Jennifer Tescher: Today, the consumer business at Goldman has more than 14 million customers and over $100 billion in deposits and $16 billion in cards and loans. Actually, I got on a plane a lot. 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. Got it. And were going to be better if we do that. The reality is that investing can be intimidating for a lot of people. We have businesses that do that and were really excited to do that as well. 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. The 43-year-old. Stephanie is head of Private Equity in Asia and global co-head of Growth Equity within Goldman Sachs Asset Management. It was in some respects kind of an embarrassing realization to have worked in financial services for almost two decades and to realize that I didnt understand how the financial system operated and there were really complicated parts of the financial system that I understood from a capital markets perspective, but from a day to day, how does an average American experience the financial services system? And so I did that. CompTIA expects that to grow to nearly 7,700 net new positions this year, the fifth-highest total nationally. E ine Stunde mit . To order presentation-ready copies for distribution to your colleagues, clients or customers visit http://www.djreprints.com. And how do you feel about essentially being a change agent in this way? She also spearheaded . And just a few weeks ago, she was asked to jointly lead the banks global consumer and wealth management division. Yeah, I think its this idea of being a learner. 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. She is now even given the place at the top of the bank. The Wall Street heavyweight, which had about 44,000 global employees at the end of 2021, is particularly focused on engineering talent in Dallas-Fort Worth, said Stephanie Cohen, who co-leads the consumer and wealth management division at Goldman. 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. 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. Welcome to EMERGE Everywhere. Stephanie Cohen, Goldman's co-head of consumer and wealth management, is working on setting up a second base for herself in Dallas. Goldman Sachs Group Inc's Chief Executive David Solomon and top executives will give investors an update on their strategy on Tuesday. Stephanie Cohen, culture builder, lifelong learner, thanks so much for joining me on Emerge Everywhere. Ms. Cohen serves on the National Board of Directors of CollegeSpring and as a member of the Board of Quill.org. DuringStephanie Cohens first 15 years at Goldman Sachs, her career ladder didnt look much different than that of a typical investment banker. Jennifer Tescher: Dallas is quite central, Cohen said. 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 this real focus on execution, which I no doubt learned by being a mergers and acquisitions banker inside of Goldman Sachs. Im realizing through this conversation that youre really a culture builder. Jennifer Tescher: Its great for a woman to be achieving this level of success at Goldman and shes certainly capable of going further," Nugent said. One Goldman Sachs go-to-market strategy combined with products developers love and can easily adopt 2 Business-to-business with innovative, client- and It celebrated the repayment by handing employees buttons that said Paid.". 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 . Theres the customer calls, which I love listening to. 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. Whether thats direct disbursements in our loans, meaning when you sign up for a Marcus loan, we can directly pay off your other debts. "We believe that there is a real need for consumers to better manage their financial lives, and we have the capabilities to serve them," Cohen said. I mentioned at the top, youre the youngest member of the banks management committee. Im excited to see how that develops. Her appointment this summer to Goldman Sachs' management committee made her its youngest member. 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. The regions tech workforce is projected to expand 17% over the next decade. 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. A checking account is currently in beta, according to Cohen. Jennifer Tescher: 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 . Particularly consumers in Marcus, youve talked a lot about the role youre in now is really about people. In this article that I had written, I talked about how originally, the mob was after Wall Street, if you will. What it really was, was it was where people went when they had really great ideas and they just wanted to get it done. And that really created an environment where no ones afraid to ask kind of the dumb question, because Stephanies always asking the dumb question because I really wanted to learn. Instead, I found it really helpful to look at a, people and look for things that I like or relate to. They are Goldman Sachs customers. Prior to that, Ms. Cohen was a Vice President in the Industrials and Merger Leadership Groups in San Francisco. A great question. 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. Cohen is now the committees youngest, with the rare label of ex officio" member. Already a member? Chief Strategy Officer, Goldman Sachs Much has been made over the past few months about Stephanie Cohen's age. 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 . How has that influenced you? 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 Global Head of Platform Solutions and a member of the Management Committee. Stephanie Cohen: Stephanie Cohen has been at Goldman Sachs for more than 23 years. Ms. Cohen, also 32, is an independent marketing consultant in Chicago. And by the way, that portfolio is different for different people. And we think that this is a great way for people to think about investing. Speaker Bio: Stephanie Cohen is Goldman Sachs' Chief Strategy Officer and a member of the Management Committee. 2021-11-30T13:05:49.103Z. A Flagstar executive said the mortgage-focused bank is "not just going to sit on the sidelines and watch this happen.". Dallas is now Goldmans second-biggest U.S. office outside of New York, surpassing Salt Lake City. This is a subscriber only feature Subscribe Now to get daily updates on WhatsApp. And the question, which is kind of an obvious question is why now? 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. Figuring out how what youre doing is affecting people. It didn't go well. Its complicated. Goldman Sachs managers say one takeaway of the pandemic. 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. And so I did that and I mirrored that with my people. In January 2021, she was appointed global co-head of consumer and wealth management. Consequently, they can be prickly customers. By years end, 40% of its employees were working in those locations, the company said. The banking industry appears to be stuck when it comes to diversifying the leadership ranks. This has been EMERGE Everywhere, a Financial Health Network production. . 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: Stephanie Cohen: No question. Remove some to bookmark this image. They are not only of course the right thing to do, but it is the only way to run the business. 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).. The bureaucratic asterisk is likely meant to avoid upsetting senior executives whove spent much longer trying to get on the panel, without luck. 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. 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. And we think it does help people better manage their finances. My guest today is one of the most powerful women on Wall Street. 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. The best way to do this is to have a long-term view. Natalie Walters, Business reporter. But advertising revenue helps support our journalism. 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. 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. 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.. A Goldman Sachs lifer who rose through the ranks of mergers and acquisitions after starting as an analyst fresh out of college, Stephanie Cohen, 42, became chief strategy officer in January. because investing and helping companies grow is our business," Stephanie Cohen, Goldman Sachs' chief strategy officer . 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. And then on the other side of the people equation is our clients and our customers. Learn about the important intersection of healthcare and financial heath. And so in skating you fall all the time. 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. As the banks chief strategy officer, she brought clarity and focus, including a new commitment to diversity and inclusion. 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. Theres just so many things that you learn from the richness of those individual conversations. 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. It was here on an evening last December when roughly 100 women from the investment banking world gathered at an event billed as a leadership dinner. 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. Im a big question asker too. And what we are and what were trying to become is we have these two self reinforcing strategies. Sign In. And I have to say, I was a little bit surprised that that was the book you chose. And so, while theres a lot of sadness in that, were hopefully, the idea is turning that into opportunity. 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: Your session has expired, please login again. Goldman also will provide six student scholarships for $10,000 each at UTD over the next three years. Prior to her current role, Stephanie drove strategy, M&A, strategic investing, and partnerships as the firms chief strategy officer. Two former Goldman Sachs executives have been indicted for conspiring in a multibillion-dollar theft from the Malaysian investment fund known as 1MDB, a scandal that could cost Goldman as. And then as you mentioned, we have a digital consumer bank. 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. Youve mentioned the fact that soon youre going to be launching a new set of investment options and opportunities. In 2019, Goldman launched an Apple credit card, and last January it rolled out a GM credit card. You should spendmoney on things that truly make you happy. Tell me more about that choice and sort of what youve learned from it. She is the daughter . 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. 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. The business is not yet profitable but is expected to hit revenue of $4 billion by 2024, she said. And so were not going to do that on our own. 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. Goldman Sachs mulls deal options after consumer flop. She grew up in Augusta, Ga., and holds an MA in Investigative Journalism from The Cronkite School. Youre one of the few women whos risen to that level. 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. A Goldman Sachs banker will have to pay his ex-wife more cash after she appealed her 2 million divorce settlement despite being set to inherit 100 million from her Saudi father. 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. ", 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. Some of my favorite ones have been, we created a customer assistance program right as COVID was starting to help people so that they could defer loan payments and credit card payments and just listening to why it mattered to them. Im actually a former journalist. 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. And so you didnt get into this chief strategy officer role with a real clear job description. And the question is, how do you do that at scale? 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. I love it and its the advice I give people all the time. See you next time. Stephanie Hui, Head of the Merchant Banking Division in Asia Pacific Ex-Japan, Goldman Sachs Voices of Experience "Earlier in my career, I was more reserved about expressing my views," said Stephanie Hui, head of the Merchant Banking Division in Asia Pacific Ex-Japan at Goldman Sachs. . 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. This copy is for your personal, non-commercial use only. And so what are we? Here are her five best pieces of advice on work and personal finance for professional women. For the best Barrons.com experience, please update to a modern browser. Prior to her current role, Stephanie drove strategy, M&A, strategic investing, and partnerships as the firm's chief strategy officer. 1 Executive Summary Primary drivers Key focus areas INVESTOR DAY 2023 PLATFORM SOLUTIONS . By the way, thats only been sped up over the last year or so, given everything thats gone on. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. But I would sit in meetings and just be like, Im sorry, Im just going to ask this from the most basic level. And to this point of financial services being really complicated, I think lots of people sit in a lot of meetings and everyone else thinks that everyone else understands something and they actually dont. You can use that as something that bothers you, or you can use that as a point of differentiation. Yeah. Diversity, equity and inclusion are core to our mission, see why. Jennifer Tescher: And the reason why we decided now was the right time for Goldman Sachs is because one, technology. Youre just one more inch and I would have landed that jump. And its also, I think, no accident that youve also been anointed to the operating committee. We've detected you are on Internet Explorer. Yeah. An error has occurred, please try again later. Jennifer Tescher: By continuing to use our site you agree to our. 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. Build a resilient workforce by prioritizing finhealth for employees. 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. And so I think its embedded in your question, but I think its a fair question. Learn more about Marcus by Goldman Sachs and check out additional episodes of EMERGE Everywhere. She joined Goldman Sachs as an Analyst in 1999, was named Managing Director in 2008 and Partner in 2014. "LeaseQuery has found a way to deliver easy-to-use solutions to their clients' complex problems," said Stephanie Cohen, Goldman Sachs' chief strategy officer who founded Launch With GS, an . Wells Fargo's asset cap has been in place for fi ve years, and there's no end in sight. 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. Measurement made easy for your organization. Stephanie earned an AB in Biology, summa cum laude, from Harvard . 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. Stephanie Cohen: and expects to roll out digital checking accounts in the next few months. 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. Someone get Stephanie Cohen a set of hair clippers. Theres a savings portion of Marcus. To read our full stories, please turn off your ad blocker.We'd really appreciate it. 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. See our career opportunities. We want to use simple, transparent and valuable products to help people manage their financial lives. This $90 million Liked by Stephanie. Copyright HT Digital Streams Limited All rights reserved. And so the main thing Im focused on is people internally and externally. Shes about 10 years younger than the average man already on the committee, after becoming a partner just four years ago. Updated Jan. 17, 2017 9:10 pm ET. 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. And this year were going to launch Marcus Invest and checking and a credit card partnership with General Motors. Mr Solomon teased a sale, saying Goldman was exploring "strategic alternatives". Stephanie Cohen Global Head of Platform Solutions February 2023. And then we have another part of that business where we embed our capabilities into the ecosystems of our partners and thats basically what were doing with the Apple card. 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. Ms. Cohen was Sector Captain for General Industrials in the Global Industrials Group and a member of the M&A Group in IBD. On September 29, 2020 . Goldman Sachs. Tiger Trump and nothing to ex-husband Donald Trump. 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. But she is quick to point out that this is no PR ploy on behalf of the bank: "This is not philanthropy. Great. 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. Hier kommt Frau Goldman Sachs. Her elevation was the most noticeable in the group of four tapped to join the management committee, and not just because its comprised mostly of men. Global Financial Health Launch Decision: Send Em! And so 85% of all venture capital dollars goes to all male founded teams. 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. I went on a listening tour. Ihr wird inzwischen sogar der Platz an der Bank-Spitze zugetraut. And its been so fascinating to watch the frankly, explosive growth of the business. In 2008, she managed Conflicts and Business Selection for IBD in the Americas. And I remember these moments of falling really hard and your parents, your coach is like, Oh my. . He will report to Stephanie Cohen, Goldman's global co-head of consumer and wealth management. But she really got it. Goldman named 60 new partners on Thursday. Outside of work, Cohen spends time with her husband and young son, who "helps me hone my negotiation skills," she laughs. You can learn more about how we use cookies by reviewing our Privacy Policy.Dismiss, Global Co-Head of Consumer and Wealth Management. Youve got to figure out whats important to you and what you really want to spendmoney on. And hopefully again, thats millions of customers that we will speak to and we can be helpful to. Jun 22 Stephanie Cohen: Chief Strategy Officer at Goldman Sachs. We do it internally. Secondly, culturally. Stephanie Cohen: 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. So much. Its pretty amazing feat that youve managed to essentially build a homegrown digital business from inside this storied institution. My husband and I were talking about it last night, we all still need a lot of help. Stephanie Cohen: Senior Editor, Women's Programs, American Banker. She graduated cum laude from New York University and received an M.B.A. in May from Indiana University. 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. Jung, weiblich, Bankerin: Stephanie Cohen macht bei Goldman Sachs Karriere. 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. 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. Cohen joined Goldman Sachs as an Analyst in 1999, was named Managing Director in 2008 and Partner in 2014. In the latest in a rapid career of. 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. One, we want to be the bank on your phone. In so many ways. 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. She is one of seven women named on the committee and is 10 years younger than the average man on the team. You are just one step away from creating your watchlist! Youve begun offering credit beyond debt consolidation. Goldman Sachs Group Tell us a little bit about where you expect to focus most of your time and attention this year. 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. You pack a lot into a day. You are now subscribed to our newsletters. "We have 500 corporate clients, and we have the ability to provide financial wellness to all levels of employees," she said. Jennifer Tescher: If you liked this episode, please review the show and subscribe wherever you get your podcasts. Its a great point. Thank you for inviting me. 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. We call those businesses, private wealth management and personal financial management. Here are her five best pieces of advice on work and personal finance for professional women. Mr . She is also a member of the Partnership Committee, Global Diversity Committee, Firmwide Enterprise Risk Committee and Firmwide Finance Committee. And then weve also done that with Walmart and Amazon in terms of providing credit to their merchants. Marcus. Cohen, 41, joined Goldman Sachs in. 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.