And in doing that, we want to fundamentally change the way people experience financial services and in doing that improve their lives. You can use that as something that bothers you, or you can use that as a point of differentiation. 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. Solomon, who recently laid off more than 3,200 workers in what was dubbed "David's Demolition Day," was pounded with questions from Wall Street analysts about the bank's . 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. They are part of Goldman Sachs and we are really excited to serve them with the best of Goldman Sachs digitally. 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. And so were not going to do that on our own. You went there right out of graduating from the University of Illinois and youve experienced a tremendous amount of success. As the banks chief strategy officer, she brought clarity and focus, including a new commitment to diversity and inclusion. And we think it does help people better manage their finances. It was a pre-COVID time period. The delicate transaction was a milestone in the carmakers comeback after the financial crisis. 1 Executive Summary Primary drivers Key focus areas INVESTOR DAY 2023 PLATFORM SOLUTIONS . Not much is scary after that. Stephanie Cohen is now the management committee's youngest, with the rare label of 'ex officio' member. 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. Ms. Cohen serves on the National Board of Directors of College Spring and as a member of the Board of Quill.org. Theres the customer calls, which I love listening to. 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 /. 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. Ive run, as you said, the consumer and wealth management business with my partner, Tucker York. You can connect with me on Twitter @JenTescher. 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. Yeah. Because you cant do things exactly the same way. Key deals there included Chryslers repayment of a loan from the US government, people familiar with the matter said, asking not to be identified discussing private information. And the reality is that is the right advice for our clients. Natalie Walters, Business reporter. We want to use simple, transparent and valuable products to help people manage their financial lives. 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. 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. How does this all fit together? We have the ability to have access to our clients in Texas but also more broadly across the United States and internationally. 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. Are you okay? And being really happy because you could tell that you were almost there. 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. Goldman Sachs is exploring "strategic alternatives" for its nascent consumer banking business. Thank you for inviting me. And hopefully again, thats millions of customers that we will speak to and we can be helpful to. 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. They are not only of course the right thing to do, but it is the only way to run the business. 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. 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. I suspect that theres only so far a brand like Marcus can go in terms of meeting the needs of underserved consumers. Jennifer Tescher: By the way, a lot of people who spend their careers in financial services. By continuing to use our site you agree to our. I think Goldman has a growing number of excellent women at the firm. The company had previously partnered on its credit cards with Barclays. Upon arriving, her trajectory changed, and she has remained at the firm for over two decades in a variety of roles. Jennifer Tescher: 01 Mar 2023 02:08:06 Prior to assuming her current role, Ms. Cohen was Co-Head of the Consumer and Wealth Management Division. And so the main thing Im focused on is people internally and externally. Remove some to bookmark this image. Youre one of the few women whos risen to that level. 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. Im Jennifer Tescher, journalist turned financial health champion. You can learn more about how we use cookies by reviewing our Privacy Policy.Dismiss, Global Co-Head of Consumer and Wealth Management. And so kind of being happy with that rather than it being a negative, it being a positive I think its one of the most important life lessons and figure skating teaches you that in spades. 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, 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. Jennifer Tescher: Cohens elevation to the committee followed just days later strong evidence she has the incoming CEOs confidence. Become a business insider with the latest news. Some inside the bank wonder whether shes destined to rise even higher. ", 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. Internet Explorer is no longer supported on our website. Stephanie Cohen has participated in 2 events. We want to be the bank on your phone, she says. And just to go back to your very specific question on are we trying to take these customers and turn them into Goldman Sachs customers? And then weve also done that with Walmart and Amazon in terms of providing credit to their merchants. 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. Prior to that, Ms. Cohen was a Vice President in the Industrials and Merger Leadership Groups in San Francisco. Goldman Sachs consumer exec Stephanie Cohen explains why the Wall Street bank just inked a $2.2 billion home-improvement lending deal; . 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. Change is underway in the financial services industry and it's disrupt or be disrupted. Marcus. 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. Stephanie is head of Private Equity in Asia and global co-head of Growth Equity within Goldman Sachs Asset Management. Stephanie Cohen: When I started as chief strategy officer, I had, of course that realization that you said exactly, which is okay, Ive been at Goldman Sachs 17, 18 years and Ive been sitting in the investment bank and Ive learned a lot, but there is a lot about what we even do at Goldman Sachs that I dont understand. Goldman Sachs Group Inc will pump $500 million into companies led, . Stephanie Cohen: Stephanie Cohens first 15 years at Goldman Sachs, her career ladder didnt look much different than that of a typical investment banker. Cohen declined to give projections for growth in Dallas or say whether Goldman is considering such a move. 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. "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. 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. 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.. I didnt have that term before, but as a giver. We'll send you a myFT Daily Digest email rounding up the latest Goldman Sachs Group news every morning. 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. But she doesn't see what the fuss is about. This has been EMERGE Everywhere, a Financial Health Network production. Ms. Cohen was Sector Captain for General Industrials in the Global Industrials Group and a member of the M&A Group in IBD. In 2019, Goldman launched an Apple credit card, and last January it rolled out a GM credit card. Great. And weve turned that into a lot of different financial products, but the reality is were just trying to solve those problems for consumers. And so thats really what were trying to do with what were doing in consumer and in Marcus. 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. One Goldman Sachs go-to-market strategy combined with products developers love and can easily adopt 2 Business-to-business with innovative, client- and 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. Theres just so many things that you learn from the richness of those individual conversations. 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. Yeah. Cohen, 41, joined Goldman Sachs in. We want to be your primary bank. Do you have any ideas or things youve thought about in terms of how to leverage your capabilities in this regard? Carter Johnson and Hayley Cuccinello. Stephanie Cohen is Goldman Sachs' Chief Strategy Officer and an Ex Officio member of the Management Committee. In less than a year, Goldman Sachs has grown its North Texas presence from more than 2,000 employees to nearly 4,000. 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. 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 reading The Unbanking of America was kind of an emotional journey for me, which was that I cant believe I dont know this. 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Goldman named 60 new partners on Thursday. But then there are customers that are General Motors customers and that are Apple customers and that thats much broader and what do they need? Jennifer Tescher: 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. Stephanie joined Goldman Sachs as an analyst in 1999, was named managing director in 2008, and became a partner in 2014. They most recently attended, or will attend, Money 20/20 USA 2021 on Oct 24, 2021 . And I think theres a lot to learn about how culture builders do that, because I think a lot about the importance of stepping outside of our silos, that thats where, and that relates to the comments that you made about diversity. Our vision for this is that in the same way that we have developed a really good talent base in places like London and Hong Kong and New York, where people come to Goldman Sachs in order to work in finance and investment banking, I think there will be people who come to Dallas who want to work in fintech and want to do that at Goldman Sachs, said Cohen, who moved to Dallas from New York in August to lead the companys growth. The High. Im a big question asker too. Jennifer Tescher: So much. Got it. Earlier in her career, Ms. Cohen worked in New York in the M&A department. We get it: you like to have control of your own internet experience. And its been so fascinating to watch the frankly, explosive growth of the business. Jennifer Tescher: When Goldmans board gathered on the West Coast in late June, she gave a presentation on that groups work. Then President John Waldron repeated it. And how can we serve them? See our career opportunities. And so hopefully people see when they go on our app or go on our website, that our language is easy to read and clear. 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. Cohen is now the committees youngest, with the rare label of ex officio" member. And so in skating you fall all the time. 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. 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. I suspect theres also something to it about the moment were living in, the era were living in. And I think in some ways, this podcast is an outgrowth of my curious nature. She went on to a more traditional M&A role in the industrials team. 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. 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? 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. Hier kommt Frau Goldman Sachs. 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. "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 . Jennifer Tescher: The bank says the candidates failed to make full disclosures. 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. Youve got to figure out whats important to you and what you really want to spendmoney on. 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 realizing through this conversation that youre really a culture builder. Its funny because as chief strategy officer, people do this, Do you sit around and just have really big thoughts? No, ideas are really nice, but its about execution. Ihr wird inzwischen sogar der Platz an der Bank-Spitze zugetraut. Now I have to turn the conversation a little bit back to you for a minute, because youre a lifer at Goldman Sachs. As an investment banker for close to 20 years, my presence in board rooms was often an anomaly. Shell be among seven women on the 33-person panel. 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. 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 . Prior to assuming her current role, Ms. Cohen was Co-Head of the Consumer and Wealth Management Division. And so we felt like now is the right time where we can then take our capabilities, which were you alluded to this, but our capabilities in technology, but we could do the consumer technology with a blank sheet of paper. 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. Stephanie Cohen quickly rose through the ranks at Goldman Sachs to become one of the youngest members of the banks senior leadership, joining just a small handful of women at that level. 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. Goldman plans to add checking to Marcus later this year but doesnt have a set date, Cohen said. And that has definitely been sped up by whats gone on with COVID. E ine Stunde mit . 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. And then we have this great program where we work with companies on financial wellness for their employees and we call that Ayco. CompTIA expects that to grow to nearly 7,700 net new positions this year, the fifth-highest total nationally. And so this real focus on execution, which I no doubt learned by being a mergers and acquisitions banker inside of Goldman Sachs. "We have savings, lending, investing, and we're close to launching checking. Getting out of our silos, hearing from other people, other perspectives we might not hear from otherwise and finding the interconnections. 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. Well, this is one of the most exciting versions of quote unquote embedded finance that Ive heard about in a long time. Wow, this is so devastating. Some of that could be due to the fact that there are fewer women in venture capital and fewer women founders. She joined Goldman Sachs as an Analyst in 1999, was named Managing Director in 2008 and Partner in 2014. . Its complicated. She also serves as trustee for the Board of The Economic Club of New York. Dallas is quite central, Cohen said. Well, I think Im biased, but I think I have the best job at Goldman Sachs. And I love learning. 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. 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. And you asked me about the focus. Unlike traders, who can shoot to prominence within Wall Street firms at a very young age, Cohens career tracked that of the typical banker, climbing to be managing director in the class of 2008. The world is awash in capital and you never see that. And then to your point, the clients and the customers in those businesses that were ultimately serving. Its great for a woman to be achieving this level of success at Goldman and shes certainly capable of going further," Nugent said. 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. 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 . I really enjoyed hearing about how you go about listening. In mid-July, the company announced it will promote David Solomon to succeed Lloyd Blankfein as chief executive officer. Stephanie Cohen has been at Goldman Sachs for more than 23 years. These stories and more in banking news this week. Natalie is an award-winning reporter who covers banks, crypto, fraud, deals and other money topics for The Dallas Morning News. Build a resilient workforce by prioritizing finhealth for employees. And so I found the book and it was incredibly interesting, but also devastating in so many different ways, because it was very clear that the financial system was not working for most people. An error has occurred, please try again later. Tell me more about that choice and sort of what youve learned from it. March 02, 2023, 14:16 IST. 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. Instead, I found it really helpful to look at a, people and look for things that I like or relate to. You should spendmoney on things that truly make you happy. <p><img src="https://static1.businessinsider.com/image/5c40b6cbb492cb3ebd48300a-2400/gettyimages-1048898186.jpg" border="0" alt="Goldman Sachs CEO David Solomon" data .
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