Goldman Sachs to invest $500 mln in women-run companies Ultimately, I think thats, to your point on this moment in time, I think were in a place where the world is changing so fast that knowing every single about history is important. I really felt like I hadnt learned it. 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. Im doing it every day. Goldman chief executive David Solomon announced Tuesday that he has shuffled the executive ranks once again, this time making Stephanie Cohen co-head of the $2 trillion megabank's consumer. She started as an analyst in 1999 and has held a series of leadership positions in mergers and acquisitions. And what were doing in our division is we do it a couple of different ways. Most Powerful Women in Finance: No. 17, Goldman's Stephanie Cohen Wow. 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. He will report to Stephanie Cohen, Goldman's global co-head of consumer and wealth management. She also serves as trustee for the Board of The Economic Club of New York. We're getting to the moment where we can help someone holistically manage their financial lives," Stephanie Cohen,. Im wondering how youre viewing that experience in light of the coming launch of these new products for Marcus customers? Goldman Sachs | In The News - Closing the Gender Investing Gap These stories and more in banking news this week. 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. NEW YORK (Reuters) -Goldman Sachs Group Inc's Chief Executive David Solomon told investors on Tuesday the bank is considering "strategic alternatives" for its consumer arm, raising prospects for a . Goldman Sachs consumer exec Stephanie Cohen explains why the Wall Street bank just inked a $2.2 billion home-improvement lending deal; . Cohen, whos worked with large corporate clients including 3M Co. a relationship previously fostered by Solomon was named to the strategy post after Stephen Scherr, the previous mantle-holder, was tapped to build out the consumer-banking unit. Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. 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. Yeah. And besides those numbers being kind of horrific, they are a misallocation of capital. We want to be your primary bank. Click the AdBlock Plus button on your browser and select Enabled on this site. 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. 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. Shell be among seven women on the 33-person panel. And this kind of idea of people wanting to experience financial services deeply embedded into ecosystems rather than being this separate action. 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. Were really excited about our Marcus Invest launch and were really excited internally because it brings together the best of our wealth management business with the best of our consumer business. In the latest in a rapid career of. Youre just one more inch and I would have landed that jump. Goldman Sachs executive who led consumer banking launch set to depart 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. So much. Which is that theres a specific type of customer thats the Marcus customer. 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. Cohen is now the committees youngest, with the rare label of ex officio" member. Figuring out how what youre doing is affecting people. See our career opportunities. The reality is, theres basically two different states where people have some money and they either want to figure out a way to invest it or save it or spend it or they want to do something and they need to figure out how to pay for that. 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. Some of that could be due to the fact that there are fewer women in venture capital and fewer women founders. Explore how to make financial services a force for good. 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. It was a pre-COVID time period. Ive run, as you said, the consumer and wealth management business with my partner, Tucker York. Ms. Cohen serves on the National Board of Directors of College Spring and as a member of the Board of Quill.org. Its great for a woman to be achieving this level of success at Goldman and shes certainly capable of going further," Nugent said. . The bank says the candidates failed to make full disclosures. Key Takeaways From Goldman Sachs' Investor Day Goldman Sachs' Youngest Banker's Top 5 Career & Money - Observer 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. Im Jennifer Tescher, and Id love to hear your ideas for future guests and your reactions to the show. And my mom who is a history teacher at some point and really cares about history and I love history and read it. 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. Jennifer Tescher: Remove some to bookmark this image. There werent a lot ofinvestment bankers that looked like me. Getting out of our silos, hearing from other people, other perspectives we might not hear from otherwise and finding the interconnections. Goldman Sachs has chosen Stephanie Cohen as co-head of its consumer and wealth management . Finding Growth in China - Goldman Sachs' Stephanie Hui Because for us, this is a business and a strategic imperative. 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. PDF Investor Day: Platform Solutions That makes a lot of sense. Stephanie Cohen has been at Goldman Sachs for more than 23 years. Carter Johnson and Hayley Cuccinello. Some inside the bank wonder whether shes destined to rise even higher. The High. One Goldman Sachs go-to-market strategy combined with products developers love and can easily adopt 2 Business-to-business with innovative, client- and Stephanie Cohen: The Business Case for Inclusion Things like auto pay. Mr . They most recently attended, or will attend, Money 20/20 USA 2021 on Oct 24, 2021 . That theres sort of a graduation approach and that if I engage folks early with more basic financial products and services, theyll ultimately become the wealth management customers of tomorrow? 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. I know many of them, but it says something entirely different to have someone at the operating committee level. and 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. Stephanie Cohen: Yeah, I think its this idea of being a learner. And I talked to you about three things that I think have helped me and the teams around me be successful. 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. 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. If her tenure there is successful, it could pave the way for Cohen to make history at the firm. My guest today is one of the most powerful women on Wall Street. While wealth management services have been a mainstay for the 153-year-old investment bank, the shift to offering consumer banking happened less than six years ago. How we set it up made it easier for them and then how it affected their lives going forward. My Doctor Online | Stephanie Cohen - Kaiser Permanente 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? Natalie Walters, Business reporter. 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. Because consumer banking has been around for a really long time. And in order to do that, youve got to do a couple of things. 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).. Thank you for inviting me. She joined Goldman Sachs as an Analyst in 1999, was named Managing Director in 2008 and Partner in 2014. Goldman Sachs mulls deal options after consumer flop. It could be meal delivery services, paying for working out, or makeup and clothes. I used to get off the ice from practices and be soaking wet because you just are cleaning up the ice falling because its the only way to learn a new skill. 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. And were going to be better if we do that. Goldman Sachs is exploring "strategic alternatives" for its nascent consumer banking business. 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. Instead, I found it really helpful to look at a, people and look for things that I like or relate to. Updated Jan. 17, 2017 9:10 pm ET. In January 2021, she was appointed global co-head of consumer and wealth management. And so in skating you fall all the time. To read our full stories, please turn off your ad blocker.We'd really appreciate it. Jennifer Tescher: We recommend using Google Chrome, Mozilla Firefox, Apple Safari, or . I love that you had that visceral experience from the book and particularly given the role youre in now. Tiger Trump and nothing to ex-husband Donald Trump. Prior to assuming her current role, Ms. Cohen was Co-Head of the Consumer and Wealth Management Division. Jun 22 Stephanie Cohen: Chief Strategy Officer at Goldman Sachs. Stephanie Cohen, cohead of Goldman's consumer and wealth group, is the only woman heading one of the bank's primary business divisions. Stephanie Cohen: The world is awash in capital and you never see that. Shes about 10 years younger than the average man already on the committee, after becoming a partner just four years ago. Our people find Dallas a really, really great place to live and raise a family.. And by the way, how it made them actually better customers over time, because we got them through a really tough period. Outside of work, Cohen spends time with her husband and young son, who "helps me hone my negotiation skills," she laughs. 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. Global Financial Health Launch Decision: Send Em! The San Francisco bank entered into a multiyear partnership with Choice Hotels, which operates brands such as Radisson, Comfort and Econo Lodge. 1 Executive Summary Primary drivers Key focus areas INVESTOR DAY 2023 PLATFORM SOLUTIONS . Now I have to turn the conversation a little bit back to you for a minute, because youre a lifer at Goldman Sachs. Stephanie Cohen is one the bank's highest-ranking female . 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. 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. 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. terms: Goldman Sachs Banks Stephanie Cohen Succession. And so this real focus on execution, which I no doubt learned by being a mergers and acquisitions banker inside of Goldman Sachs. Goldman Sachs executives to rally investors in New York 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. 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. One, we have our advisor led businesses. 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. And of course, people want access to an advisor. Cindy Ord/Getty Images for Girlboss Rally NYC 2018. Cohen drives strategy, Mergers & Acquisitions (M&A . 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. Goldman Sachs CEO David Solomon fends off attacks over consumer banking Jennifer Tescher: 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. 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. Stephanie Cohen: 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 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. 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. 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. The phrase is often used as company jargon for a sale or merger. 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. 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. The business is not yet profitable but is expected to hit revenue of $4 billion by 2024, she said. She is one of seven women named on the committee and is 10 years younger than the average man on the team. And so, while theres a lot of sadness in that, were hopefully, the idea is turning that into opportunity. As an investment banker for close to 20 years, my presence in board rooms was often an anomaly. Theres a savings portion of Marcus. One, it affects how you manage your own people. 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. And just a few weeks ago, she was asked to jointly lead the banks global consumer and wealth management division. Goldman's Compliance Chief Moves On - WSJ More than 90% of appraisers are white, and researchers have found that bias leads to lower valuations for homeowners of color. And in doing that, we want to fundamentally change the way people experience financial services and in doing that improve their lives. 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. Your session has expired, please login again. 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. because investing and helping companies grow is our business," Stephanie Cohen, Goldman Sachs' chief strategy officer . Its a great point. How has that influenced you? Goldman Sachs picks first woman to run large division in years "We have savings, lending, investing, and we're close to launching checking. Stephanie Cohen: 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. 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. 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. This has been EMERGE Everywhere, a Financial Health Network production. 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. [House Hearing, 117 Congress] [From the U.S. Government Publishing Office] H.R. We have more than 7,500 people in our division globally. Youve begun offering credit beyond debt consolidation. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. 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. By continuing to use our site you agree to our. 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 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 /. I really enjoyed hearing about how you go about listening. There are places where theyre ahead and there are places where theyre behind and actually seeing that in a different environment, I think is another really interesting way to listen to what the world may become and to listen to ways that we can do things differently and better. The company had previously partnered on its credit cards with Barclays. Financial Health Pulse 2022 Chicago Report, Jennifer Tescher | Leaning Forward for FinHealth. 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. Kristin Broughton Reprint For reprint and licensing requests for this article, click here. And the question is, how do you do that at scale? I think Goldman has a growing number of excellent women at the firm. Apple Goldman now has credit-card deals with The banking industry appears to be stuck when it comes to diversifying the leadership ranks. In case you cant find any email from our side, please check the spam folder. Hier kommt Frau Goldman Sachs. And so what are we? 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. 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 . In the latest in a rapid career of promotions, Cohen, 43, took over as co-head of consumer and wealth management in January, overseeing consumer bank Marcus, which has racked up $97 billion in deposits. Sign In. wants to be your digital banker, and it has assigned the job to Stephanie Cohen, marking her second year on the Barrons list. 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. As the banks chief strategy officer, she brought clarity and focus, including a new commitment to diversity and inclusion. And then we have this great program where we work with companies on financial wellness for their employees and we call that Ayco. The Legacy of George Floyd: an Examination of Financial Services 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. Women. Stephanie joined Goldman Sachs as an analyst in 1999, was named managing director in 2008, and became a partner in 2014. 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. Dallas is now Goldmans second-biggest U.S. office outside of New York, surpassing Salt Lake City. To order presentation-ready copies for distribution to your colleagues, clients or customers visit http://www.djreprints.com. 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.
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