And were going to be better if we do that. Shell be among seven women on the 33-person panel. Before that, she was Global Head of Financial Sponsor M&A in the Investment Banking Division (IBD). . As the banks chief strategy officer, she brought clarity and focus, including a new commitment to diversity and inclusion. They are Goldman Sachs customers. 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. 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. . Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. 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. The world is awash in capital and you never see that. She started as an analyst in 1999 and has held a series of leadership positions in mergers and acquisitions. 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. The delicate transaction was a milestone in the carmakers comeback after the financial crisis. DuringStephanie Cohens first 15 years at Goldman Sachs, her career ladder didnt look much different than that of a typical investment banker. . And by the way, how it made them actually better customers over time, because we got them through a really tough period. And in this new role in particular, but I was doing some of this as chief strategy officer, but now doing much more of it, I think you really have to figure out how you can listen to customers directly. Company president John Waldron and Stephanie Cohen, global head of the Platform Solutions unit, echoed Solomon's comments about the bank's consumer business, signalling a further retreat from its . But by the way, you cant do that always at scale. Log in to our website to save your bookmarks. Yeah. 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 we think that this is a great way for people to think about investing. The reality is that investing can be intimidating for a lot of people. In case you cant find any email from our side, please check the spam folder. 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. Stephanie Cohen Global Head of Platform Solutions February 2023. We recommend using Google Chrome, Mozilla Firefox, Apple Safari, or . Prior to her current role, Stephanie drove strategy, M&A, strategic investing, and partnerships as the firms chief strategy officer. 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. 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.' Whether thats direct disbursements in our loans, meaning when you sign up for a Marcus loan, we can directly pay off your other debts. Yeah. Stephanie Cohen: Which is that theres a specific type of customer thats the Marcus customer. 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. Jennifer Tescher: And so we created Launch with GS, which was our commitment to closing the diversity investing gap, where we said we were going to invest in companies founded, owned and led by diverse founders and diverse management. By years end, 40% of its employees were working in those locations, the company said. STEPHANIE COHEN, GLOBAL HEAD OF PLATFORM SOLUTIONS, 45. 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. And I remember these moments of falling really hard and your parents, your coach is like, Oh my. And its been so fascinating to watch the frankly, explosive growth of the business. 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. Wow. 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. They are not only of course the right thing to do, but it is the only way to run the business. 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. 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. And so the main thing Im focused on is people internally and externally. Stephanie Cohen is joining Goldman's most elite tier, as its youngest banker | Mint Get 60% off on Mint+The Economist Gainers & Losers Fri Feb 17 2023 15:29:29 Top Gainers Top Losers Home /. Goldman Sachs Group Inc's Chief Executive David Solomon and top executives will give investors an update on their strategy on Tuesday. This is a subscriber only feature Subscribe Now to get daily updates on WhatsApp. 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. You can connect with me on Twitter @JenTescher. And this kind of idea of people wanting to experience financial services deeply embedded into ecosystems rather than being this separate action. In January 2021, she was appointed global co-head of consumer and wealth management. And the thing I say all the time is that you cant talk about these things in two different places. 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. 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. And so I would expect that some of this will end up being, as you said, not necessarily directly, but through partners. You mentioned the Apple card. 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 Executive Summary Primary drivers Key focus areas INVESTOR DAY 2023 PLATFORM SOLUTIONS . And then as you mentioned, we have a digital consumer bank. 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. The phrase is often used as company jargon for a sale or merger. 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. Ms. Cohen was Sector Captain for General Industrials in the Global Industrials Group and a member of the M&A Group in IBD. Marcus. And that starts with our own people. This account of her ascent is based on interviews with people whove worked with Cohen, who asked not to be named discussing their interactions. And what are we trying to become? She dug into the bones of the deal and was very compelling.". 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. Natalie Walters, Business reporter. She 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. And just a few weeks ago, she was asked to jointly lead the banks global consumer and wealth management division. Explore how to make financial services a force for good. 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. 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 . Because consumer banking has been around for a really long time. Copyright 2022 HT Digital Streams Ltd All Right Reserved. And so this real focus on execution, which I no doubt learned by being a mergers and acquisitions banker inside of Goldman Sachs. 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 the question is, how do you do that at scale? 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. Ms. Cohen serves on the National Board of Directors of CollegeSpring and as a member of the Board of Quill.org. She is also a Global Executive sponsor of the Women's Network. Goldman also will provide six student scholarships for $10,000 each at UTD over the next three years. Marcus is Goldman's digital-first consumer bank, offers customers saving accounts, personal loans and investment advisory services. And theres a way to do that for a Marcus customer, but maybe theres over time a different way to do that for a General Motors customer or others that we partner with. To read our full stories, please turn off your ad blocker.We'd really appreciate it. He will report to Stephanie Cohen, Goldman's global co-head of consumer and wealth management. Wells Fargo's asset cap has been in place for fi ve years, and there's no end in sight. Jennifer Tescher: 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. How do you look at the data in a way that really helps you? And then we did the Apple card. She is also a member of the Partnership Committee, Global Diversity Committee, Firmwide Enterprise Risk Committee and Firmwide Finance Committee. Feb 2, 2021, 8:42 AM. 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. No question. Your session has expired, please login again. Copyright HT Digital Streams Limited All rights reserved. "We have 500 corporate clients, and we have the ability to provide financial wellness to all levels of employees," she said. Jennifer, it is great to be here. How we set it up made it easier for them and then how it affected their lives going forward. Stephanie Cohen: 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. Goldman Sachs has created a new consumer and wealth management division co-led by Stephanie Cohen. She is a key architect of the bank's . Stephanie Cohen, head of platform solutions, said scale would help the business reach profitability by 2025. And the reason why we decided now was the right time for Goldman Sachs is because one, technology. And so the next question is, how do you listen to the data? And there are so many different organizations and Jen, your organization is one of them where, how can we all work together to try to fix this? And so I would be that person that was like, Please just explain this to me from the base level. And when you get to that base level, you actually start to understand not only the products and how theyre all executed, but how it affects an end customer. Earlier in her career, Ms. Cohen worked in New York in the M&A department. Goldman Sachs Group Inc. named John Mallory and Meena Flynn as co-heads of global private wealth management, a business that's key to the bank's aim to diversify revenue streams beyond its core. Jennifer Tescher: And what were hoping with Marcus Invest is through the content and through the ease with which people can go through the signup process and then the investment process, people are going to be able to interact with an investing in a way thats understandable, but also is going to help them achieve whatever financial goals that they have. 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. How big the Dallas operation will get is a source of regular speculation in the North Texas real estate community. Stephanie Cohen: Goldman Sachs. 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. 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. Speaker Bio: Stephanie Cohen is Goldman Sachs' Chief Strategy Officer and a member of the Management Committee. Updated Jan. 17, 2017 9:10 pm ET. Instead, I found it really helpful to look at a, people and look for things that I like or relate to. And then to your point, the clients and the customers in those businesses that were ultimately serving. Flagstar Bank launches its next mortgage-tech accelerator while Walmart and Citi partner on a supplier loan program. We do it externally. In this article that I had written, I talked about how originally, the mob was after Wall Street, if you will. In so many ways. She is also a Global Executive Sponsor of the Women's Network and a member of the Management Committee, the most senior governing leadership body at the firm. Great. Stephanie, welcome to Emerge Everywhere. 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. And you asked me about the focus. 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. She also serves as trustee for the Board of The Economic Club of New York. 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. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. 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. Stephanie Cohen is Global Head of Platform Solutions and a member of the Management Committee. 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. 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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. 2021, ``ENVIRONMENTAL JUSTICE FOR ALL ACT'' ===== LEGISLATIVE HEARING before the COMMITTEE ON NATURAL RESOURCES U.S. HOUSE OF REPRESENTATIVES ONE HUNDRED SEVENTEENTH CONGRESS SECOND SESSION _____ Tuesday, February 15, 2022 _____ Serial No. And so I would really, I would kind of exclamation point on that point. 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. Stephanie Cohen: Her appointment this summer to Goldman Sachs' management committee made her its youngest member. 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. There werent a lot ofinvestment bankers that looked like me. Cohen is a Goldman Sachs lifer who started at the bank as an analyst back in 1999, spending time in New York and San Francisco. 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 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. In mid-July, the company announced it will promote David Solomon to succeed Lloyd Blankfein as chief executive officer. We have more than 7,500 people in our division globally. 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. Jennifer Tescher: Theres a savings portion of Marcus. They most recently attended, or will attend, Money 20/20 USA 2021 on Oct 24, 2021 . See you next time. Financial Health Pulse 2022 Chicago Report, Jennifer Tescher | Leaning Forward for FinHealth. Mr Solomon teased a sale, saying Goldman was exploring "strategic alternatives". Stephanie Cohen has been at Goldman Sachs for more than 23 years. And so now one of the things, weve tried and a new skill actually inside of Goldman, which is this experimentation. 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. Yeah. 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. And so in skating you fall all the time. Become a business insider with the latest news. By the way, a lot of people who spend their careers in financial services. Talk to me a little bit about how thats happened. Predict the closing value of sensex and win free subscription. Jennifer Tescher: To further the bank's efforts to become a Main Street lender, Goldman now offers credit cards and buy now/pay later options for consumers. And thats really the most exciting thing about being able to run this division. And the question, which is kind of an obvious question is why now? The latest group includes 32 white men, giving them a 53 per cent share of the promotions, the demographic's smallest representation on record. Now weve put a bunch of features into our products to help people make better decisions. 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. On September 29, 2020 . 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. I love it and its the advice I give people all the time. Its complicated. 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. 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. A great question. Diversity, equity and inclusion are core to our mission, see why. And hopefully again, thats millions of customers that we will speak to and we can be helpful to. 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. Listening is the most important thing that I do. And we think it does help people better manage their finances. And I think in some ways, this podcast is an outgrowth of my curious nature. This copy is for your personal, non-commercial use only. . Some there have earmarked her as a candidate to become the first woman to lead the investment banking division, the banks most profitable arm. The bureaucratic asterisk is likely meant to avoid upsetting senior executives whove spent much longer trying to get on the panel, without luck. 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. In her new role overseeing consumer and wealth management for the organization, she shepherds a vision for diversity and inclusion that prioritizes broad consumer access to high-quality financial solutions. Stephanie Cohen is one the bank's highest-ranking female . 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. 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. Yeah. But in Marcus and in consumer, we want to bring the best of Goldman Sachs capability to them directly on their phone, wherever they are and however they want to be served. In January 2021, she was appointed global co-head of consumer and wealth management. Secondly, culturally. 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. 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. "They are like-minded brands that are meeting people where they are," Cohen said. I was a big bank diversity hire. 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. And of course, people want access to an advisor. The business is not yet profitable but is expected to hit revenue of $4 billion by 2024, she said. If her tenure there is successful, it could pave the way for Cohen to make history at the firm. And I talked to you about three things that I think have helped me and the teams around me be successful. 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. Stephanie Cohen, MFT is a specialist in Psychiatry: Child/Adolescent who has an office at 710 S Broadway Street, Walnut Creek, CA 94596 and can be reached at 1-925-295-4145. Im glad youre drilling in on it. Shared by Stephanie Cohen At a critical moment for women's and family health, I am proud to share news of Maven Clinic's Series E, led by General Catalyst. The company had previously partnered on its credit cards with Barclays. You, it turns out I learned, were once a competitive figure skater growing up. Wow, this is so devastating. Oops! Stephanie Cohen is Global Head of Platform Solutions and a member of the Management Committee. Yeah. Goldman plans to add checking to Marcus later this year but doesnt have a set date, Cohen said. Stephanie Cohen: I know many of them, but it says something entirely different to have someone at the operating committee level. This has been EMERGE Everywhere, a Financial Health Network production. We're getting to the moment where we can help someone holistically manage their financial lives," Stephanie Cohen,. But she is quick to point out that this is no PR ploy on behalf of the bank: "This is not philanthropy. 2021-11-30T13:05:49.103Z. And what were doing in our division is we do it a couple of different ways. And that we were going to build an ecosystem around it. 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.