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By the way, a lot of people who spend their careers in financial services. 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. And what were doing in our division is we do it a couple of different ways. . 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. Jennifer Tescher: And the idea really brings together the reason by the way, why we have our consumer and wealth management businesses all together. And that starts with our own people. In this article that I had written, I talked about how originally, the mob was after Wall Street, if you will. Youve mentioned the fact that soon youre going to be launching a new set of investment options and opportunities. Dallas is quite central, Cohen said. Goldman Shakes Up Units in Fresh Push to Win Over Investors Stephanie Cohen: Here comes Ms. Goldman Sachs - Teller Report Stephanie Cohen: 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. If you liked this episode, please review the show and subscribe wherever you get your podcasts. Im glad youre drilling in on it. I really enjoyed hearing about how you go about listening. And that really created an environment where no ones afraid to ask kind of the dumb question, because Stephanies always asking the dumb question because I really wanted to learn. 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. Jennifer Tescher: And then how do you take that into your next role? By the way, thats only been sped up over the last year or so, given everything thats gone on. Internet Explorer is no longer supported on our website. Stephanie Cohen: And so the next question is, how do you listen to the data? 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. And then we have this great program where we work with companies on financial wellness for their employees and we call that Ayco. 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. Most Powerful Women 2019: Stephanie Cohen | Crain's New York Business LEADERS Interview with Stephanie E. Cohen, Global Co-Head of Consumer Upon arriving, her trajectory changed, and she has remained at the firm for over two decades in a variety of roles. March 02, 2023, 14:16 IST. 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. 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. Jennifer Tescher: Stephanie Cohen is Goldman Sachs' Chief Strategy Officer and an Ex Officio member of the Management Committee. 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. POWER Series: Stephanie Cohen - YouTube It'll just take a moment. Stephanie Cohen Authors/Speakers Financial Health Network . 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. Tiger Trump and nothing to ex-husband Donald Trump. And thats really the most exciting thing about being able to run this division. And its also, I think, no accident that youve also been anointed to the operating committee. Goldman now has credit-card deals with Wow, this is so devastating. And so the main thing Im focused on is people internally and externally. Goldman Sachs. As an investment banker for close to 20 years, my presence in board rooms was often an anomaly. Thank you for inviting me. 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. And that we were going to build an ecosystem around it. Predict the closing value of sensex and win free subscription. And you talked about that mission, and I want to come back to it because it really is there every day when our people design our products. Goldman Sachs mulls 'strategic alternatives' for consumer business Diversity, equity and inclusion are core to our mission, see why. Particularly consumers in Marcus, youve talked a lot about the role youre in now is really about people. 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. Goldman Sachs mulls deal options after consumer flop You are just one step away from creating your watchlist! Im certain that I had it before, but its really deeply ingrained in the Goldman Sachs culture, but I happen to naturally be, I guess what Adam Grant would describe as a giver. One Goldman Sachs go-to-market strategy combined with products developers love and can easily adopt 2 Business-to-business with innovative, client- and Goldman's Compliance Chief Moves On - WSJ In January 2021, she was appointed global co-head of consumer and wealth management. Its not a one size fits all product and solution. Anita Gutwein, Stephanie Cohen - Weddings - The New York Times So I heard you mention that youre getting ready to add a set of investment tools for Marcus customers and that makes me think about what weve been witnessing over the last couple of weeks with the GameStop frenzy. Goldman Sachs Names Stephanie Cohen as Head of Strategy 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. They most recently attended, or will attend, Money 20/20 USA 2021 on Oct 24, 2021 . 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. Because you cant do things exactly the same way. Stephanie Cohen has been at Goldman Sachs for more than 23 years. The delicate transaction was a milestone in the carmakers comeback after the financial crisis. Yeah. 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. 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. Stephanie Cohen, a 41-year-old grad of the University of Illinois at Urbana-Champaign, has charted a rapid rise inside Goldman Sachs, landing a seat on its most-coveted decision-making. 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. Marcus. But she really got it. And the reality is that is the right advice for our clients. In mid-July, the company announced it will promote David Solomon to succeed Lloyd Blankfein as chief executive officer. But she is quick to point out that this is no PR ploy on behalf of the bank: "This is not philanthropy. You are now subscribed to our newsletters. Goldman Sachs' Youngest Banker's Top 5 Career & Money - Observer Theres just so many things that you learn from the richness of those individual conversations. The regions tech workforce is projected to expand 17% over the next decade. 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 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. Its great for a woman to be achieving this level of success at Goldman and shes certainly capable of going further," Nugent said. Kristin Broughton Reprint For reprint and licensing requests for this article, click here. "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 . Youre just one more inch and I would have landed that jump. And then to your point, the clients and the customers in those businesses that were ultimately serving. . I think I learned that at a really young age. 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. That makes a lot of sense. ", 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. Feb 2, 2021, 8:42 AM. E ine Stunde mit . And so were doing that with Apple, but also well do it with General Motors. More on Stephanie. Im Jennifer Tescher, and Id love to hear your ideas for future guests and your reactions to the show. Now weve put a bunch of features into our products to help people make better decisions. Net revenues for the consumer business in the second quarter were $608 million, 67% higher than the second quarter of 2021, primarily reflecting significantly higher balances on both credit card balances and higher deposit balances. Goldman Sachs Group Inc's Chief Executive David Solomon and top executives will give investors an update on their strategy on Tuesday. 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 have to talk about all that in one place, because its the only way to win, but its also the only way to serve customers and ultimately help them achieve their goals. Stephanie Cohen is one the bank's highest-ranking female . NY Post Receives Flak for Calling Potential Successor to Goldman Sachs She grew up in Augusta, Ga., and holds an MA in Investigative Journalism from The Cronkite School. Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. As the banks chief strategy officer, she brought clarity and focus, including a new commitment to diversity and inclusion. Chief Strategy Officer, Goldman Sachs Much has been made over the past few months about Stephanie Cohen's age. I suspect that theres only so far a brand like Marcus can go in terms of meeting the needs of underserved consumers. And my mom who is a history teacher at some point and really cares about history and I love history and read it. Because consumer banking has been around for a really long time. 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. The reality is that investing can be intimidating for a lot of people. Hier kommt Frau Goldman Sachs. Bill Goldman, 38, historian, philanthropist and Levi Strauss heir Ms. Cohen serves on the National Board of Directors of CollegeSpring and as a member of the Board of Quill.org. In 2008, she managed Conflicts and Business Selection for IBD in the Americas. And so thats really what were trying to do with what were doing in consumer and in Marcus. Jennifer Tescher: 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. 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. Build a resilient workforce by prioritizing finhealth for employees. Goldman Sachs executives to rally investors in New York | Reuters and expects to roll out digital checking accounts in the next few months. Is the idea here that Marcus customers eventually become Goldman Sachs customers, if you will? Marcus is Goldman's digital-first consumer bank, offers customers saving accounts, personal loans and investment advisory services. In 2021, Goldman Sachs announced the One Million Black Women initiative, a $10-billion investment initiative focused on investing in Black women to, ``drive investment in housing, health care, access to capital, education, job creation and workforce advancement, digital connectivity, and financial health.'' In 2020, JPMorgan Chase . 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. Stephanie Cohen, MFT is a specialist in Psychiatry: Child/Adolescent who has an office at 710 S Broadway Street, Walnut Creek, CA 94596 and can be reached at 1-925-295-4145. 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. She is also a member of the Partnership Committee, Global Diversity Committee, Firmwide Enterprise Risk Committee and Firmwide Finance Committee. In less than a year, Goldman Sachs has grown its North Texas presence from more than 2,000 employees to nearly 4,000. 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. 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. Stephanie earned an AB in Biology, summa cum laude, from Harvard . And the thing I say all the time is that you cant talk about these things in two different places. This copy is for your personal, non-commercial use only. 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. Log in to our website to save your bookmarks. 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. By years end, 40% of its employees were working in those locations, the company said. And in doing that, we want to fundamentally change the way people experience financial services and in doing that improve their lives. And then we did the Apple card. But as Marcus morphed from a side project to a focal point for investors hungry for a growth story, the business rapidly expanded and ultimately buckled under the weight of Solomon's ambitions . Goldman Sachs executive who led consumer banking launch set to depart And you asked me about the focus. By continuing to use our site you agree to our Terms of Use and Privacy Policy. And what we are and what were trying to become is we have these two self reinforcing strategies. 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. Abby Joseph Cohen - Wikipedia And so this real focus on execution, which I no doubt learned by being a mergers and acquisitions banker inside of Goldman Sachs. Learn about the important intersection of healthcare and financial heath. She graduated cum laude from New York University and received an M.B.A. in May from Indiana University. Mr . I love that you had that visceral experience from the book and particularly given the role youre in now. We have businesses that do that and were really excited to do that as well. Ms. And at least I believe and I think its fair to say that theyre amazing. We want to be your primary bank. to talk about career, money and life. 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? 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. My moms a teacher and its just something. A Flagstar executive said the mortgage-focused bank is "not just going to sit on the sidelines and watch this happen.". I did that internally and I also did it externally. Flagstar Bank launches its next mortgage-tech accelerator while Walmart and Citi partner on a supplier loan program. LeaseQuery Announces $40 Million in Series A Funding And what were hoping with Marcus Invest is through the content and through the ease with which people can go through the signup process and then the investment process, people are going to be able to interact with an investing in a way thats understandable, but also is going to help them achieve whatever financial goals that they have. Collage of David Solomon . We want to use simple, transparent and valuable products to help people manage their financial lives. I went on a listening tour. 2021-11-30T13:05:49.103Z. 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. You also have mentioned to me before that when you became the chief strategy officer, the very first book you read was The Unbanking of America. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. Stephanie is head of Private Equity in Asia and global co-head of Growth Equity within Goldman Sachs Asset Management. Or what lessons have you taken from that and in your leadership roles at Goldman? Natalie is an award-winning reporter who covers banks, crypto, fraud, deals and other money topics for The Dallas Morning News. Goldman Sachs consumer exec Stephanie Cohen explains why the Wall Street bank just inked a $2.2 billion home-improvement lending deal; . I suspect theres also something to it about the moment were living in, the era were living in. We've detected you are on Internet Explorer. Tell me more about that choice and sort of what youve learned from it. And so were not going to do that on our own. After, it was the bank's Stephanie Cohen who reiterated that Goldman is considering strategic alternatives for its consumer lending business. 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? Shared by Stephanie Cohen At a critical moment for women's and family health, I am proud to share news of Maven Clinic's Series E, led by General Catalyst. How does this all fit together? 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. Now I have to turn the conversation a little bit back to you for a minute, because youre a lifer at Goldman Sachs. Mr Solomon teased a sale, saying Goldman was exploring "strategic alternatives". And so I would really, I would kind of exclamation point on that point. Key Takeaways From Goldman Sachs' Investor Day Tell us a little bit about where you expect to focus most of your time and attention this year. Oops! Stephanie Cohen: The Business Case for Inclusion Close. 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. Cohen declined to give projections for growth in Dallas or say whether Goldman is considering such a move. 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. Most Powerful Women in Finance: No. 17, Goldman's Stephanie Cohen I mentioned at the top, youre the youngest member of the banks management committee. Stephanie Cohen is joining Goldman's most elite tier, as its - mint Its really complex. No question. He will report to Stephanie Cohen, Goldman's global co-head of consumer and wealth management. My Doctor Online | Stephanie Cohen - Kaiser Permanente Become a business insider with the latest news. And then we did savings.

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