Meet the forward thinking leaders challenging the status quo and unleashing creative new ways of improving financial health by seeing their customers, employees, and communities in 3D. Ms. Stephanie Cohen: The reality is, theres basically two different states where people have some money and they either want to figure out a way to invest it or save it or spend it or they want to do something and they need to figure out how to pay for that. 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. Jun 22 Stephanie Cohen: Chief Strategy Officer at Goldman Sachs. They are not only of course the right thing to do, but it is the only way to run the business. Stephanie Cohen: Money 20/20 USA 2021 Speaker Oct 24, 2021 Jennifer Tescher: Log in to our website to save your bookmarks. Particularly consumers in Marcus, youve talked a lot about the role youre in now is really about people. I didnt have that term before, but as a giver. 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. And so were doing that with Apple, but also well do it with General Motors. 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. 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. 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. 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. Jennifer Tescher: 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. Unfortunately, weve been getting to know most of them over Zoom, which is not nearly as much fun as getting to know people in person, but we get to visit peoples homes through Zoom and see their kids and their pets. And so I do think this idea of bringing the best of Goldman Sachs, this corporate franchise and the relationships we have with those brands and then taking these in many cases, digital capabilities weve built in the consumer business and embedding them into those ecosystems in a way that serves their customers, I think is one of the ways that we can access this much broader audience. It was here on an evening last December when roughly 100 women from the investment banking world gathered at an event billed as a leadership dinner. One, we have our advisor led businesses. She was previously based in New York where she reported for The Motley Fool, TheStreet and Business Insider. Goldman Sachs CEO shuffles consumer banking, wealth management leaders [CNBC] Tags. 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. Because consumer banking has been around for a really long time. We call those businesses, private wealth management and personal financial management. <p><img src="https://static1.businessinsider.com/image/5c40b6cbb492cb3ebd48300a-2400/gettyimages-1048898186.jpg" border="0" alt="Goldman Sachs CEO David Solomon" data . Feb 2, 2021, 8:42 AM. Jennifer Tescher: A great question. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. The bank says the candidates failed to make full disclosures. And so I found the book and it was incredibly interesting, but also devastating in so many different ways, because it was very clear that the financial system was not working for most people. And that starts with our own people. Shell be among seven women on the 33-person panel. How does this all fit together? Its not a one size fits all product and solution. 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. Its great for a woman to be achieving this level of success at Goldman and shes certainly capable of going further," Nugent said. Stephanie Cohen: If her tenure there is successful, it could pave the way for Cohen to make history at the firm. The activist investor is crying foul, claiming the Dallas-based bank harassed one of his board candidates into withdrawing and rejected the nomination of another. I did a lot of it and a couple of other things that I just think are a little bit of tricks in doing this. Goldman Sachs Group Goldman named 60 new partners on Thursday. The banking industry appears to be stuck when it comes to diversifying the leadership ranks. You pack a lot into a day. And so were not going to do that on our own. See you next time. 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. Oops! Jennifer Tescher: Jennifer Tescher: You mentioned the Apple card. Goldman Sachs Group Inc's Chief Executive David Solomon and top executives will give investors an update on their strategy on Tuesday. This is good-return investing.". Cohens elevation to the committee followed just days later strong evidence she has the incoming CEOs confidence. You can learn more about how we use cookies by reviewing our Privacy Policy.Dismiss, Global Co-Head of Consumer and Wealth Management. Cohen joined Goldman Sachs as an Analyst in 1999, was named Managing Director in 2008 and Partner in 2014. I often say that feedback is a gift and I had a lot of people who gave me a lot of feedback along the way. And I do think were in this moment of have a lot of people around, have them continuously getting better, be focused on execution and kind of getting stuff done, but being constantly learning in the process. By the way, thats only been sped up over the last year or so, given everything thats gone on. Youre one of the few women whos risen to that level. Correction: A previous version of this article mistakenly stated that Cohen became a managing partner at Goldman Sachs in 2008. And I love learning. And I remember these moments of falling really hard and your parents, your coach is like, Oh my. Figuring out how what youre doing is affecting people. And so I think its embedded in your question, but I think its a fair question. I love it and its the advice I give people all the time. There are places where theyre ahead and there are places where theyre behind and actually seeing that in a different environment, I think is another really interesting way to listen to what the world may become and to listen to ways that we can do things differently and better. I went on a listening tour. 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. Already a member? And so I would really, I would kind of exclamation point on that point. 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. Stephanie Cohen is Goldman Sachs' Chief Strategy Officer and an Ex Officio member of the Management Committee. Some inside the bank wonder whether shes destined to rise even higher. 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. Welcome to EMERGE Everywhere. Its been really fun getting to know all of them. And its been so fascinating to watch the frankly, explosive growth of the business. But she is quick to point out that this is no PR ploy on behalf of the bank: "This is not philanthropy. Thank you for inviting me. And so we created Launch with GS, which was our commitment to closing the diversity investing gap, where we said we were going to invest in companies founded, owned and led by diverse founders and diverse management. 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. 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. 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. She is the daughter . "We have savings, lending, investing, and we're close to launching checking. Stephanie Cohens first 15 years at Goldman Sachs, her career ladder didnt look much different than that of a typical investment banker. And I have to say, I was a little bit surprised that that was the book you chose. Yeah, I think that is, as we think about these two self reinforcing strategies that were pursuing consumer, thats one of the I think the really hopefully great ideas we have around it. 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. Prior to her current role, Stephanie drove strategy, M&A, strategic investing, and partnerships as the firms chief strategy officer. And I thought a lot about this because as you change into a new role, you have to think about what are the things that have helped you to be successful? Alan Cohen, Goldman Sachs Group Inc.'s head of compliance and the longest-serving internal cop on Wall Street, is vacating his seat after 13 years. Jennifer Tescher: Stephanie earned an AB in Biology, summa cum laude, from Harvard . 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. We'll send you a myFT Daily Digest email rounding up the latest Goldman Sachs Group news every morning. Natalie Walters, Business reporter. Speaker Bio: Stephanie Cohen is Goldman Sachs' Chief Strategy Officer and a member of the Management Committee. 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. Dallas is now Goldmans second-biggest U.S. office outside of New York, surpassing Salt Lake City. NEW YORK (Reuters) -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 . Carter Johnson and Hayley Cuccinello. Change is underway in the financial services industry and it's disrupt or be disrupted. 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, 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. A step-by-step guide for HR professionals. And then how do you take that into your next role? While wealth management services have been a mainstay for the 153-year-old investment bank, the shift to offering consumer banking happened less than six years ago. 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. And by the way, that portfolio is different for different people. Stephanie is head of Private Equity in Asia and global co-head of Growth Equity within Goldman Sachs Asset Management. 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. Stephanie Cohen, the 'female banker' is surely one to shatter the glass ceiling, all the CEOs of Goldman Sachs so far have been old white men. Jung, weiblich, Bankerin: Stephanie Cohen macht bei Goldman Sachs Karriere. And that has definitely been sped up by whats gone on with COVID. Marcus is Goldman's digital-first consumer bank, offers customers saving accounts, personal loans and investment advisory services. When I started as chief strategy officer, I had, of course that realization that you said exactly, which is okay, Ive been at Goldman Sachs 17, 18 years and Ive been sitting in the investment bank and Ive learned a lot, but there is a lot about what we even do at Goldman Sachs that I dont understand. And also, we didnt really know exactly what that was going to look and feel like, but what we figured out is actually people really do like it. Actually, I got on a plane a lot. By continuing to use our site you agree to our. She also serves as trustee for the Board of The Economic Club of New York. Now weve put a bunch of features into our products to help people make better decisions. Ive run, as you said, the consumer and wealth management business with my partner, Tucker York. In case you cant find any email from our side, please check the spam folder. 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. 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. But by the way, you cant do that always at scale. Stephanie Cohen is global co-head of Consumer and Wealth Management at Goldman Sachs, a member of the firms Management Committee, and global executive sponsor of the Womens Network. 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 then to your point, the clients and the customers in those businesses that were ultimately serving. Its really complex. You mentioned Marcus, I think its fair to say that four plus years ago when Goldman Sachs launched Marcus, it wasnt exactly what anyone was expecting to have a titan of Wall Street, all of a sudden building a business to focus on the financial needs of everyday people. 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. The Wall Street heavyweight, which had about 44,000 global employees at the end of 2021, is particularly focused on engineering talent in Dallas-Fort Worth, said Stephanie Cohen, who co-leads the consumer and wealth management division at Goldman. This copy is for your personal, non-commercial use only. 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. I think people have gotten to a place, and theres some good and theres some bad here where the phone is kind of really the center of everything that they do and how they interact with so many parts of their lives. STEPHANIE COHEN, GLOBAL HEAD OF PLATFORM SOLUTIONS, 45. Stephanie Cohen has been at Goldman Sachs for more than 23 years. Whether thats direct disbursements in our loans, meaning when you sign up for a Marcus loan, we can directly pay off your other debts. And I talked to you about three things that I think have helped me and the teams around me be successful. 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. [House Hearing, 117 Congress] [From the U.S. Government Publishing Office] H.R. Because you cant do things exactly the same way. 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. For example, theres a bunch of statistics showing that if you give people the option toinvest in a 401(k) plan, many people wont do it. Explore how to make financial services a force for good. We do it internally. Cindy Ord/Getty Images for Girlboss Rally NYC 2018. Jennifer Tescher: 1 Executive Summary Primary drivers Key focus areas INVESTOR DAY 2023 PLATFORM SOLUTIONS . . 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. Or what lessons have you taken from that and in your leadership roles at Goldman? I think I learned that at a really young age. After, it was the bank's Stephanie Cohen who reiterated that Goldman is considering strategic alternatives for its consumer lending business. We want to be the bank on your phone, she says. 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? Stephanie Cohen: And so thats really what were trying to do with what were doing in consumer and in Marcus. 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. 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. Dallas is quite central, Cohen said. And weve turned that into a lot of different financial products, but the reality is were just trying to solve those problems for consumers. But Ive also noticed that when women start talking to friends about business ideas, they actually want to help each other.. Goldman Sachs managers say one takeaway of the pandemic. And this kind of idea of people wanting to experience financial services deeply embedded into ecosystems rather than being this separate action. 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. And so 85% of all venture capital dollars goes to all male founded teams. But, if you make the enrollment default and you have to opt out if you dont want to do it, more people end up investing in 401(k).. It was during a stint in the conflict and business selection group that her work stood out, according to a person who worked with her at the time. On September 29, 2020 . 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.
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