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. 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. You, it turns out I learned, were once a competitive figure skater growing up. 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. One, it affects how you manage your own people. My husband and I were talking about it last night, we all still need a lot of help. 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. 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. We think technology is in a place where you can really have a bank on your phone. There werent a lot ofinvestment bankers that looked like me. 2021-11-30T13:05:49.103Z. It was a pre-COVID time period. Cohen drives strategy, Mergers & Acquisitions (M&A . 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. Wow, this is so devastating. Goldman Sachs has tapped a former Uber executive to lead its fledgling consumer banking division, . We recommend using Google Chrome, Mozilla Firefox, Apple Safari, or . Jennifer Tescher: Someone get Stephanie Cohen a set of hair clippers. 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. And so I would expect that some of this will end up being, as you said, not necessarily directly, but through partners. She is one of seven women named on the committee and is 10 years younger than the average man on the team. Then President John Waldron repeated it. 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. And how do you feel about essentially being a change agent in this way? Jennifer, it is great to be here. 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. We have the ability to have access to our clients in Texas but also more broadly across the United States and internationally. A great question. Stephanie Cohen: 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. And so the next question is, how do you listen to the data? 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).. More on Stephanie. Updated Jan. 17, 2017 9:10 pm ET. If you liked this episode, please review the show and subscribe wherever you get your podcasts. 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. It'll just take a moment. 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. Stephanie Cohen is now the management committee's youngest, with the rare label of 'ex officio' member. 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. Stephanie Cohen Global Head of Platform Solutions February 2023. And that means that we need to go from being about a product, to really having solutions and building holistic relationships with our customers and by building that entire product suite and making it something thats simple and transparent, easy for millions of people to access, we think were going to do that. Welcome to EMERGE Everywhere. 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. Upon arriving, her trajectory changed, and she has remained at the firm for over two decades in a variety of roles. I didnt have that term before, but as a giver. And what we are and what were trying to become is we have these two self reinforcing strategies. 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. Yeah, I think its this idea of being a learner. And just a few weeks ago, she was asked to jointly lead the banks global consumer and wealth management division. Dallas is now Goldmans second-biggest U.S. office outside of New York, surpassing Salt Lake City. Unlike traders, who can shoot to prominence within Wall Street firms at a very young age, Cohens career tracked that of the typical banker, climbing to be managing director in the class of 2008. 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. Stephanie Cohen has been at Goldman Sachs for more than 23 years. Tell us a little bit about where you expect to focus most of your time and attention this year. wants to be your digital banker, and it has assigned the job to Stephanie Cohen, marking her second year on the Barrons list. Our vision for this is that in the same way that we have developed a really good talent base in places like London and Hong Kong and New York, where people come to Goldman Sachs in order to work in finance and investment banking, I think there will be people who come to Dallas who want to work in fintech and want to do that at Goldman Sachs, said Cohen, who moved to Dallas from New York in August to lead the companys growth. Now I have to turn the conversation a little bit back to you for a minute, because youre a lifer at Goldman Sachs. 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. She started as an analyst in 1999 and has held a series of leadership positions in mergers and acquisitions. And it will be interesting to think about how you leverage your vast capabilities and capital. Copyright 2022 HT Digital Streams Ltd All Right Reserved. Prior to assuming her current role, Ms. Cohen was Co-Head of the Consumer and Wealth Management Division. And I love learning. Yeah. 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. And we are lucky because we get to spend our entire days focusing on people. Before that, she was Global Head of Financial Sponsor M&A in the Investment Banking Division (IBD). 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 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. They most recently attended, or will attend, Money 20/20 USA 2021 on Oct 24, 2021 . And that starts with our own people. Become a business insider with the latest news. And that we were going to build an ecosystem around it. And since then, youve begun offering all kinds of things. Prior to her current role, Stephanie drove strategy, M&A, strategic investing, and partnerships as the firms chief strategy officer. My moms a teacher and its just something. Earlier in her career, Ms. Cohen worked in New York in the M&A department. Jun 22 Stephanie Cohen: Chief Strategy Officer at Goldman Sachs. Change is underway in the financial services industry and it's disrupt or be disrupted. Looks like you have exceeded the limit to bookmark the image. Great. She is also a member of the Partnership Committee, Global Diversity Committee, Firmwide Enterprise Risk Committee and Firmwide Finance Committee. Stephanie Cohens first 15 years at Goldman Sachs, her career ladder didnt look much different than that of a typical investment banker. Dallas is quite central, Cohen said. Stephanie is head of Private Equity in Asia and global co-head of Growth Equity within Goldman Sachs Asset Management. Mr . Stephanie Cohen, cohead of Goldman's consumer and wealth group, is the only woman heading one of the bank's primary business divisions. 117-14 _____ Printed for the use of the Committee on Natural . Marcus. 1 Executive Summary Primary drivers Key focus areas INVESTOR DAY 2023 PLATFORM SOLUTIONS . Diversity in the ranks at Goldman and at the companies it invests in is a priority for Cohen. How do you look at the data in a way that really helps you? You mentioned the Apple card. And then on the other side of the people equation is our clients and our customers. Whether thats direct disbursements in our loans, meaning when you sign up for a Marcus loan, we can directly pay off your other debts. 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. 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. The business is not yet profitable but is expected to hit revenue of $4 billion by 2024, she said. 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. And so I did that. It had revenue of $1.5 billion in 2021. Im a lifelong learner. And then, I think the most important thing is this idea of being willing to try and realize in the act of trying its not going to be perfect right away. Are you okay? And being really happy because you could tell that you were almost there. Learn more about Marcus by Goldman Sachs and check out additional episodes of EMERGE Everywhere. 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. Stephanie Cohen, culture builder, lifelong learner, thanks so much for joining me on Emerge Everywhere. And so in skating you fall all the time. Ms. Cohen, also 32, is an independent marketing consultant in Chicago. You went there right out of graduating from the University of Illinois and youve experienced a tremendous amount of success. By the way, a lot of people who spend their careers in financial services. And then to your point, the clients and the customers in those businesses that were ultimately serving. 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. 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. The second thing is this kind of get stuff done attitude. Global Financial Health Launch Decision: Send Em! 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. 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. The regions tech workforce is projected to expand 17% over the next decade. 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 company had previously partnered on its credit cards with Barclays. And my mom who is a history teacher at some point and really cares about history and I love history and read it. Natalie Walters, Business reporter. 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. Cohen said Goldman has been focused on fortifying its relationships with universities to help attract engineering talent to D-FW. When Goldmans board gathered on the West Coast in late June, she gave a presentation on that groups work. Getting out of our silos, hearing from other people, other perspectives we might not hear from otherwise and finding the interconnections. 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. And the idea really brings together the reason by the way, why we have our consumer and wealth management businesses all together. The world is awash in capital and you never see that. Goldman Sachs. She grew up in Augusta, Ga., and holds an MA in Investigative Journalism from The Cronkite School. Stephanie Cohen: And so hopefully people see when they go on our app or go on our website, that our language is easy to read and clear. 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. Shes about 10 years younger than the average man already on the committee, after becoming a partner just four years ago. 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. As the banks chief strategy officer, she brought clarity and focus, including a new commitment to diversity and inclusion. We call those businesses, private wealth management and personal financial management. You are just one step away from creating your watchlist! Sign In. Thank you for inviting me. Im Jennifer Tescher, and Id love to hear your ideas for future guests and your reactions to the show. How has that influenced you? By continuing to use our site you agree to our. Ms. Cohen serves on the National Board of Directors of CollegeSpring and as a member of the Board of Quill.org. In its 2021 annual report released in February, Goldman said it had established key strategic locations that included Dallas, Salt Lake City, Singapore, Warsaw and Bengaluru. Some of my favorite ones have been, we created a customer assistance program right as COVID was starting to help people so that they could defer loan payments and credit card payments and just listening to why it mattered to them. 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 excited to see how that develops. This copy is for your personal, non-commercial use only. 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. Feb 2, 2021, 8:42 AM. Some there have earmarked her as a candidate to become the first woman to lead the investment banking division, the banks most profitable arm. Internet Explorer not supported . In 2008, she managed Conflicts and Business Selection for IBD in the Americas. DuringStephanie Cohens first 15 years at Goldman Sachs, her career ladder didnt look much different than that of a typical investment banker. 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. 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. The strategy document identifies potential avenues for cutting cybercriminals off from financing, as well as other actions banks can take. 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. Ms. Cohen also led Launch With GS, Goldman Sachs $1 billion commitment to invest in companies and investment managers with diverse leadership, as well as GS Accelerate, the firms in-house innovation engine. 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. ", 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. It didn't go well. 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. <p><img src="https://static1.businessinsider.com/image/5c40b6cbb492cb3ebd48300a-2400/gettyimages-1048898186.jpg" border="0" alt="Goldman Sachs CEO David Solomon" data . Collage of David Solomon . 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. We're getting to the moment where we can help someone holistically manage their financial lives," Stephanie Cohen,. You are now subscribed to our newsletters. 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. You pack a lot into a day. 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. See our career opportunities. 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. And what were doing in our division is we do it a couple of different ways. The news, which . Stephanie earned an AB in Biology, summa cum laude, from Harvard . Or what lessons have you taken from that and in your leadership roles at Goldman? I suspect theres also something to it about the moment were living in, the era were living in. March 02, 2023, 14:16 IST. 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. You can connect with me on Twitter @JenTescher. 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. The phrase is often used as company jargon for a sale or merger. 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. 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. 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 Cohen is Goldman Sachs' Chief Strategy Officer and an Ex Officio member of the Management Committee. Cohen, 41, joined Goldman Sachs in. Goldman Sachs consumer exec Stephanie Cohen explains why the Wall Street bank just inked a $2.2 billion home-improvement lending deal; . Theres the customer calls, which I love listening to. 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. You should spendmoney on things that truly make you happy. Its been really fun getting to know all of them. 01 Mar 2023 02:08:06 Correction: A previous version of this article mistakenly stated that Cohen became a managing partner at Goldman Sachs in 2008. Money 20/20 USA 2021 Speaker Oct 24, 2021 Hier kommt Frau Goldman Sachs. In a sign of her rising stature, Cohen was selected to lead the creation of a new unit to service a critical client base for Goldman Sachs the private-equity firms, family offices and other strategic investors who are a force of their own in the deal-making world. I went on a listening tour. Goldman Sachs is exploring "strategic alternatives" for its nascent consumer banking business. 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. Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. Were looking for mission-driven people to join our team. 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. Stephanie Cohen is Global Head of Platform Solutions and a member of the Management Committee. 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. You can learn more about how we use cookies by reviewing our Privacy Policy.Dismiss, Global Co-Head of Consumer and Wealth Management. Already, Steven Mnuchin has been tapped as Treasury secretary, Stephen K. Bannon was named senior adviser and Gary D. Cohn, Goldman's president, is expected to direct the National Economic Council. Stephanie Cohen: 2021, ``ENVIRONMENTAL JUSTICE FOR ALL ACT'' ===== LEGISLATIVE HEARING before the COMMITTEE ON NATURAL RESOURCES U.S. HOUSE OF REPRESENTATIVES ONE HUNDRED SEVENTEENTH CONGRESS SECOND SESSION _____ Tuesday, February 15, 2022 _____ Serial No. 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..