Ms. Cohen serves on the National Board of Directors of College Spring and as a member of the Board of Quill.org. Measurement made easy for your organization. Stephanie Cohen has participated in 2 events. One of the first people that called me after the announcement that I was going to be the co-head of this division, was a friend and they wanted help managing their financial lives, but not just theirs, but their family. And then we did the Apple card. This is good-return investing.". The second thing is this kind of get stuff done attitude. If her tenure there is successful, it could pave the way for Cohen to make history at the firm. "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. ", 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. Jennifer, it is great to be here. I love that you had that visceral experience from the book and particularly given the role youre in now. And I talked to you about three things that I think have helped me and the teams around me be successful. You, it turns out I learned, were once a competitive figure skater growing up. Theres just so many things that you learn from the richness of those individual conversations. Change is underway in the financial services industry and it's disrupt or be disrupted. Abby Joseph Cohen (born February 29, 1952) is an American economist and financial analyst on Wall Street. In January 2021, she was appointed global co-head of consumer and wealth management. You are now subscribed to our newsletters. And were going to be better if we do that. And this kind of idea of people wanting to experience financial services deeply embedded into ecosystems rather than being this separate action. 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. 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. Stephanie Cohen: 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? And just a few weeks ago, she was asked to jointly lead the banks global consumer and wealth management division. She is one of seven women named on the committee and is 10 years younger than the average man on the team. And how do you feel about essentially being a change agent in this way? Where does the bank and the Fed go from here? Im Jennifer Tescher, and Id love to hear your ideas for future guests and your reactions to the show. 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. Actually, I got on a plane a lot. She was previously based in New York where she reported for The Motley Fool, TheStreet and Business Insider. For example, theres a bunch of statistics showing that if you give people the option toinvest in a 401(k) plan, many people wont do it. Stephanie Cohen: Jennifer Tescher: 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. These stories and more in banking news this week. We want to use simple, transparent and valuable products to help people manage their financial lives. This has been EMERGE Everywhere, a Financial Health Network production. I really enjoyed hearing about how you go about listening. Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. 2021-11-30T13:05:49.103Z. Youve got to figure out whats important to you and what you really want to spendmoney on. 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. Goldman Sachs mulls deal options after consumer flop. 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. Stephanie Cohen, head of platform solutions, said scale would help the business reach profitability by 2025. Natalie is an award-winning reporter who covers banks, crypto, fraud, deals and other money topics for The Dallas Morning News. Which is that theres a specific type of customer thats the Marcus customer. Stephanie Cohen is Global Head of Platform Solutions and a member of the Management Committee. Stephanie Cohen is Goldman Sachs' Chief Strategy Officer and an Ex Officio member of the Management Committee. The delicate transaction was a milestone in the carmakers comeback after the financial crisis. This copy is for your personal, non-commercial use only. This is a subscriber only feature Subscribe Now to get daily updates on WhatsApp. 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. One, we have our advisor led businesses. Oops! And so thats really what were trying to do with what were doing in consumer and in Marcus. Jennifer Tescher: And then weve also done that with Walmart and Amazon in terms of providing credit to their merchants. She dug into the bones of the deal and was very compelling.". And weve turned that into a lot of different financial products, but the reality is were just trying to solve those problems for consumers. Click the AdBlock Plus button on your browser and select Disable on Observer.com. . And its been so fascinating to watch the frankly, explosive growth of the business. More than 90% of appraisers are white, and researchers have found that bias leads to lower valuations for homeowners of color. 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.. Stephanie Cohen: And when I was in my role as chief strategy officer, we created this thing called Accelerate, which we call our internal innovation engine. Stephanie Cohen has been at Goldman Sachs for more than 23 years. 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. You should spendmoney on things that truly make you happy. wants to be your digital banker, and it has assigned the job to Stephanie Cohen, marking her second year on the Barrons list. Mr . 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. Natalie Walters, Business reporter. One, it affects how you manage your own people. And in doing that, we want to fundamentally change the way people experience financial services and in doing that improve their lives. She went on to a more traditional M&A role in the industrials team. Since then, the 41-year-old has charted a rapid rise inside Goldman Sachs, landing a seat last week on its most coveted decision-making body. Wow. And so were doing that with Apple, but also well do it with General Motors. Im not certified to be helpful, but we do get a lot of questions and it helps you to understand just how many people have these questions and how many people could really use help in managing their finances. In case you cant find any email from our side, please check the spam folder. Goldman Sachs has created a new consumer and wealth management division co-led by Stephanie Cohen. Wells Fargo's asset cap has been in place for fi ve years, and there's no end in sight. We recommend using Google Chrome, Mozilla Firefox, Apple Safari, or . And that starts with our own people. Diversity, equity and inclusion are core to our mission, see why. Prior to her current role, Stephanie drove strategy, M&A, strategic investing, and partnerships as the firm's chief strategy officer. And we think it does help people better manage their finances. In January 2021, she was appointed global co-head of consumer and wealth management. Instead, I found it really helpful to look at a, people and look for things that I like or relate to. 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. Become a business insider with the latest news. And so you didnt get into this chief strategy officer role with a real clear job description. Prior to her current role, Stephanie drove strategy, M&A, strategic investing, and partnerships as the firms chief strategy officer. 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,. 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. First, Goldman Sachs CEO David Solomon said it. And then we did savings. By signing up you agree to our Terms of Service and Privacy Policy, Stand with us in our mission to discover and uncover the story of North Texas, D-FW is now Goldman Sachs second-largest U.S. hub after nearly doubling to 4,000 workers, Goldman Sachs hiring over 200 for its Marcus consumer banking division in Richardson, American Airlines, flight attendants file for mediation during contract negotiations, Years after North Texas bid for Amazons second headquarters, retail giant halts plan, New Uptown office tower lands second major lease, Mesquite to become the site of new 2,500-home community, Its not like 2009: No signs yet of D-FWs expected apartment building slowdown, 12 Dallas-Fort Worth restaurants that have closed in 2023, Funky wine bar Postino has closed in Dallas, Mark Wahlberg pours tequila for fans at Dallas restaurant during thunderstorm, SMU grad Jack Knox donates $11 million to universitys big capital campaign, Look inside Red Phone Booth, the new speakeasy in The Colony, Woman arrested in killing of 3 children at Italy, Texas, home in Ellis County, The Cowboys are closer than you think to a total makeover at running back, What we know after 3 children killed, 2 wounded at Ellis County home, How a Texas districts reaction to school shooting fears highlights discipline concerns, 3 children killed, 2 wounded at Ellis County home; suspect in custody, Ross Perot Jr.s Hillwood buys California NASCAR track for $559 million, Whats next for former Texas coach Chris Beard after domestic violence case was dropped, Chambelanes cambian de look: bailarines se adaptan a una nueva moda y ritmo en DFW, Dallas Cowboys to place second-round tender on RT Terence Steele. Now I have to turn the conversation a little bit back to you for a minute, because youre a lifer at Goldman Sachs. Youve only been in this new role for just a few months and weve talked a fair bit about the great work you did when you were chief strategy officer starting in 2018. To learn more about the work and research we do, please visit emerge.finhealthnetwork.org. 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. "We have savings, lending, investing, and we're close to launching checking. During Stephanie Cohen's first 15 years at Goldman Sachs, her career ladder didn't look much different than that of a typical investment banker. Explore how to make financial services a force for good. 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. They are part of Goldman Sachs and we are really excited to serve them with the best of Goldman Sachs digitally. The San Francisco bank entered into a multiyear partnership with Choice Hotels, which operates brands such as Radisson, Comfort and Econo Lodge. The best way to do this is to have a long-term view. On Monday, the company unveiled a branded terrace at the University of Texas at Dallas in Richardson that it hopes will inspire students to want to learn more about Goldman Sachs, she said. 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. 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? You went there right out of graduating from the University of Illinois and youve experienced a tremendous amount of success. Carter Johnson and Hayley Cuccinello. 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. As of February 2017, she continues to serve as an advisory director at Goldman Sachs, after retiring from leadership of its Global Markets Institute. We have more than 7,500 people in our division globally. The strategy document identifies potential avenues for cutting cybercriminals off from financing, as well as other actions banks can take. 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. 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 . 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.' Cohen, 41, joined Goldman Sachs in. 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. Ms. Cohen, also 32, is an independent marketing consultant in Chicago. Im glad youre drilling in on it. I wonder if you could talk a little bit about when you joined as chief strategy officer in that role, what you did to listen and learn about both the parts of the business that you might have been less familiar with, but also the end user, if you will, the consumer. Particularly consumers in Marcus, youve talked a lot about the role youre in now is really about people. 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. Stephanie Cohen has been at Goldman Sachs for more than 23 years. Stephanie Cohen, global co-head of consumer and wealth management at Goldman Sachs, speaks during a dedication ceremony of the company's branded terrace at the University of Texas at Dallas. Jennifer Tescher: But she is quick to point out that this is no PR ploy on behalf of the bank: "This is not philanthropy. Its complicated. And so I think that Ive learned over time that while being an individual contributor and being really fantastic at what you do, actually the way to really get stuff done is make everyone around you better. A checking account is currently in beta, according to Cohen. 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. Im actually a former journalist. This $90 million Liked by Stephanie. Already a member? Stephanie joined Goldman Sachs as an analyst in 1999, was named managing director in 2008, and became a partner in 2014. And the reality is that is the right advice for our clients. Before that, she was Global Head of Financial Sponsor M&A in the Investment Banking Division (IBD). 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. 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. Im wondering how youre viewing that experience in light of the coming launch of these new products for Marcus customers? Goldman Sachs Group Inc will pump $500 million into companies led, founded or owned by women, as it steps up efforts to close the gender investing gap, the Wall Street bank said on Tuesday. Stephanie Cohen: 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. For the best Barrons.com experience, please update to a modern browser. 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. 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. 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 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. In the latest in a rapid career of. 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 in order to do that, youve got to do a couple of things. Text. Secondly, culturally. For example, one of the things I learned early on was that when I was on big conference calls with lots of people, everyone would know when I spoke because I was the only woman., If you work in a company and you want to become the CEO or the CFO, when you look at the person who has the role, and you might think, Im nothing like that person, so I can never do that., Instead, I found it really helpful to look at abroadgroup ofpeople and look for things that I like or relate to. She is a key architect of the bank's . Build a resilient workforce by prioritizing finhealth for employees. Certainly youre gifted and talented. Getting out of our silos, hearing from other people, other perspectives we might not hear from otherwise and finding the interconnections. 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. Senior Editor, Women's Programs, American Banker. And so I think its embedded in your question, but I think its a fair question. Because maybe the content, or for example, we have something called Marcus Insights, which helps people aggregate their accounts and really provide insights into how theyre spending their money and better budget. 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. . You mentioned the Apple card. Im realizing through this conversation that youre really a culture builder. 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. Because you cant do things exactly the same way. 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. I know many of them, but it says something entirely different to have someone at the operating committee level. She graduated cum laude from New York University and received an M.B.A. in May from Indiana University. The bureaucratic asterisk is likely meant to avoid upsetting senior executives whove spent much longer trying to get on the panel, without luck. And its also, I think, no accident that youve also been anointed to the operating committee. 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. Goldman Sachs managers say one takeaway of the pandemic. Dallas is now Goldmans second-biggest U.S. office outside of New York, surpassing Salt Lake City. By the way, thats only been sped up over the last year or so, given everything thats gone on. 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. Things like auto pay. It was a pre-COVID time period. Goldman Sachs.