Goldman Sachs Group Inc's Chief Executive David Solomon and top executives will give investors an update on their strategy on Tuesday. DuringStephanie Cohens first 15 years at Goldman Sachs, her career ladder didnt look much different than that of a typical investment banker. In mid-July, the company announced it will promote David Solomon to succeed Lloyd Blankfein as chief executive officer. Are you okay? And being really happy because you could tell that you were almost there. By continuing to use our site you agree to our Terms of Use and Privacy Policy. You, it turns out I learned, were once a competitive figure skater growing up. 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. Im Jennifer Tescher, and Id love to hear your ideas for future guests and your reactions to the show. Stephanie Cohen: Figuring out how what youre doing is affecting people. 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, welcome to Emerge Everywhere. 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 a letter to Federal Reserve Chair Jerome Powell, Republican members of the Senate Banking Committee urge the central bank to be mindful of tailoring rules in its ongoing "holistic" capital review. Dallas is now Goldmans second-biggest U.S. office outside of New York, surpassing Salt Lake City. 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. One is this mindset about making everyone around you better and that were kind of better together and its this really focused teamwork partnership orientation that I think I learned at Goldman Sachs. The High. Cohen declined to give projections for growth in Dallas or say whether Goldman is considering such a move. She said the senior leadership team understands that diversity and inclusion is a "business imperative'' and that "this needs to be discussed in the same meetings where we talk about revenue or investment strategies. More than 90% of appraisers are white, and researchers have found that bias leads to lower valuations for homeowners of color. Im realizing through this conversation that youre really a culture builder. Goldman leadership shuffle puts woman atop consumer division Cohen joined Goldman Sachs as an Analyst in 1999, was named Managing Director in 2008 and Partner in 2014. Which is that theres a specific type of customer thats the Marcus customer. 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. Marcus. And then we have this great program where we work with companies on financial wellness for their employees and we call that Ayco. Stephanie Cohen, head of platform solutions, said scale would help the business reach profitability by 2025. 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. And then on the other side of the people equation is our clients and our customers. 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. Stephanie Hui, Head of Merchant Banking [], Goldman Sachs Goldman plans to add checking to Marcus later this year but doesnt have a set date, Cohen said. David Solomon says Goldman Sachs is exploring 'strategic alternatives Female banker emerges as possible successor to Goldman Sachs CEO The bureaucratic asterisk is likely meant to avoid upsetting senior executives whove spent much longer trying to get on the panel, without luck. Thank you for inviting me. 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 . 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. And so the next question is, how do you listen to the data? 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. We do it externally. Apple She went on to a more traditional M&A role in the industrials team. 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. Stephanie Cohen has participated in 2 events. My guest today is one of the most powerful women on Wall Street. And so were having a great time, really engaging with our team. She also spearheaded . Goldman Sachs has created a new consumer and wealth management division co-led by Stephanie Cohen. Stephanie Cohen, Goldman's co-head of consumer and wealth management, is working on setting up a second base for herself in Dallas. For example, when I am 60 and look back, what might I need the most? 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. New York: The venue was the Gotham Club an exclusive den inside the San Francisco Giants home stadium. 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. 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. Stephanie Cohen: Hier kommt Frau Goldman Sachs - FAZ.NET Hier kommt Frau Goldman Sachs. 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. There werent a lot ofinvestment bankers that looked like me. Goldman Sachs mulls deal options after consumer flop Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. Consequently, they can be prickly customers. 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. 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. She is also a member of the Partnership Committee, Global Diversity Committee, Firmwide Enterprise Risk Committee and Firmwide Finance Committee. Wow. 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And so what were really saying is were really proud advocates for inclusive capitalism and theres no better way to do that than to serve millions of consumers. 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. Its been really fun getting to know all of them. I went on a listening tour. We could have a whole conversation you and me, just on this topic so lets do that another time. Goldman Sachs Group wants to be your digital banker, and it has assigned the job to Stephanie Cohen, marking her second year on the Barron's list. 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. And so now one of the things, weve tried and a new skill actually inside of Goldman, which is this experimentation. 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? We recommend using Google Chrome, Mozilla Firefox, Apple Safari, or . Its going to be two this year. Stephanie Cohen, Chief Strategy Officer, Goldman Sachs - Topio Networks Stephanie Cohen: The Business Case for Inclusion Stephanie Cohen: Text. Or what lessons have you taken from that and in your leadership roles at Goldman? We want to use simple, transparent and valuable products to help people manage their financial lives. Tiger Trump and nothing to ex-husband Donald Trump. 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. Again, in my role as chief strategy officer, the way that we talk about it then, and certainly the way were talking about it now is that inclusion and diversity are absolutely strategic imperatives. [House Hearing, 117 Congress] [From the U.S. Government Publishing Office] H.R. 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. 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. Cohen, who oversees 11,000 employees in her division, said that the business is divided along three lines: ultra-high- wealth households; companies and their employees; and consumers. Do you have any ideas or things youve thought about in terms of how to leverage your capabilities in this regard? And how do you feel about essentially being a change agent in this way? And in that business, we have two different pieces, one, which is Marcus, which you mentioned, which helps customers save, borrow, and soon invest and spend. If you liked this episode, please review the show and subscribe wherever you get your podcasts. Stephanie Cohen is now the management committee's youngest, with the rare label of 'ex officio' member. Download the Mint app and read premium stories. Best of Both Worlds: Goldman Sachs' Stephanie Cohen Jo Ann Barefoot The San Francisco bank entered into a multiyear partnership with Choice Hotels, which operates brands such as Radisson, Comfort and Econo Lodge. Jennifer Tescher: Yeah, were really excited about the Marcus Invest product, which will launch this quarter. Ms. Bloomberg on Twitter: "First, Goldman Sachs CEO David Solomon said it 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. 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. Key Takeaways From Goldman Sachs' Investor Day 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. We think technology is in a place where you can really have a bank on your phone. Log in to our website to save your bookmarks. 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. We're getting to the moment where we can help someone holistically manage their financial lives," Stephanie Cohen,. Feb 2, 2021, 8:42 AM. I love that you had that visceral experience from the book and particularly given the role youre in now. But she is quick to point out that this is no PR ploy on behalf of the bank: "This is not philanthropy. . The banking industry appears to be stuck when it comes to diversifying the leadership ranks. And we think that this is a great way for people to think about investing. For the best Barrons.com experience, please update to a modern browser. Is the idea here that Marcus customers eventually become Goldman Sachs customers, if you will? Stephanie Cohen: 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. How does this all fit together? In this article that I had written, I talked about how originally, the mob was after Wall Street, if you will. The strategy document identifies potential avenues for cutting cybercriminals off from financing, as well as other actions banks can take. Goldman Sachs executives to rally investors in New York To further the bank's efforts to become a Main Street lender, Goldman now offers credit cards and buy now/pay later options for consumers. And so, one of the things we certainly talk about is the board initiative, which was that we werent going to take companies public unless they had at least one diverse board member. Stephanie Cohen has been at Goldman Sachs for more than 23 years. You should spendmoney on things that truly make you happy. Stephanie Cohen: Particularly consumers in Marcus, youve talked a lot about the role youre in now is really about people. Jennifer Tescher: You can connect with me on Twitter @JenTescher. She is also a Global Executive sponsor of the Women's Network. And so I would really, I would kind of exclamation point on that point. David Solomon lacks answers for Goldman Sachs's angry investors | The Learn about the important intersection of healthcare and financial heath. 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. Well, this is one of the most exciting versions of quote unquote embedded finance that Ive heard about in a long time. Updated Jan. 17, 2017 9:10 pm ET. I think Goldman has a growing number of excellent women at the firm. Goldman Sachs Changes 60 Slightly Less White, Less Male - Dealbreaker And in order to do that, youve got to do a couple of things. Internet Explorer not supported . Goldman now has credit-card deals with And so I think its this, how do you do that in a way where youre excelling at things and doing something that you really love, but combining it with all the other things that you have going on in your life and balancing it. Goldman Sachs | In The News - Closing the Gender Investing Gap As an investment banker for close to 20 years, my presence in board rooms was often an anomaly. And 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. She is also on the national board of the nonprofit group Reading Partners, which focuses on literacy in grammar schools, helping underprivileged kids who are behind in reading. 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 . 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. 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. Goldman Sachs' Youngest Banker's Top 5 Career & Money - Observer Stephanie Cohen: 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. She dug into the bones of the deal and was very compelling.". And then weve also done that with Walmart and Amazon in terms of providing credit to their merchants. I really felt like I hadnt learned it. The phrase is often used as company jargon for a sale or merger. This copy is for your personal, non-commercial use only. I talked a little bit about all the businesses that Tucker and I are managing and they include these advisor led wealth management businesses that we have been in for decades. Marcus is Goldman's digital-first consumer bank, offers customers saving accounts, personal loans and investment advisory services. And then to your point, the clients and the customers in those businesses that were ultimately serving. 1 Executive Summary Primary drivers Key focus areas INVESTOR DAY 2023 PLATFORM SOLUTIONS . Certainly youre gifted and talented. Ms. Cohen, also 32, is an independent marketing consultant in Chicago. And so were not going to do that on our own. The 9 biggest takeaways from Goldman Sachs' investor day, from a tense Q&A with CEO David Solomon to the tater tots for breakfast. And that we were going to build an ecosystem around it. Stephanie Cohen - New York, New York, United States - LinkedIn Already a member? Jennifer Tescher: Goldman Sachs discreetly seeks volunteers for Florida office; Dallas Goldman taps former Uber executive to lead its consumer bank She was previously based in New York where she reported for The Motley Fool, TheStreet and Business Insider. Her appointment this summer to Goldman Sachs' management committee made her its youngest member. One, we have our advisor led businesses. 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. 117-14 _____ Printed for the use of the Committee on Natural . Here are her five best pieces of advice on work and personal finance for professional women. In so many ways. 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. Stephanie Cohen: Here comes Ms. Goldman Sachs - Teller Report Jennifer Tescher: Its really complex. 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. NY Post Receives Flak for Calling Potential Successor to Goldman Sachs Talk a little bit about how you do that as a leader. And the reality is that is the right advice for our clients. 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. "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 . "We have savings, lending, investing, and we're close to launching checking. . In 2008, she managed Conflicts and Business Selection for IBD in the Americas. She is now even given the place at the top of the bank. 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. And the question, which is kind of an obvious question is why now? 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. 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. Our people find Dallas a really, really great place to live and raise a family.. This is a subscriber only feature Subscribe Now to get daily updates on WhatsApp. Meaning I end a lot of conversations with, How can I be most helpful to you? And I do try to give people really direct feedback because I think its the way to make them better in their own careers.
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