Goldman Sachs mulls deal options after consumer flop - ET BFSI 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. 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. And its interesting though, because when we think about it and we talk about it and what we focus on every day, the mission is still the same. Goldman Sachs' Youngest Banker's Top 5 Career & Money - Observer Goldman Sachs banker's wife to get millions after divorce 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. Im a big question asker too. Because consumer banking has been around for a really long time. Yeah. Stephanie Cohen Authors/Speakers Financial Health Network Kristin Broughton Reprint For reprint and licensing requests for this article, click here. 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? She dug into the bones of the deal and was very compelling.". Im actually a former journalist. 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. Learn about the important intersection of healthcare and financial heath. But in Marcus and in consumer, we want to bring the best of Goldman Sachs capability to them directly on their phone, wherever they are and however they want to be served. I did that internally and I also did it externally. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. And I remember these moments of falling really hard and your parents, your coach is like, Oh my. 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 /. The bureaucratic asterisk is likely meant to avoid upsetting senior executives whove spent much longer trying to get on the panel, without luck. Its great for a woman to be achieving this level of success at Goldman and shes certainly capable of going further," Nugent said. 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. We could have a whole conversation you and me, just on this topic so lets do that another time. I suspect theres also something to it about the moment were living in, the era were living in. Goldman named 60 new partners on Thursday. And its been so fascinating to watch the frankly, explosive growth of the business. Goldman leadership shuffle puts woman atop consumer division Stephanie earned an AB in Biology, summa cum laude, from Harvard . We'll send you a myFT Daily Digest email rounding up the latest Goldman Sachs Group news every morning. Stephanie Cohen: The banking industry appears to be stuck when it comes to diversifying the leadership ranks. And so I think its embedded in your question, but I think its a fair question. Barron's 100 Most Influential Women in U.S. Finance: Stephanie Cohen Finding Growth in China - Goldman Sachs' Stephanie Hui Prior to her current role, Stephanie drove strategy, M&A, strategic investing, and partnerships as the firm's chief strategy officer. Prior to that, Ms. Cohen was a Vice President in the Industrials and Merger Leadership Groups in San Francisco. She is also a Global Executive sponsor of the Women's Network. 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. The . 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? Stephanie Cohen Global Head of Platform Solutions February 2023. I suspect that theres only so far a brand like Marcus can go in terms of meeting the needs of underserved consumers. By doing that, you can actually, authentically be the person you want without assuming that you have to be someone else., Make it easier to make the right decisions. And how can we serve them? 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. Marcus is Goldman's digital-first consumer bank, offers customers saving accounts, personal loans and investment advisory services. Text. Stephanie is head of Private Equity in Asia and global co-head of Growth Equity within Goldman Sachs Asset Management. And so 85% of all venture capital dollars goes to all male founded teams. She is the daughter . Theres a savings portion of Marcus. She also serves as trustee for the Board of The Economic Club of New York. This has been EMERGE Everywhere, a Financial Health Network production. 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. And hopefully again, thats millions of customers that we will speak to and we can be helpful to. By continuing to use our site you agree to our. If you liked this episode, please review the show and subscribe wherever you get your podcasts. Its really complex. The company had previously partnered on its credit cards with Barclays. Our goal in our vision, in our people, is to empower our clients and customers to achieve their financial goals and we think help them live better lives. Im not certified to be helpful, but we do get a lot of questions and it helps you to understand just how many people have these questions and how many people could really use help in managing their finances. Stephanie Cohen: Goldman Sachs to invest $500 million in women-run companies 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. Stephanie Cohen: And so what are we? Its going to be two this year. Is the idea here that Marcus customers eventually become Goldman Sachs customers, if you will? . Oops! By continuing to use our site you agree to our Terms of Use and Privacy Policy. 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. During Stephanie Cohen's first 15 years at Goldman Sachs, her career ladder didn't look much different than that of a typical investment banker. For Members Only Federal Credit Union in Chicago, which was founded by the African American sorority Alpha Kappa Alpha, is focused on helping members build generational wealth. 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? One, it affects how you manage your own people. But she doesn't see what the fuss is about. To learn more about the work and research we do, please visit emerge.finhealthnetwork.org. 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. Talk a little bit about how Marcus has evolved and where you see that business heading now that youve reached, say adolescence. Stephanie Cohen: By doing that, you can actually, authentically be the person you want without assuming that you have to be someone else., Sam Bankman-Frieds Deceptions Allegedly Include Millions in Illegal Campaign Contributions, The Fed Raises Rates as Expected, But Spooks Investors With a Gloomy Forecast, Meta Is Sued for Allegedly Profiting From Hateful Content on Facebook in Ethiopia, Twitter Suspends @ElonJet, the Account Tracking Musks Private Flights. Prior to assuming her current role, Ms. Cohen was Co-Head of the Consumer and Wealth Management Division. And what we are and what were trying to become is we have these two self reinforcing strategies. Stephanie Cohen: Secondly, culturally. Goldman Sachs | Management Committee - Stephanie Cohen Bloomberg on Twitter: "First, Goldman Sachs CEO David Solomon said it And that means that we need to go from being about a product, to really having solutions and building holistic relationships with our customers and by building that entire product suite and making it something thats simple and transparent, easy for millions of people to access, we think were going to do that. Talk a little bit about how you do that as a leader. And so this real focus on execution, which I no doubt learned by being a mergers and acquisitions banker inside of Goldman Sachs. Her elevation was the most noticeable in the group of four tapped to join the management committee, and not just because its comprised mostly of men. She started as an analyst in 1999 and has held a series of leadership positions in mergers and acquisitions. CompTIA expects that to grow to nearly 7,700 net new positions this year, the fifth-highest total nationally. Mr . I wonder if you could talk a little bit about when you joined as chief strategy officer in that role, what you did to listen and learn about both the parts of the business that you might have been less familiar with, but also the end user, if you will, the consumer. . Sometimes you have to tell people what they dont want to hear, and shes among the best Ive seen when she gives advice," said Eileen Nugent, a senior M&A lawyer who has advised on buyouts. 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. Key Takeaways From Goldman Sachs' Investor Day Stephanie Cohen, head of platform solutions, said scale would help the business reach profitability by 2025. Stephanie Cohen - New York, New York, United States - LinkedIn 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. Stephanie Cohen is Global Head of Platform Solutions and a member of the Management Committee. You are just one step away from creating your watchlist! It didn't go well. Goldman Sachs Group wants to be your digital banker, and it has assigned the job to Stephanie Cohen, marking her second year on the Barrons list. Stephanie Hui, Head of Merchant Banking [], Goldman Sachs And then we have this great program where we work with companies on financial wellness for their employees and we call that Ayco. Measurement made easy for your organization. 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. 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. 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. She went on to a more traditional M&A role in the industrials team. 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. She is also a member of the Partnership Committee, Global Diversity Committee, Firmwide Enterprise Risk Committee and Firmwide Finance Committee. 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. Particularly consumers in Marcus, youve talked a lot about the role youre in now is really about people. Its funny because as chief strategy officer, people do this, Do you sit around and just have really big thoughts? No, ideas are really nice, but its about execution. 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 . Tiger Trump and nothing to ex-husband Donald Trump. Certainly youre gifted and talented. Ms. When Goldmans board gathered on the West Coast in late June, she gave a presentation on that groups work. 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 of course, people want access to an advisor. But advertising revenue helps support our journalism. Well, this is one of the most exciting versions of quote unquote embedded finance that Ive heard about in a long time. 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.' Which is that theres a specific type of customer thats the Marcus customer. 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 has been at Goldman Sachs for more than 23 years. March 02, 2023, 14:16 IST. 2021-11-30T13:05:49.103Z. Things like auto pay. New York: The venue was the Gotham Club an exclusive den inside the San Francisco Giants home stadium. 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. ", 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. terms: Goldman Sachs Banks Stephanie Cohen Succession. On September 29, 2020 . 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. We want to be the bank on your phone, she says. I mentioned at the top, youre the youngest member of the banks management committee. It celebrated the repayment by handing employees buttons that said Paid.". Jennifer Tescher: 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. She also serves as trustee for the Board of The Economic Club of New York. Im doing it every day. And in that business, we have two different pieces, one, which is Marcus, which you mentioned, which helps customers save, borrow, and soon invest and spend. And then how do you take that into your next role? Most Powerful Women in Finance: No. 17, Goldman's Stephanie Cohen Goldman Sachs CEO David Solomon fends off attacks over Marcus flop Getting out of our silos, hearing from other people, other perspectives we might not hear from otherwise and finding the interconnections. DuringStephanie Cohens first 15 years at Goldman Sachs, her career ladder didnt look much different than that of a typical investment banker. Its the ultimate man-cave. My guest today is one of the most powerful women on Wall Street. Goldman Sachs has tapped a former Uber executive to lead its fledgling consumer banking division, . 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. And the idea really brings together the reason by the way, why we have our consumer and wealth management businesses all together. Yeah. The best way to do this is to have a long-term view. You are now subscribed to our newsletters. 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. She is a key architect of the bank's . On September 29, 2020, Stephanie Cohen, Goldman Sachs' Chief Strategy. So much. The second thing is this kind of get stuff done attitude. 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. To read our full stories, please turn off your ad blocker.We'd really appreciate it. And by the way, that portfolio is different for different people. 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. Thank you for inviting me. Marcus. Your session has expired, please login again. We think technology is in a place where you can really have a bank on your phone. But by the way, you cant do that always at scale. Do you have any ideas or things youve thought about in terms of how to leverage your capabilities in this regard? David Solomon lacks answers for Goldman Sachs's angry investors | The Jennifer Tescher: [House Hearing, 117 Congress] [From the U.S. Government Publishing Office] H.R. Already, Steven Mnuchin has been tapped as Treasury secretary, Stephen K. Bannon was named senior adviser and Gary D. Cohn, Goldman's president, is expected to direct the National Economic Council. 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. An error has occurred, please try again later. 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. In this episode, Jennifer and Stephanie discuss how the bank is leveraging fintech and personalized solutions to meet diverse consumer needs, while empowering clients and customers to reach their financial goals. 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. 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 just a few weeks ago, she was asked to jointly lead the banks global consumer and wealth management division. How does this all fit together? Youve begun offering credit beyond debt consolidation. Goldman Sachs Group Inc. named John Mallory and Meena Flynn as co-heads of global private wealth management, a business that's key to the bank's aim to diversify revenue streams beyond its core. Click the AdBlock Plus button on your browser and select Disable on Observer.com. And as youve mentioned, weve been through an evolution and the reality is we had to start somewhere so we started with loans as you talked about and we really felt like we were doing that in a different way and were proud of what we launched. And I have to say, I was a little bit surprised that that was the book you chose. 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 Some of that could be due to the fact that there are fewer women in venture capital and fewer women founders. Stephanie Cohen is joining Goldman's most elite tier, as its - mint And my mom who is a history teacher at some point and really cares about history and I love history and read it. Mr Solomon teased a sale, saying Goldman was exploring "strategic alternatives". Chief Strategy Officer, Goldman Sachs Much has been made over the past few months about Stephanie Cohen's age. Goldman Sachs executives to rally investors in New York 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. Listening is the most important thing that I do. She grew up in Augusta, Ga., and holds an MA in Investigative Journalism from The Cronkite School. And it will be interesting to think about how you leverage your vast capabilities and capital. 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. In mid-July, the company announced it will promote David Solomon to succeed Lloyd Blankfein as chief executive officer. Stephanie Cohen is Global Head of Platform Solutions and a member of the Management Committee. They are not only of course the right thing to do, but it is the only way to run the business. 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. The San Francisco bank entered into a multiyear partnership with Choice Hotels, which operates brands such as Radisson, Comfort and Econo Lodge. You can connect with me on Twitter @JenTescher. My husband and I were talking about it last night, we all still need a lot of help. Jun 22 Stephanie Cohen: Chief Strategy Officer at Goldman Sachs. 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 so hopefully people see when they go on our app or go on our website, that our language is easy to read and clear. Goldman Sachs CEO David Solomon Is Shaking Things Up at Wall Street's Ms. Cohen also led Launch With GS, Goldman Sachs $1 billion commitment to invest in companies and investment managers with diverse leadership, as well as GS Accelerate, the firms in-house innovation engine. Jennifer Tescher: Stephanie Cohen: NY Post Receives Flak for Calling Potential Successor to Goldman Sachs 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. Jennifer Tescher: Stephanie Cohen: Chief Strategy Officer at Goldman Sachs HerStory Created 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. And we think that this is a great way for people to think about investing. But in July of this year, she scored a seat on the banks most elite decision-making team, a 33-person management committee appointed by new CEODavid Solomon.