They are part of Goldman Sachs and we are really excited to serve them with the best of Goldman Sachs digitally. 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. Cohen, 41, joined Goldman Sachs in 1999 as an analyst and worked her way up in the investment banking division to managing director in 2008 and partner six years later. Not much is scary after that. 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. Things like auto pay. Natalie Walters, Business reporter. 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. Since the start of this year, Cohen has held the weighty title of chief strategy officer leading a team that helps decide where the bank should pursue new lines of business or acquisitions of its own. If her tenure there is successful, it could pave the way for Cohen to make history at the firm. And at least I believe and I think its fair to say that theyre amazing. By continuing to use our site you agree to our Terms of Use and Privacy Policy. We want to be the bank on your phone, she says. Oops! 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. Over 99% goes to all white teams. See our career opportunities. And so reading The Unbanking of America was kind of an emotional journey for me, which was that I cant believe I dont know this. 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. Jennifer Tescher: But advertising revenue helps support our journalism. 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. 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. 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. Earlier in her career, Ms. Cohen worked in New York in the M&A department. 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. Stephanie joined Goldman Sachs as an analyst in 1999, was named managing director in 2008, and became a partner in 2014. You mentioned the Apple card. And we think that this is a great way for people to think about investing. I didnt have that term before, but as a giver. As founder and CEO of the Financial Health Network, Ive spent my career breaking down silos by engaging with innovators across industries, and now, Im sharing those conversations with you. Listening is the most important thing that I do. 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. 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 we have this situation where you have an under invested asset class and theyre going to out return and you never see that. We want to be your primary bank. Im Jennifer Tescher, and Id love to hear your ideas for future guests and your reactions to the show. Youve got to figure out whats important to you and what you really want to spendmoney on. And the question is, how do you do that at scale? Upon arriving, her trajectory changed, and she has remained at the firm for over two decades in a variety of roles. She joined Goldman Sachs as an Analyst in 1999, was named Managing Director in 2008 and Partner in 2014. Updated Jan. 17, 2017 9:10 pm ET. Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. By the way, a lot of people who spend their careers in financial services. [House Hearing, 117 Congress] [From the U.S. Government Publishing Office] H.R. 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: 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. 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. Jun 22 Stephanie Cohen: Chief Strategy Officer at Goldman Sachs. 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. [1] [2] Prior to March 2008, she was the firm's Chief Investment Strategist. . Talk a little bit about how Marcus has evolved and where you see that business heading now that youve reached, say adolescence. We get it: you like to have control of your own internet experience. 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 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. Here are her five best pieces of advice on work and personal finance for professional women. My husband and I were talking about it last night, we all still need a lot of help. Stephanie Cohen Global Head of Platform Solutions February 2023. The delicate transaction was a milestone in the carmakers comeback after the financial crisis. Diversity in the ranks at Goldman and at the companies it invests in is a priority for Cohen. Cohen said she expected Platform Solutions to break even on a pre-tax basis by 2025 after it lost $3 billion in nearly three years. Prior to assuming her current role, Ms. Cohen was Co-Head of the Consumer and Wealth Management Division. 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. Kristin Broughton Reprint For reprint and licensing requests for this article, click here. Stephanie Cohen is one the bank's highest-ranking female . Actually, I got on a plane a lot. Dallas led all metropolitan areas in 2021 in net tech job growth, adding 5,321 positions, according to a new report by CompTIA, the nonprofit association for the information technology industry. And the question, which is kind of an obvious question is why now? 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. 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. This copy is for your personal, non-commercial use only. Mr Solomon teased a sale, saying Goldman was exploring "strategic alternatives". Stephanie Cohen: E ine Stunde mit . Shes about 10 years younger than the average man already on the committee, after becoming a partner just four years ago. Click the AdBlock Plus button on your browser and select Disable on Observer.com. CompTIA expects that to grow to nearly 7,700 net new positions this year, the fifth-highest total nationally. We've detected you are on Internet Explorer. And so I would expect that some of this will end up being, as you said, not necessarily directly, but through partners. Its complicated. Some there have earmarked her as a candidate to become the first woman to lead the investment banking division, the banks most profitable arm. Particularly consumers in Marcus, youve talked a lot about the role youre in now is really about people. She graduated cum laude from New York University and received an M.B.A. in May from Indiana University. Copyright HT Digital Streams Limited All rights reserved. Where does the bank and the Fed go from here? Goldman Sachs mulls deal options after consumer flop. You can learn more about how we use cookies by reviewing our Privacy Policy.Dismiss, Global Co-Head of Consumer and Wealth Management. After, it was the bank's Stephanie Cohen who reiterated that Goldman is considering strategic alternatives for its consumer lending business. And then because while we can access millions of customers, the way that we can really have impact is by taking those capabilities and embedding it into the ecosystems of our partners. Secondly, culturally. "We have savings, lending, investing, and we're close to launching checking. 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. Looks like you have exceeded the limit to bookmark the image. Measurement made easy for your organization. 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. Its been really fun getting to know all of them. Internet Explorer is no longer supported on our website. 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. 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. Goldman Sachs has chosen Stephanie Cohen as co-head of its consumer and wealth management . To order presentation-ready copies for distribution to your colleagues, clients or customers visit http://www.djreprints.com. 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. 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. Young, female, banker: Stephanie Cohen has made a career at Goldman Sachs. And the idea really brings together the reason by the way, why we have our consumer and wealth management businesses all together. Marcus. 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. . Cohens elevation to the committee followed just days later strong evidence she has the incoming CEOs confidence. 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. 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. 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. Here are her five best pieces of advice on work and personal finance for professional women. 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. Cohen said Goldman has been focused on fortifying its relationships with universities to help attract engineering talent to D-FW. No question. 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. We'll send you a myFT Daily Digest email rounding up the latest Goldman Sachs Group news every morning. Our people find Dallas a really, really great place to live and raise a family.. The San Francisco bank entered into a multiyear partnership with Choice Hotels, which operates brands such as Radisson, Comfort and Econo Lodge. This is a subscriber only feature Subscribe Now to get daily updates on WhatsApp. Mr . When I walked into a board room, theyd expect a very tall man, but instead theyd get a relatively shortwoman. On September 29, 2020 . Thank you for inviting me. Stephanie Cohen: Wow. "We believe that there is a real need for consumers to better manage their financial lives, and we have the capabilities to serve them," Cohen said. he 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, Last weekend, Cohen joined a panel at this years. A great question. Some of my favorite ones have been, we created a customer assistance program right as COVID was starting to help people so that they could defer loan payments and credit card payments and just listening to why it mattered to them. Ms. Cohen serves on the National Board of Directors of College Spring and as a member of the Board of Quill.org. Stephanie Cohen: Im realizing through this conversation that youre really a culture builder. Goldman Sachs consumer exec Stephanie Cohen explains why the Wall Street bank just inked a $2.2 billion home-improvement lending deal; . Stephanie Cohen: 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. And thats really the most exciting thing about being able to run this division. This $90 million Liked by Stephanie. That thats clearly a very important part of your role and has been. You should spendmoney on things that truly make you happy. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. Im doing it every day. 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. Dallas is quite central, Cohen said. And my mom who is a history teacher at some point and really cares about history and I love history and read it. When Goldmans board gathered on the West Coast in late June, she gave a presentation on that groups work. Shell be among seven women on the 33-person panel. The 43-year-old. Yeah. 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. 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. You can connect with me on Twitter @JenTescher. 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. I know many of them, but it says something entirely different to have someone at the operating committee level. In brief remarks about the Federal Reserve's handling of COVID-19 crises, the governor said the central bank's asset-buying program is taking longer to unwind than its emergency lending facilities. 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 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.

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