By years end, 40% of its employees were working in those locations, the company said. 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 . 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. This is good-return investing.". Natalie Walters, Business reporter. 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. To order presentation-ready copies for distribution to your colleagues, clients or customers visit http://www.djreprints.com. Stephanie Cohen: She is now even given the place at the top of the bank. Marcus. Prior to her current role, Stephanie drove strategy, M&A, strategic investing, and partnerships as the firms chief strategy officer. Voice of Experience: Stephanie Cohen, Managing Director, Goldman Sachs And hopefully again, thats millions of customers that we will speak to and we can be helpful to. Profile of Stephanie Cohen, Goldman Sachs Consumer and Wealth - Insider Certainly youre gifted and talented. Goldman Sachs CEO David Solomon fends off attacks over Marcus flop Learn more about Marcus by Goldman Sachs and check out additional episodes of EMERGE Everywhere. Stephanie Cohen: "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 . Apple 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? My guest today is one of the most powerful women on Wall Street. Stephanie Cohen to co-head consumer and wealth management at Goldman Stephanie Hui, Head of Merchant Banking [], Goldman Sachs But she really got it. Kristin Broughton Reprint For reprint and licensing requests for this article, click here. because investing and helping companies grow is our business," Stephanie Cohen, Goldman Sachs' chief strategy officer . We've detected you are on Internet Explorer. The caucus started as a small gathering a decade ago organized by Stephanie Cohen then an up-and-coming banker at Goldman Sachs, who was vexed by the chummy boys network thats long dominated the business of guiding mergers and acquisitions. Stephanie Cohen has participated in 2 events. Goldman Sachs is exploring "strategic alternatives" for its nascent consumer banking business. By the way, a lot of people who spend their careers in financial services. Goldman Sachs Group 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. And the reason why we decided now was the right time for Goldman Sachs is because one, technology. Jennifer Tescher: In the latest in a rapid career of. And that starts with our own people. Stephanie Cohen - Global Head, Goldman Sachs Platform Solutions March 02, 2023, 14:16 IST. 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 weve turned that into a lot of different financial products, but the reality is were just trying to solve those problems for consumers. Goldman Sachs mulls deal options after consumer flop How big the Dallas operation will get is a source of regular speculation in the North Texas real estate community. New York: The venue was the Gotham Club an exclusive den inside the San Francisco Giants home stadium. Natalie is an award-winning reporter who covers banks, crypto, fraud, deals and other money topics for The Dallas Morning News. Its important, but the world is changing so fast that just being someone who analyzes whats happened historically and trying to put that on the future, I think doesnt really work. Goldman Sachs | In The News - Closing the Gender Investing Gap Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. That makes a lot of sense. If her tenure there is successful, it could pave the way for Cohen to make history at the firm. to talk about career, money and life. I know many of them, but it says something entirely different to have someone at the operating committee level. Where does the bank and the Fed go from here? 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 my mom who is a history teacher at some point and really cares about history and I love history and read it. <p><img src="https://static1.businessinsider.com/image/5c40b6cbb492cb3ebd48300a-2400/gettyimages-1048898186.jpg" border="0" alt="Goldman Sachs CEO David Solomon" data . Wells Fargo, eyeing growth in credit cards, lands hotel chain as partner, First Foundation row with Abbott Cooper moves closer to court, Senate Banking Republicans warn Fed not to go too far in capital review, Fed's Bowman: Regulators should monitor Treasuries market function, Flagstar gives $1 million to fix appraisal industry's lack of diversity, What banks need to know about the White House's cybersecurity strategy. So I heard you mention that youre getting ready to add a set of investment tools for Marcus customers and that makes me think about what weve been witnessing over the last couple of weeks with the GameStop frenzy. You can use that as something that bothers you, or you can use that as a point of differentiation. In brief remarks about the Federal Reserve's handling of COVID-19 crises, the governor said the central bank's asset-buying program is taking longer to unwind than its emergency lending facilities. Jennifer Tescher: Stephanie Cohen Global Head of Platform Solutions February 2023. Stephanie Cohen has been at Goldman Sachs for more than 23 years. Earlier in her career, Ms. Cohen worked in New York in the M&A department. 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 its also, I think, no accident that youve also been anointed to the operating committee. Below are steps you can take in order to whitelist Observer.com on your browser: Click the AdBlock button on your browser and select Don't run on pages on this domain. Its not a one size fits all product and solution. And so I think its embedded in your question, but I think its a fair question. David Solomon says Goldman Sachs is exploring 'strategic alternatives 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. 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. Talk to me a little bit about how thats happened. I mentioned at the top, youre the youngest member of the banks management committee. Im wondering how youre viewing that experience in light of the coming launch of these new products for Marcus customers? A step-by-step guide for HR professionals. And we think it does help people better manage their finances. She is the daughter . H.r. 2021, ``Environmental Justice for All Act'' PDF Investor Day: Platform Solutions And then weve also done that with Walmart and Amazon in terms of providing credit to their merchants. It was a pre-COVID time period. But advertising revenue helps support our journalism. Money 20/20 USA 2021 Speaker Oct 24, 2021 And so in skating you fall all the time. She graduated cum laude from New York University and received an M.B.A. in May from Indiana University. She went on to a more traditional M&A role in the industrials team. Im glad youre drilling in on it. Marcus is Goldman's digital-first consumer bank, offers customers saving accounts, personal loans and investment advisory services. You can learn more about how we use cookies by reviewing our Privacy Policy.Dismiss, Global Co-Head of Consumer and Wealth Management. 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. 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. Inside a massive transformation at powerhouse Wall Street bank Goldman We call those businesses, private wealth management and personal financial management. Ms. Cohen serves on the National Board of Directors of CollegeSpring and as a member of the Board of Quill.org. In January 2021, she was appointed global co-head of consumer and wealth management. Explore how to make financial services a force for good. Yeah. Goldman named 60 new partners on Thursday. And in order to do that, youve got to do a couple of things. 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. https://www.barrons.com/articles/barrons-100-most-influential-women-in-u-s-finance-stephanie-cohen-51615543200. You went there right out of graduating from the University of Illinois and youve experienced a tremendous amount of success. 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? The regions tech workforce is projected to expand 17% over the next decade. Goldman Sachs discreetly seeks volunteers for Florida office; Dallas 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 High. Goldman Sachs Names Stephanie Cohen as Head of Strategy In August, The Dallas Morning News reported that Goldman is eyeing a new skyscraper project on the edge of downtown Dallas as a location for up to 6,000 workers. You pack a lot into a day. This copy is for your personal, non-commercial use only. The business is not yet profitable but is expected to hit revenue of $4 billion by 2024, she said. The . As an investment banker for close to 20 years, my presence in board rooms was often an anomaly. Its the ultimate man-cave. 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. The banking industry appears to be stuck when it comes to diversifying the leadership ranks. 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. 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 . We obviously have a lot going on and were excited about so many things and hopefully we get to talk about them, but what Im most looking forward to and where were spending most of our time is of course on people because were the division that focuses on people. To learn more about the work and research we do, please visit emerge.finhealthnetwork.org. 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. Got it. And so I did that and I mirrored that with my people. Theyre sitting there every day and theyre trying to figure out how they can do things in a really complex financial world that are simple and transparent and valuable. Hier kommt Frau Goldman Sachs. I think I learned that at a really young age. And I think in some ways, this podcast is an outgrowth of my curious nature. 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. The reality is that investing can be intimidating for a lot of people. Copyright HT Digital Streams Limited All rights reserved. The Guys From 'Government Sachs' - The New York Times . The strategy document identifies potential avenues for cutting cybercriminals off from financing, as well as other actions banks can take. 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. But by the way, you cant do that always at scale. Here are her five best pieces of advice on work and personal finance for professional women. Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. And I have to say, I was a little bit surprised that that was the book you chose. 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. Stephanie joined Goldman Sachs as an analyst in 1999, was named managing director in 2008, and became a partner in 2014. Stephanie Cohen, cohead of Goldman's consumer and wealth group, is the only woman heading one of the bank's primary business divisions. 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. If they want to build companies that are going to succeed, having diverse voices around the table is one of the most important things that they can do. Goldman taps former Uber executive to lead its consumer bank Now I have to turn the conversation a little bit back to you for a minute, because youre a lifer at Goldman Sachs. Ms. Cohen, also 32, is an independent marketing consultant in Chicago. Change is underway in the financial services industry and it's disrupt or be disrupted. Alan Cohen, Goldman Sachs Group Inc.'s head of compliance and the longest-serving internal cop on Wall Street, is vacating his seat after 13 years. "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. 117-14 _____ Printed for the use of the Committee on Natural . And if you look at those businesses, the thing that we have focused on in those businesses is providing holistic advice to individuals and to families and to helping them get the right diversified portfolio for them. 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 what were doing in our division is we do it a couple of different ways. Cohen declined to give projections for growth in Dallas or say whether Goldman is considering such a move. 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. Since the start of this year, Cohen has also transitioned from investment banking to serve as the bankschief strategy officer,leading a team that decides where the bank should pursue new lines of business. And were going to be better if we do that. The bureaucratic asterisk is likely meant to avoid upsetting senior executives whove spent much longer trying to get on the panel, without luck. Cohen joined Goldman Sachs as an Analyst in 1999, was named Managing Director in 2008 and Partner in 2014. 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. Before that, she was the firm's Chief Strategy Officer, where she drove strategy, Mergers & Acquisitions (M&A), strategic investing and partnerships for the firm. Before that, she was Global Head of Financial Sponsor M&A in the Investment Banking Division (IBD). And so thats really what were trying to do with what were doing in consumer and in Marcus. Youre just one more inch and I would have landed that jump. 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.. Its been really fun getting to know all of them. This copy is for your personal, non-commercial use only. And the idea really brings together the reason by the way, why we have our consumer and wealth management businesses all together. By doing that, you can actually, authentically be the person you want without assuming that you have to be someone else., Sam Bankman-Frieds Deceptions Allegedly Include Millions in Illegal Campaign Contributions, The Fed Raises Rates as Expected, But Spooks Investors With a Gloomy Forecast, Meta Is Sued for Allegedly Profiting From Hateful Content on Facebook in Ethiopia, Twitter Suspends @ElonJet, the Account Tracking Musks Private Flights. [House Hearing, 117 Congress] [From the U.S. Government Publishing Office] H.R. Not much is scary after that. A lot of investment bankers have the attention span of a gnat," said Stephen DeFalco, who was the CEO of Crane & Co. before Goldman Sachs helped sell the company. Im certain that I had it before, but its really deeply ingrained in the Goldman Sachs culture, but I happen to naturally be, I guess what Adam Grant would describe as a giver. 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. Goldman also will provide six student scholarships for $10,000 each at UTD over the next three years. But in July of this year, she scored a seat on the banks most elite decision-making team, a 33-person management committee appointed by new CEODavid Solomon. And its been so fascinating to watch the frankly, explosive growth of the business. Youve mentioned the fact that soon youre going to be launching a new set of investment options and opportunities. Welcome to EMERGE Everywhere. Im excited to see how that develops. Ms. Cohen was Sector Captain for General Industrials in the Global Industrials Group and a member of the M&A Group in IBD. Actually, I got on a plane a lot. 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. In case you cant find any email from our side, please check the spam folder. And we think that this is a great way for people to think about investing. and Theres just so many things that you learn from the richness of those individual conversations. Most Powerful Women in Finance: No. 17, Goldman's Stephanie Cohen Cohen drives strategy, Mergers & Acquisitions (M&A . Stephanie Cohens first 15 years at Goldman Sachs, her career ladder didnt look much different than that of a typical investment banker. Goldman Sachs 209K subscribers Subscribe 4.6K views 5 years ago Despite China's macro headwinds, Stephanie Hui, head of the Merchant Banking Division in Asia Pacific Ex-Japan, identifies the. Im actually a former journalist. Were looking for mission-driven people to join our team. And I love learning. 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. The phrase is often used as company jargon for a sale or merger. I was a big bank diversity hire. After getting an offer to work at Goldman Sachs in investment banking out of school, she thought she would work there for two years and then attend law school. NY Post Receives Flak for Calling Potential Successor to Goldman Sachs We could have a whole conversation you and me, just on this topic so lets do that another time. Jennifer Tescher: Stephanie Cohen: And I raise all of that because its really important that this idea of inclusion and diversity gets to every level of the organization and people realize how deeply embedded it is in your business and your strategy and Launch with GS is an example of, the board initiative is an example, but there are many others. Stephanie Cohen: 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. Collage of David Solomon . POWER Series: Stephanie Cohen - YouTube Yeah. And so I would expect that some of this will end up being, as you said, not necessarily directly, but through partners. 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. Its going to be two this year. 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. How has that influenced you? When Goldmans board gathered on the West Coast in late June, she gave a presentation on that groups work. Goldman Sachs has tapped a former Uber executive to lead its fledgling consumer banking division, .
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