Were looking for mission-driven people to join our team. And so thats really what were trying to do with what were doing in consumer and in Marcus. Stephanie Cohens first 15 years at Goldman Sachs, her career ladder didnt look much different than that of a typical investment banker. And then, were going to be part of fixing this and were going to have to work with a lot of people to fix it because the financial system is this intertwined organism. Over 99% goes to all white teams. Im realizing through this conversation that youre really a culture builder. For the best Barrons.com experience, please update to a modern browser. Then President John Waldron repeated it. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. We have the ability to have access to our clients in Texas but also more broadly across the United States and internationally. Cindy Ord/Getty Images for Girlboss Rally NYC 2018. 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. 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. And what we are and what were trying to become is we have these two self reinforcing strategies. Stephanie Cohen: Stephanie Cohen: Stephanie earned an AB in Biology, summa cum laude, from Harvard . 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. And it will be interesting to think about how you leverage your vast capabilities and capital. 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. Since the start of this year, Cohen has also transitioned from investment banking to serve as the bankschief strategy officer,leading a team that decides where the bank should pursue new lines of business. One, we want to be the bank on your phone. If you liked this episode, please review the show and subscribe wherever you get your podcasts. Yeah, were really excited about the Marcus Invest product, which will launch this quarter. And the reality is that is the right advice for our clients. She is a key architect of the bank's . Change is underway in the financial services industry and it's disrupt or be disrupted. Do you have any ideas or things youve thought about in terms of how to leverage your capabilities in this regard? They are part of Goldman Sachs and we are really excited to serve them with the best of Goldman Sachs digitally. How we set it up made it easier for them and then how it affected their lives going forward. You mentioned the Apple card. Log in to our website to save your bookmarks. 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,. Learn about the important intersection of healthcare and financial heath. Stephanie Cohen: Youve begun offering credit beyond debt consolidation. The . And I really got to know them on a totally new level because they were talking to me about their lives and their goals and their dreams and how we could be helpful. And so the main thing Im focused on is people internally and externally. 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. Its great for a woman to be achieving this level of success at Goldman and shes certainly capable of going further," Nugent said. We'll send you a myFT Daily Digest email rounding up the latest Goldman Sachs Group news every morning. Cohen joined Goldman Sachs as an Analyst in 1999, was named Managing Director in 2008 and Partner in 2014. Stephanie Cohen is Goldman Sachs' Chief Strategy Officer and an Ex Officio member of the Management Committee. And the reason why we decided now was the right time for Goldman Sachs is because one, technology. In so many ways. 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 since then, youve begun offering all kinds of things. And so the next question is, how do you listen to the data? Financial Health Pulse 2022 Chicago Report, Jennifer Tescher | Leaning Forward for FinHealth. And the question, which is kind of an obvious question is why now? Your session has expired, please login again. 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. Im doing it every day. Are you okay? And being really happy because you could tell that you were almost there. 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. 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. And I talked to you about three things that I think have helped me and the teams around me be successful. 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 . And of course, people want access to an advisor. Yeah, I think its this idea of being a learner. Ive run, as you said, the consumer and wealth management business with my partner, Tucker York. See you next time. If her tenure there is successful, it could pave the way for Cohen to make history at the firm. 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. I went on a listening tour. Im wondering how youre viewing that experience in light of the coming launch of these new products for Marcus customers? 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. Jennifer Tescher: It didn't go well. CompTIA expects that to grow to nearly 7,700 net new positions this year, the fifth-highest total nationally. And just a few weeks ago, she was asked to jointly lead the banks global consumer and wealth management division. Stephanie Cohen Global Head of Platform Solutions February 2023. It had revenue of $1.5 billion in 2021. 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. Marcus. . To order presentation-ready copies for distribution to your colleagues, clients or customers visit http://www.djreprints.com. 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. Feb 2, 2021, 8:42 AM. Jennifer Tescher: 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 I have to say, I was a little bit surprised that that was the book you chose. 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. Stephanie Cohen: And the question is, how do you do that at scale? And thats really the most exciting thing about being able to run this division. And so I would expect that some of this will end up being, as you said, not necessarily directly, but through partners. She also serves as trustee for the Board of The Economic Club of New York. 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. Jennifer Tescher: I find that being in the business that Im in, similar things happen at cocktail parties, I get random questions, financial questions and I think its clear that I am not a financial planner. And so this real focus on execution, which I no doubt learned by being a mergers and acquisitions banker inside of Goldman Sachs. Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. And at least I believe and I think its fair to say that theyre amazing. 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. Great. "We have savings, lending, investing, and we're close to launching checking. 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. I love it and its the advice I give people all the time. 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. Looks like you have exceeded the limit to bookmark the image. One, its this kind of practical thing, which is that if youre a competitive figure skater and youre going to school and youre trying to do other things, youre waking up for the 5:45 AM skating, skating before school, going to school, skating after school, getting homework done. 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. Theyre sitting there every day and theyre trying to figure out how they can do things in a really complex financial world that are simple and transparent and valuable. She grew up in Augusta, Ga., and holds an MA in Investigative Journalism from The Cronkite School. 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.' Stephanie Cohen: Text. William (Bill) Sachs Goldman, the scion of a prominent family of Jewish philanthropists in San Francisco and himself a board member of the New Israel Fund, died in a crash of his private plane. That makes a lot of sense. 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. The best way to do this is to have a long-term view. Flagstar Bank launches its next mortgage-tech accelerator while Walmart and Citi partner on a supplier loan program. Money 20/20 USA 2021 Speaker Oct 24, 2021 Click the AdBlock Plus button on your browser and select Enabled on this site. And theres a way to do that for a Marcus customer, but maybe theres over time a different way to do that for a General Motors customer or others that we partner with. Jennifer Tescher: And in this new role in particular, but I was doing some of this as chief strategy officer, but now doing much more of it, I think you really have to figure out how you can listen to customers directly. 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.. We've detected you are on Internet Explorer. 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. 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. How you recruit, you retain and you develop your own people and there are many things that were doing around that, but it also gets to the way of how you serve your clients. 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 did that internally and I also did it externally. Jun 22 Stephanie Cohen: Chief Strategy Officer at Goldman Sachs. My moms a teacher and its just something. 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. Talk a little bit about how Marcus has evolved and where you see that business heading now that youve reached, say adolescence. And by the way, that portfolio is different for different people. 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. 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.

Lennox Icomfort Thermostat 10f81 Battery Replacement, Beth Hall Wwny Husband, View From My Seat Bills Stadium, Nvidia Sydney Office Address, Lake Charles American Press Epaper, Articles S