Im glad youre drilling in on it. And so I would expect that some of this will end up being, as you said, not necessarily directly, but through partners. 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. Im realizing through this conversation that youre really a culture builder. Talk a little bit about how you do that as a leader. Measurement made easy for your organization. That thats clearly a very important part of your role and has been. Youre one of the few women whos risen to that level. How does this all fit together? Im glad that you talked about inclusive capitalism because one of the more notable pronouncements from your boss, Goldman chair and CEO David Solomon, was that Goldman was only going to be willing to take companies public if they had at least one woman on their board. 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. Ms. Cohen serves on the National Board of Directors of College Spring and as a member of the Board of Quill.org. How do you look at the data in a way that really helps you? And that starts with our own people. Global Financial Health Launch Decision: Send Em! Goldman Sachs has chosen Stephanie Cohen as co-head of its consumer and wealth management . Some there have earmarked her as a candidate to become the first woman to lead the investment banking division, the banks most profitable arm. 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. 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. 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. Then President John Waldron repeated it. Goldman Sachs CEO shuffles consumer banking, wealth management leaders [CNBC] Tags. Predict the closing value of sensex and win free subscription. For the best Barrons.com experience, please update to a modern browser. And it sounds like you had to do a lot of learning because your time at Goldman, which is long, had largely been in a variety of M and A roles. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. It doesnt have to be one thing or the other; its about making spending decisions consciously rather than scrolling on your phone and thinking about what youshould spend on., What Ive noticed at Goldman Sachs isthat men tend to talk about investment opportunities amongst each other. She serves on the Partnership Committee, and is also on the Board of Advisors of Launch With GS, Goldman Sachs' $1 billion investment strategy grounded in the belief that diverse teams drive strong returns. Talk to me a little bit about how thats happened. In her new role overseeing consumer and wealth management for the organization, she shepherds a vision for diversity and inclusion that prioritizes broad consumer access to high-quality financial solutions. You should spendmoney on things that truly make you happy. Im wondering how youre viewing that experience in light of the coming launch of these new products for Marcus customers? It was a pre-COVID time period. Stephanie Cohen: Chief Strategy Officer at Goldman Sachs HerStory Created Stephanie Cohen, head of platform solutions, said scale would help the business reach profitability by 2025. Abby Joseph Cohen (born February 29, 1952) is an American economist and financial analyst on Wall Street. But she really got it. 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. 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. And so what are we? 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. Ms. Cohen was Sector Captain for General Industrials in the Global Industrials Group and a member of the M&A Group in IBD. Click the AdBlock Plus button on your browser and select Disable on Observer.com. Are you okay? And being really happy because you could tell that you were almost there. Stephanie Cohen - Global Head, Goldman Sachs Platform Solutions Figuring out how what youre doing is affecting people. Goldman Sachs consumer exec Stephanie Cohen explains why the Wall Street bank just inked a $2.2 billion home-improvement lending deal; . 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.' Explore how to make financial services a force for good. And so now one of the things, weve tried and a new skill actually inside of Goldman, which is this experimentation. And so were having a great time, really engaging with our team. And we are lucky because we get to spend our entire days focusing on people. I think I learned that at a really young age. 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. And how can we serve them where they are with the capabilities of Goldman Sachs? We've detected you are on Internet Explorer. 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. 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. 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. And then we did savings. 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. Stephanie Cohen: Jennifer Tescher: And I think theres a lot to learn about how culture builders do that, because I think a lot about the importance of stepping outside of our silos, that thats where, and that relates to the comments that you made about diversity. "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 . And of course, people want access to an advisor. The news, which . 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. Voice of Experience: Stephanie Cohen, Managing Director, Goldman Sachs 01 Mar 2023 02:08:06 She graduated cum laude from New York University and received an M.B.A. in May from Indiana University. Ihr wird inzwischen sogar der Platz an der Bank-Spitze zugetraut. Its been really fun getting to know all of them. The bureaucratic asterisk is likely meant to avoid upsetting senior executives whove spent much longer trying to get on the panel, without luck. Stephanie Cohen: 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. The Legacy of George Floyd: an Examination of Financial Services Prior to her current role, Stephanie drove strategy, M&A, strategic investing, and partnerships as the firm's chief strategy officer. Where does the bank and the Fed go from here? Ms. Stephanie Cohen Global Head of Platform Solutions February 2023. Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. Ive run, as you said, the consumer and wealth management business with my partner, Tucker York. She started as an analyst in 1999 and has held a series of leadership positions in mergers and acquisitions. 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. 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. Tell us a little bit about where you expect to focus most of your time and attention this year. Jennifer Tescher: Its going to be two this year. Earlier in her career, Ms. Cohen worked in New York in the M&A department. Shell be among seven women on the 33-person panel. 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. Jennifer, it is great to be here. 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. Cindy Ord/Getty Images for Girlboss Rally NYC 2018. Internet Explorer not supported . Stephanie joined Goldman Sachs as an analyst in 1999, was named managing director in 2008, and became a partner in 2014. The best way to do this is to have a long-term view. This has been EMERGE Everywhere, a Financial Health Network production. Goldman Sachs mulls 'strategic alternatives' for consumer business And weve turned that into a lot of different financial products, but the reality is were just trying to solve those problems for consumers. Flagstar Bank launches its next mortgage-tech accelerator while Walmart and Citi partner on a supplier loan program. 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. Now weve put a bunch of features into our products to help people make better decisions. Its pretty amazing feat that youve managed to essentially build a homegrown digital business from inside this storied institution. We want to be the bank on your phone, she says. 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. Download the Mint app and read premium stories. 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. What it really was, was it was where people went when they had really great ideas and they just wanted to get it done. Goldman Sachs CEO David Solomon Is Shaking Things Up at Wall Street's 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 so were not going to do that on our own. Oops! Goldman Sachs discreetly seeks volunteers for Florida office; Dallas 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, Goldman's co-head of consumer and wealth management, is working on setting up a second base for herself in Dallas. 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. Stephanie Cohen is Global Head of Platform Solutions and a member of the Management Committee. Learn about the important intersection of healthcare and financial heath. Marianne Lake Is Not Having A Good Month - Dealbreaker Female banker emerges as possible successor to Goldman Sachs CEO 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. But she doesn't see what the fuss is about. And then we have this great program where we work with companies on financial wellness for their employees and we call that Ayco. This copy is for your personal, non-commercial use only. Natalie is an award-winning reporter who covers banks, crypto, fraud, deals and other money topics for The Dallas Morning News. Ms. Cohen, also 32, is an independent marketing consultant in Chicago. Goldman taps former Uber executive to lead its consumer bank Great. Cohen drives strategy, Mergers & Acquisitions (M&A . My Doctor Online | Stephanie Cohen - Kaiser Permanente Secondly, culturally. Jennifer Tescher: 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 /. They are Goldman Sachs customers. Yeah. 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. Its great for a woman to be achieving this level of success at Goldman and shes certainly capable of going further," Nugent said. [1] [2] Prior to March 2008, she was the firm's Chief Investment Strategist. DuringStephanie Cohens first 15 years at Goldman Sachs, her career ladder didnt look much different than that of a typical investment banker. In less than a year, Goldman Sachs has grown its North Texas presence from more than 2,000 employees to nearly 4,000. Jennifer Tescher: How big the Dallas operation will get is a source of regular speculation in the North Texas real estate community. Goldman Sachs has tapped a former Uber executive to lead its fledgling consumer banking division, . Goldman Sachs has created a new consumer and wealth management division co-led by Stephanie Cohen. Whether thats direct disbursements in our loans, meaning when you sign up for a Marcus loan, we can directly pay off your other debts. 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 . Is the idea here that Marcus customers eventually become Goldman Sachs customers, if you will? Which is that theres a specific type of customer thats the Marcus customer. And this year were going to launch Marcus Invest and checking and a credit card partnership with General Motors. In 2019, Goldman launched an Apple credit card, and last January it rolled out a GM credit card. 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. Goldman Sachs | Management Committee - Stephanie Cohen She was previously based in New York where she reported for The Motley Fool, TheStreet and Business Insider. Upon arriving, her trajectory changed, and she has remained at the firm for over two decades in a variety of roles. Im Jennifer Tescher, and Id love to hear your ideas for future guests and your reactions to the show. And in order to do that, youve got to do a couple of things. But I would sit in meetings and just be like, Im sorry, Im just going to ask this from the most basic level. And to this point of financial services being really complicated, I think lots of people sit in a lot of meetings and everyone else thinks that everyone else understands something and they actually dont. Speaker Bio: Stephanie Cohen is Goldman Sachs' Chief Strategy Officer and a member of the Management Committee. Sign In. 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.