Figuring out how what youre doing is affecting people. 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.' More on Stephanie. 1 Executive Summary Primary drivers Key focus areas INVESTOR DAY 2023 PLATFORM SOLUTIONS . Prior to that, Ms. Cohen was a Vice President in the Industrials and Merger Leadership Groups in San Francisco. In January 2021, she was appointed global co-head of consumer and wealth management. Most Powerful Women in Finance: No. 17, Goldman's Stephanie Cohen We want to be your primary bank. Well, I think Im biased, but I think I have the best job at Goldman Sachs. 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. 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. Kristin Broughton Reprint For reprint and licensing requests for this article, click here. Natalie is an award-winning reporter who covers banks, crypto, fraud, deals and other money topics for The Dallas Morning News. And I talked to you about three things that I think have helped me and the teams around me be successful. By the way, thats only been sped up over the last year or so, given everything thats gone on. By continuing to use our site you agree to our Terms of Use and Privacy Policy. Abby Joseph Cohen - Wikipedia And so, while theres a lot of sadness in that, were hopefully, the idea is turning that into opportunity. Goldman Sachs Group Inc's Chief Executive David Solomon and top executives will give investors an update on their strategy on Tuesday. Now I have to turn the conversation a little bit back to you for a minute, because youre a lifer at Goldman Sachs. Cohen, 41, joined Goldman Sachs in. I mentioned at the top, youre the youngest member of the banks management committee. 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. And by the way, how it made them actually better customers over time, because we got them through a really tough period. Youre one of the few women whos risen to that level. A step-by-step guide for HR professionals. 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? 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. Carter Johnson and Hayley Cuccinello. One, we want to be the bank on your phone. Voice of Experience: Stephanie Cohen, Managing Director, Goldman Sachs So much. And then weve also done that with Walmart and Amazon in terms of providing credit to their merchants. Shell be among seven women on the 33-person panel. Goldman Sachs banker's wife to get millions after divorce Its not a one size fits all product and solution. Jennifer Tescher: And one of the things that we kind of put out there in the wild was this idea of being able to pay your credit card bill multiple times a month in the Apple cart. Is the idea here that Marcus customers eventually become Goldman Sachs customers, if you will? 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. And so what were really saying is were really proud advocates for inclusive capitalism and theres no better way to do that than to serve millions of consumers. 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. 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. Goldman Sachs's CEO David Solomon concedes that some of his efforts to Im glad youre drilling in on it. Talk a little bit about how you do that as a leader. As founder and CEO of the Financial Health Network, Ive spent my career breaking down silos by engaging with innovators across industries, and now, Im sharing those conversations with you. 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 named 60 new partners on Thursday. Great. Goldman Sachs to invest $500 million in women-run companies 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.. You, it turns out I learned, were once a competitive figure skater growing up. 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. Updated Jan. 17, 2017 9:10 pm ET. And the question is, how do you do that at scale? There werent a lot ofinvestment bankers that looked like me. Jennifer Tescher: And so I did that. Goldman Sachs' Youngest Banker's Top 5 Career & Money - Observer Stephanie Cohen is Global Head of Platform Solutions and a member of the Management Committee. Goldman Sachs | In The News - Closing the Gender Investing Gap As an investment banker for close to 20 years, my presence in board rooms was often an anomaly. And I love learning. 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. 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. POWER Series: Stephanie Cohen - YouTube And in order to do that, youve got to do a couple of things. And the great thing about what were going to do with Marcus Invest and kind of in contrast to some of whats been going on over the last couple of weeks, is were going to take that capability, the capability to provide this diversified portfolio from our advisor led business into our digitally led business and really bring the best of Goldman Sachs capabilities and products to hopefully millions of consumers. Stephanie Cohen: She was previously based in New York where she reported for The Motley Fool, TheStreet and Business Insider. Stephanie Cohen: The strategy document identifies potential avenues for cutting cybercriminals off from financing, as well as other actions banks can take. Cohen is now the committees youngest, with the rare label of ex officio" member. Ms. Cohen, also 32, is an independent marketing consultant in Chicago. "They are like-minded brands that are meeting people where they are," Cohen said. 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. Yeah. Goldman Sachs managers say one takeaway of the pandemic. The bureaucratic asterisk is likely meant to avoid upsetting senior executives whove spent much longer trying to get on the panel, without luck. They most recently attended, or will attend, Money 20/20 USA 2021 on Oct 24, 2021 . Its been really fun getting to know all of them. It had revenue of $1.5 billion in 2021. She also spearheaded . Goldman Sachs Group wants to be your digital banker, and it has assigned the job to Stephanie Cohen, marking her second year on the Barrons list. 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. The second thing is this kind of get stuff done attitude. And the thing I say all the time is that you cant talk about these things in two different places. 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. Not much is scary after that. Do you have any ideas or things youve thought about in terms of how to leverage your capabilities in this regard? General Motors She dug into the bones of the deal and was very compelling.". Goldman Sachs to invest $500 mln in women-run companies In January 2021, she was appointed global co-head of consumer and wealth management. Download the Mint app and read premium stories. Chief Strategy Officer, Goldman Sachs Much has been made over the past few months about Stephanie Cohen's age. Theres a savings portion of Marcus. First, Goldman Sachs CEO David Solomon said it. Meet the forward thinking leaders challenging the status quo and unleashing creative new ways of improving financial health by seeing their customers, employees, and communities in 3D. Stephanie, welcome to Emerge Everywhere. My guest today is one of the most powerful women on Wall Street. And it will be interesting to think about how you leverage your vast capabilities and capital. Sign In. 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. Unfortunately, weve been getting to know most of them over Zoom, which is not nearly as much fun as getting to know people in person, but we get to visit peoples homes through Zoom and see their kids and their pets. Ihr wird inzwischen sogar der Platz an der Bank-Spitze zugetraut. Jennifer Tescher: We believe our investment in these strategic locations enables us to build centers of excellence around specific capabilities that support our business initiatives, the company said. "We have savings, lending, investing, and we're close to launching checking. How we set it up made it easier for them and then how it affected their lives going forward. 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 how do you feel about essentially being a change agent in this way? Tiger Trump and nothing to ex-husband Donald Trump. Well, I guess were not going to be on the human schedule because were in our fifth year, not quite adolescence, but as you said, time really does fly. I was a big bank diversity hire. Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. 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. LEADERS Interview with Stephanie E. Cohen, Global Co-Head of Consumer You mentioned Marcus, I think its fair to say that four plus years ago when Goldman Sachs launched Marcus, it wasnt exactly what anyone was expecting to have a titan of Wall Street, all of a sudden building a business to focus on the financial needs of everyday people. And my mom who is a history teacher at some point and really cares about history and I love history and read it. Financial Health Pulse 2022 Chicago Report, Jennifer Tescher | Leaning Forward for FinHealth. The Guys From 'Government Sachs' - The New York Times Stephanie Cohen: 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. And since then, youve begun offering all kinds of things. Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. He will report to Stephanie Cohen, Goldman's global co-head of consumer and wealth management. Cohen said Goldman has been focused on fortifying its relationships with universities to help attract engineering talent to D-FW. We call those businesses, private wealth management and personal financial management. [House Hearing, 117 Congress] [From the U.S. Government Publishing Office] H.R. In 2019, Goldman launched an Apple credit card, and last January it rolled out a GM credit card. 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. That makes a lot of sense. Natalie Walters, Business reporter. Internet Explorer is no longer supported on our website. 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. . Goldman now has credit-card deals with 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. The group, typically considered the killjoys within investment banking, have to tell senior bankers about the deals they cant pursue a tricky task in the best of times. 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. 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. 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. ", 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. Goldman Sachs consumer exec Stephanie Cohen explains why the Wall Street bank just inked a $2.2 billion home-improvement lending deal; .
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