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 regions tech workforce is projected to expand 17% over the next decade. As an investment banker for close to 20 years, my presence in board rooms was often an anomaly. 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 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. This copy is for your personal, non-commercial use only. You are just one step away from creating your watchlist! Apple The delicate transaction was a milestone in the carmakers comeback after the financial crisis. 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. 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. Stephanie Cohen has been at Goldman Sachs for more than 23 years. Stephanie Cohen: Cohen is now the committees youngest, with the rare label of ex officio" member. STEPHANIE COHEN, GLOBAL HEAD OF PLATFORM SOLUTIONS, 45. Were looking for mission-driven people to join our team. Im a big question asker too. Jennifer Tescher: I think I learned that at a really young age. Carter Johnson and Hayley Cuccinello. In less than a year, Goldman Sachs has grown its North Texas presence from more than 2,000 employees to nearly 4,000. Cohen joined Goldman Sachs as an Analyst in 1999, was named Managing Director in 2008 and Partner in 2014. Its been really fun getting to know all of them. And the reason why we decided now was the right time for Goldman Sachs is because one, technology. And so thats really what were trying to do with what were doing in consumer and in Marcus. 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. 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. And so we have this situation where you have an under invested asset class and theyre going to out return and you never see that. And at least I believe and I think its fair to say that theyre amazing. 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. Theres just so many things that you learn from the richness of those individual conversations. Mr Solomon teased a sale, saying Goldman was exploring "strategic alternatives". Stephanie Cohen, head of platform solutions, said scale would help the business reach profitability by 2025. Outside of work, Cohen spends time with her husband and young son, who "helps me hone my negotiation skills," she laughs. I mentioned at the top, youre the youngest member of the banks management committee. Goldman Sachs 209K subscribers Subscribe 4.6K views 5 years ago Despite China's macro headwinds, Stephanie Hui, head of the Merchant Banking Division in Asia Pacific Ex-Japan, identifies the. A Goldman Sachs banker will have to pay his ex-wife more cash after she appealed her 2 million divorce settlement despite being set to inherit 100 million from her Saudi father. You pack a lot into a day. Earlier in her career, Ms. Cohen worked in New York in the M&A department. Measurement made easy for your organization. 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. 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. Goldman Sachs has tapped a former Uber executive to lead its fledgling consumer banking division, . So much. To learn more about the work and research we do, please visit emerge.finhealthnetwork.org. You can learn more about how we use cookies by reviewing our Privacy Policy.Dismiss, Global Co-Head of Consumer and Wealth Management. 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. I didnt have that term before, but as a giver. Im a lifelong learner. Its really complex. Stephanie Cohen: Stephanie Cohen: 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. In 2008, she managed Conflicts and Business Selection for IBD in the Americas. 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. And so the next question is, how do you listen to the data? And what we are and what were trying to become is we have these two self reinforcing strategies. The San Francisco bank entered into a multiyear partnership with Choice Hotels, which operates brands such as Radisson, Comfort and Econo Lodge. Jennifer Tescher: And we think it does help people better manage their finances. Thank you for inviting me. 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. She also serves as trustee for the Board of The Economic Club of New York. Senior Editor, Women's Programs, American Banker. 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 /. And I love learning. One, it affects how you manage your own people. He will report to Stephanie Cohen, Goldman's global co-head of consumer and wealth management. And the question is, how do you do that at scale? Dallas is now Goldmans second-biggest U.S. office outside of New York, surpassing Salt Lake City. I suspect that theres only so far a brand like Marcus can go in terms of meeting the needs of underserved consumers. ", 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. 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. Consequently, they can be prickly customers. You, it turns out I learned, were once a competitive figure skater growing up. Money 20/20 USA 2021 Speaker Oct 24, 2021 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. 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 . 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. Stephanie, welcome to Emerge Everywhere. E ine Stunde mit . I think Goldman has a growing number of excellent women at the firm. 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. Below are steps you can take in order to whitelist Observer.com on your browser: Click the AdBlock button on your browser and select Don't run on pages on this domain. But she is quick to point out that this is no PR ploy on behalf of the bank: "This is not philanthropy. 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. General Motors My moms a teacher and its just something. And so were having a great time, really engaging with our team. Goldman Sachs Group Inc's Chief Executive David Solomon told investors on Tuesday the bank is considering "strategic alternatives" for its consumer arm, raising prospects for a potential sale after the business lost billions of dollars. Stephanie Cohen: Are you okay? And being really happy because you could tell that you were almost there. Theres a savings portion of Marcus. Cohens elevation to the committee followed just days later strong evidence she has the incoming CEOs confidence. Jennifer Tescher: 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. We have businesses that do that and were really excited to do that as well. It was in some respects kind of an embarrassing realization to have worked in financial services for almost two decades and to realize that I didnt understand how the financial system operated and there were really complicated parts of the financial system that I understood from a capital markets perspective, but from a day to day, how does an average American experience the financial services system? 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. 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. 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. Stephanie Cohen Global Head of Platform Solutions February 2023. Goldman Sachs is exploring "strategic alternatives" for its nascent consumer banking business. Tell us a little bit about where you expect to focus most of your time and attention this year. 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. Change is underway in the financial services industry and it's disrupt or be disrupted. Stephanie Cohen, culture builder, lifelong learner, thanks so much for joining me on Emerge Everywhere. 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. Cohen, 41, joined Goldman Sachs in. 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. 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. Listening is the most important thing that I do. And so this real focus on execution, which I no doubt learned by being a mergers and acquisitions banker inside of Goldman Sachs. The strategy document identifies potential avenues for cutting cybercriminals off from financing, as well as other actions banks can take. Cohen drives strategy, Mergers & Acquisitions (M&A . Updated Jan. 17, 2017 9:10 pm ET. We recommend using Google Chrome, Mozilla Firefox, Apple Safari, or . And then we did the Apple card. Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. And so I would expect that some of this will end up being, as you said, not necessarily directly, but through partners. 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. Jennifer Tescher: 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. Your session has expired, please login again. "We have savings, lending, investing, and we're close to launching checking. 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 .