas presence from more than 2,000 employees to nearly 4,000. She also serves as trustee for the Board of The Economic Club of New York. 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. And the thing I say all the time is that you cant talk about these things in two different places. I think I learned that at a really young age. And its been so fascinating to watch the frankly, explosive growth of the business. And thats really the most exciting thing about being able to run this division. Youre one of the few women whos risen to that level. To read our full stories, please turn off your ad blocker.We'd really appreciate it. And by the way, that portfolio is different for different people. Jun 22 Stephanie Cohen: Chief Strategy Officer at Goldman Sachs. You pack a lot into a day. Its going to be two this year. terms: Goldman Sachs Banks Stephanie Cohen Succession. 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 then as you mentioned, we have a digital consumer bank. Flagstar Bank launches its next mortgage-tech accelerator while Walmart and Citi partner on a supplier loan program. And that we were going to build an ecosystem around it. 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. Ihr wird inzwischen sogar der Platz an der Bank-Spitze zugetraut. Actually, I got on a plane a lot. 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. 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. Ms. Cohen, also 32, is an independent marketing consultant in Chicago. 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. 1 Executive Summary Primary drivers Key focus areas INVESTOR DAY 2023 PLATFORM SOLUTIONS . 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. In this article that I had written, I talked about how originally, the mob was after Wall Street, if you will. She is also a Global Executive sponsor of the Women's Network. And my mom who is a history teacher at some point and really cares about history and I love history and read it. Stephanie Cohen is now the management committee's youngest, with the rare label of 'ex officio' member. And so in skating you fall all the time. Cohen said Goldman has been focused on fortifying its relationships with universities to help attract engineering talent to D-FW. 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. Goldman Sachs Group Inc will pump $500 million into companies led, . And it will be interesting to think about how you leverage your vast capabilities and capital. More on Stephanie. 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. Thats not something anyone told us to do so we didnt listen in terms of having a conversation, but we watched the way that customers are interacting with our product and were learning from that. And you asked me about the focus. Dallas is quite central, Cohen said. Global Financial Health Launch Decision: Send Em! Theres just so many things that you learn from the richness of those individual conversations. Chief Strategy Officer, Goldman Sachs Much has been made over the past few months about Stephanie Cohen's age. Prior to that, Ms. Cohen was a Vice President in the Industrials and Merger Leadership Groups in San Francisco. Goldman Sachs Group wants to be your digital banker, and it has assigned the job to Stephanie Cohen, marking her second year on the Barrons list. Goldman Sachs has created a new consumer and wealth management division co-led by Stephanie Cohen. I did that internally and I also did it externally. Apple We have more than 7,500 people in our division globally. 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. The best way to do this is to have a long-term view. And so 85% of all venture capital dollars goes to all male founded teams. 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. Its complicated. Diversity in the ranks at Goldman and at the companies it invests in is a priority for Cohen. 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. Thank you for inviting me. Some inside the bank wonder whether shes destined to rise even higher. https://www.barrons.com/articles/barrons-100-most-influential-women-in-u-s-finance-stephanie-cohen-51615543200. Im realizing through this conversation that youre really a culture builder. 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. 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. Looks like you have exceeded the limit to bookmark the image. Abby Joseph Cohen (born February 29, 1952) is an American economist and financial analyst on Wall Street. The bureaucratic asterisk is likely meant to avoid upsetting senior executives whove spent much longer trying to get on the panel, without luck. Stephanie Cohen: Hier kommt Frau Goldman Sachs.
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