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. DuringStephanie Cohens first 15 years at Goldman Sachs, her career ladder didnt look much different than that of a typical investment banker. Jennifer Tescher: Shell be among seven women on the 33-person panel. 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. She said the senior leadership team understands that diversity and inclusion is a "business imperative'' and that "this needs to be discussed in the same meetings where we talk about revenue or investment strategies. And so 85% of all venture capital dollars goes to all male founded teams. First, Goldman Sachs CEO David Solomon said it. 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. Its pretty amazing feat that youve managed to essentially build a homegrown digital business from inside this storied institution. We have more than 7,500 people in our division globally. And hopefully again, thats millions of customers that we will speak to and we can be helpful to. Mr Solomon teased a sale, saying Goldman was exploring "strategic alternatives". On September 29, 2020 . The company had previously partnered on its credit cards with Barclays. Ms. Cohen serves on the National Board of Directors of CollegeSpring and as a member of the Board of Quill.org. 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. The 9 biggest takeaways from Goldman Sachs' investor day, from a tense Q&A with CEO David Solomon to the tater tots for breakfast. Goldman now has credit-card deals with Goldman Sachs is exploring "strategic alternatives" for its nascent consumer banking business. Since then, the 41-year-old has charted a rapid rise inside Goldman Sachs, landing a seat last week on its most coveted decision-making body. 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. 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. 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 . She is the daughter . Explore how to make financial services a force for good. And weve turned that into a lot of different financial products, but the reality is were just trying to solve those problems for consumers. 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 did that. Consequently, they can be prickly customers. And how can we serve them? 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. 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,. Hier kommt Frau Goldman Sachs. 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. By years end, 40% of its employees were working in those locations, the company said. 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. 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. Wow. 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. And that starts with our own people. For the best Barrons.com experience, please update to a modern browser. She dug into the bones of the deal and was very compelling.". And the question, which is kind of an obvious question is why now? Stephanie Cohen quickly rose through the ranks at Goldman Sachs to become one of the youngest members and one of only a few women on its management committee. . Cohen said Goldman has been focused on fortifying its relationships with universities to help attract engineering talent to D-FW. 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. Cohen is now the committees youngest, with the rare label of ex officio" member. And then it turned on Robinhood and Goldman is in such an interesting place because youre both Wall Street and youre a FinTech in a way. 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. Ihr wird inzwischen sogar der Platz an der Bank-Spitze zugetraut. terms: Goldman Sachs Banks Stephanie Cohen Succession. Dallas is now Goldmans second-biggest U.S. office outside of New York, surpassing Salt Lake City. I mentioned at the top, youre the youngest member of the banks management committee. Jennifer Tescher: And so I did that and I mirrored that with my people. 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. And so I would really, I would kind of exclamation point on that point. She joined Goldman Sachs as an Analyst in 1999, was named Managing Director in 2008 and Partner in 2014. Well, this is one of the most exciting versions of quote unquote embedded finance that Ive heard about in a long time. 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? 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. 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 . 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. 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. Youve mentioned the fact that soon youre going to be launching a new set of investment options and opportunities. 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. Im actually a former journalist. And so were not going to do that on our own. And then we did savings. I think Goldman has a growing number of excellent women at the firm. Stephanie Cohen: And so were doing that with Apple, but also well do it with General Motors. And then how do you take that into your next role? Stephanie Cohen has participated in 2 events. Because maybe the content, or for example, we have something called Marcus Insights, which helps people aggregate their accounts and really provide insights into how theyre spending their money and better budget. 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. 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. Measurement made easy for your organization. If her tenure there is successful, it could pave the way for Cohen to make history at the firm. It was a pre-COVID time period. 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. ", 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. As of February 2017, she continues to serve as an advisory director at Goldman Sachs, after retiring from leadership of its Global Markets Institute. 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. 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. We do it internally. For example, when I am 60 and look back, what might I need the most? 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. Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. Looks like you have exceeded the limit to bookmark the image. And that has definitely been sped up by whats gone on with COVID. 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. My moms a teacher and its just something. Remove some to bookmark this image. And at least I believe and I think its fair to say that theyre amazing. Youve got to figure out whats important to you and what you really want to spendmoney on. Learn about the important intersection of healthcare and financial heath. 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. 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. I love it and its the advice I give people all the time. Thats not something anyone told us to do so we didnt listen in terms of having a conversation, but we watched the way that customers are interacting with our product and were learning from that. "We have 500 corporate clients, and we have the ability to provide financial wellness to all levels of employees," she said. 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. 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. Ms. Cohen serves on the National Board of Directors of College Spring and as a member of the Board of Quill.org. More than 90% of appraisers are white, and researchers have found that bias leads to lower valuations for homeowners of color. 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. Natalie is an award-winning reporter who covers banks, crypto, fraud, deals and other money topics for The Dallas Morning News. In this article that I had written, I talked about how originally, the mob was after Wall Street, if you will. Yeah. 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. She graduated cum laude from New York University and received an M.B.A. in May from Indiana University. As the banks chief strategy officer, she brought clarity and focus, including a new commitment to diversity and inclusion. The reality is that investing can be intimidating for a lot of people. She is also a Global Executive sponsor of the Women's Network. Ms. Cohen, also 32, is an independent marketing consultant in Chicago. Goldman plans to add checking to Marcus later this year but doesnt have a set date, Cohen said. But she doesn't see what the fuss is about. We could have a whole conversation you and me, just on this topic so lets do that another time. Goldman Sachs Group Inc's Chief Executive David Solomon and top executives will give investors an update on their strategy on Tuesday. He will report to Stephanie Cohen, Goldman's global co-head of consumer and wealth management. 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. Well, I guess were not going to be on the human schedule because were in our fifth year, not quite adolescence, but as you said, time really does fly. Stephanie Cohen is Global Head of Platform Solutions and a member of the Management Committee. Kristin Broughton Reprint For reprint and licensing requests for this article, click here. Stephanie Cohen: Senior Editor, Women's Programs, American Banker. Some there have earmarked her as a candidate to become the first woman to lead the investment banking division, the banks most profitable arm. Prior to that, Ms. Cohen was a Vice President in the Industrials and Merger Leadership Groups in San Francisco. https://www.barrons.com/articles/barrons-100-most-influential-women-in-u-s-finance-stephanie-cohen-51615543200. Updated Jan. 17, 2017 9:10 pm ET. Stephanie Cohen: They most recently attended, or will attend, Money 20/20 USA 2021 on Oct 24, 2021 . And so, while theres a lot of sadness in that, were hopefully, the idea is turning that into opportunity. Theres just so many things that you learn from the richness of those individual conversations. 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. And I have to say, I was a little bit surprised that that was the book you chose. Someone get Stephanie Cohen a set of hair clippers. She started as an analyst in 1999 and has held a series of leadership positions in mergers and acquisitions.
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