These stories and more in banking news this week. I really enjoyed hearing about how you go about listening. 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. An error has occurred, please try again later. Text. The phrase is often used as company jargon for a sale or merger. 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. Youre just one more inch and I would have landed that jump. Remove some to bookmark this image. That thats clearly a very important part of your role and has been. 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. And that we were going to build an ecosystem around it. 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. Mr . You can learn more about how we use cookies by reviewing our Privacy Policy.Dismiss, Global Co-Head of Consumer and Wealth Management. Copyright HT Digital Streams Limited All rights reserved. Stephanie Cohen, a merger banker who has spent the past few years doing deals for private-equity firms and other big investors, will replace Stephen Scherr, who has held the role since 2014,. More than 90% of appraisers are white, and researchers have found that bias leads to lower valuations for homeowners of color. Senior Editor, Women's Programs, American Banker. Do you have any ideas or things youve thought about in terms of how to leverage your capabilities in this regard? Prior to her current role, Stephanie drove strategy, M&A, strategic investing, and partnerships as the firms chief strategy officer. . Ms. Cohen was Sector Captain for General Industrials in the Global Industrials Group and a member of the M&A Group in IBD. 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. See you next time. And my mom who is a history teacher at some point and really cares about history and I love history and read it. The company had previously partnered on its credit cards with Barclays. "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 . Internet Explorer is no longer supported on our website. A great question. 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. She also serves as trustee for the Board of The Economic Club of New York. Yeah. More on Stephanie. She dug into the bones of the deal and was very compelling.". And I have to say, I was a little bit surprised that that was the book you chose. Natalie is an award-winning reporter who covers banks, crypto, fraud, deals and other money topics for The Dallas Morning News. Goldman Sachs managers say one takeaway of the pandemic. 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. Now weve put a bunch of features into our products to help people make better decisions. If you liked this episode, please review the show and subscribe wherever you get your podcasts. Earlier in her career, Ms. Cohen worked in New York in the M&A department. Im Jennifer Tescher, and Id love to hear your ideas for future guests and your reactions to the show. You started out with a very simple proposition, which was, lets help you refinance the credit card debt you have and really make sure that were doing that in a high quality way that really puts the customer at the center. 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. We do it externally. 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. . Im Jennifer Tescher, journalist turned financial health champion. 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. And by the way, how it made them actually better customers over time, because we got them through a really tough period. Dive Brief: Goldman Sachs on Tuesday named Stephanie Cohen co-head of the bank's consumer and wealth management business, making the 43-year-old arguably the most powerful woman at the company, and the first woman to lead a Goldman division since trading co-chief Isabelle Ealet left the bank in 2018, Bloomberg and the Financial Times reported . This is good-return investing.". Speaker Bio: Stephanie Cohen is Goldman Sachs' Chief Strategy Officer and a member of the Management Committee. 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. 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. She went on to a more traditional M&A role in the industrials team. Youve begun offering credit beyond debt consolidation. And so this real focus on execution, which I no doubt learned by being a mergers and acquisitions banker inside of Goldman Sachs. It had revenue of $1.5 billion in 2021. Close. Stephanie earned an AB in Biology, summa cum laude, from Harvard . She is also a Global Executive sponsor of the Women's Network. General Motors Stephanie Cohen: 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. 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. https://www.barrons.com/articles/barrons-100-most-influential-women-in-u-s-finance-stephanie-cohen-51615543200. 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 . Collage of David Solomon . Goldman named 60 new partners on Thursday. The bureaucratic asterisk is likely meant to avoid upsetting senior executives whove spent much longer trying to get on the panel, without luck. And that has definitely been sped up by whats gone on with COVID. 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. Stephanie Cohen: Cohens elevation to the committee followed just days later strong evidence she has the incoming CEOs confidence. Jennifer Tescher: Its not a one size fits all product and solution. They are Goldman Sachs customers. 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. . Getting out of our silos, hearing from other people, other perspectives we might not hear from otherwise and finding the interconnections. And were going to be better if we do that. 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. And in doing that, we want to fundamentally change the way people experience financial services and in doing that improve their lives. 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. By continuing to use our site you agree to our Terms of Use and Privacy Policy. And then we did the Apple card. And the thing I say all the time is that you cant talk about these things in two different places. 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 . 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. . 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. 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. Youve got to figure out whats important to you and what you really want to spendmoney on. How big the Dallas operation will get is a source of regular speculation in the North Texas real estate community. 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. You are now subscribed to our newsletters. 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. Jennifer Tescher: Jung, weiblich, Bankerin: Stephanie Cohen macht bei Goldman Sachs Karriere. I think Goldman has a growing number of excellent women at the firm. Now I have to turn the conversation a little bit back to you for a minute, because youre a lifer at Goldman Sachs. She was previously based in New York where she reported for The Motley Fool, TheStreet and Business Insider. We could have a whole conversation you and me, just on this topic so lets do that another time. 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. Jennifer Tescher: Diversity in the ranks at Goldman and at the companies it invests in is a priority for Cohen. And then as you mentioned, we have a digital consumer bank. Its really complex. 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. I mentioned at the top, youre the youngest member of the banks management committee. 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. It was in some respects kind of an embarrassing realization to have worked in financial services for almost two decades and to realize that I didnt understand how the financial system operated and there were really complicated parts of the financial system that I understood from a capital markets perspective, but from a day to day, how does an average American experience the financial services system? Measurement made easy for your organization. Jennifer Tescher: 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. 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. It'll just take a moment. Natalie Walters, Business reporter. Money 20/20 USA 2021 Speaker Oct 24, 2021 Stephanie Cohen is now the management committee's youngest, with the rare label of 'ex officio' member. By the way, a lot of people who spend their careers in financial services. The bank will aim to grow fees from asset and wealth management and drive better performance in its fintech unit, while taking more market share in its traditional powerhouses of trading and investment banking. 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. Goldman Sachs Group Inc will pump $500 million into companies led, . 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. Shes about 10 years younger than the average man already on the committee, after becoming a partner just four years ago. Jennifer Tescher: Dallas is quite central, Cohen said. The reality is that investing can be intimidating for a lot of people. Its a great point. Things like auto pay. Goldman also will provide six student scholarships for $10,000 each at UTD over the next three years. In case you cant find any email from our side, please check the spam folder. Which is that theres a specific type of customer thats the Marcus customer. Tell us a little bit about where you expect to focus most of your time and attention this year. The bank says the candidates failed to make full disclosures. Stephanie Cohen: Cohen, 41, joined Goldman Sachs in 1999 as an analyst and worked her way up in the investment banking division to managing director in 2008 and partner six years later. 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. She also spearheaded . I did that internally and I also did it externally. She is also a member of the Partnership Committee, Global Diversity Committee, Firmwide Enterprise Risk Committee and Firmwide Finance Committee. 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. This is a subscriber only feature Subscribe Now to get daily updates on WhatsApp. Chief Strategy Officer, Goldman Sachs Much has been made over the past few months about Stephanie Cohen's age. And you asked me about the focus. And we think it does help people better manage their finances. Stephanie Cohen is Goldman Sachs' Chief Strategy Officer and an Ex Officio member of the Management Committee. 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. Got it. 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. Great. and I do think were in this moment where thats this really perfect combination for the type of world that were in. 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 . 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. 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. Young, female, banker: Stephanie Cohen has made a career at Goldman Sachs. Goldman plans to add checking to Marcus later this year but doesnt have a set date, Cohen said. 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. And of course, people want access to an advisor. Before that, she was Global Head of Financial Sponsor M&A in the Investment Banking Division (IBD). We have the ability to have access to our clients in Texas but also more broadly across the United States and internationally. But she really got it. 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. And it will be interesting to think about how you leverage your vast capabilities and capital. 01 Mar 2023 02:08:06 And this year were going to launch Marcus Invest and checking and a credit card partnership with General Motors. That meant Cohen had to work closely with the then-CEO of the Fiat-Chrysler group, Sergio Marchionne, sometimes camping out for talks in Detroit or paying visits to the U.S. Treasury Department. They are part of Goldman Sachs and we are really excited to serve them with the best of Goldman Sachs digitally. Goldman Sachs consumer exec Stephanie Cohen explains why the Wall Street bank just inked a $2.2 billion home-improvement lending deal; . And then we have this great program where we work with companies on financial wellness for their employees and we call that Ayco. Dallas led all metropolitan areas in 2021 in net tech job growth, adding 5,321 positions, according to a new report by CompTIA, the nonprofit association for the information technology industry. When I walked into a board room, theyd expect a very tall man, but instead theyd get a relatively shortwoman. In mid-July, the company announced it will promote David Solomon to succeed Lloyd Blankfein as chief executive officer. 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. ", 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. As of February 2017, she continues to serve as an advisory director at Goldman Sachs, after retiring from leadership of its Global Markets Institute. 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. This copy is for your personal, non-commercial use only. He will report to Stephanie Cohen, Goldman's global co-head of consumer and wealth management. 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. And in order to do that, youve got to do a couple of things. We want to be the bank on your phone, she says. 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. In January 2021, she was appointed global co-head of consumer and wealth management. Some of that could be due to the fact that there are fewer women in venture capital and fewer women founders. 2021-11-30T13:05:49.103Z. The sale of that company, which has been making parts of the US currency bill going back to the 19th century, was among the last deals she worked on before moving to the executive suite. Theres a savings portion of Marcus. 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. How we set it up made it easier for them and then how it affected their lives going forward. Abby Joseph Cohen (born February 29, 1952) is an American economist and financial analyst on Wall Street. In the latest in a rapid career of. 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 did that and I mirrored that with my people. 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. Stephanie, welcome to Emerge Everywhere. She also serves as trustee for the Board of The Economic Club of New York. And so we think this idea of really starting with a clean sheet of paper and building financial services that puts the customer at the center, is something that we can do directly through Marcus and we can do through our partners. Already a member? 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. You pack a lot into a day. You mentioned the Apple card. 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.
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