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. 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. Ms. Cohen serves on the National Board of Directors of CollegeSpring and as a member of the Board of Quill.org. because investing and helping companies grow is our business," Stephanie Cohen, Goldman Sachs' chief strategy officer . 01 Mar 2023 02:08:06 The consumer and wealth management team in Dallas is close to 1,200 now, which is about how many are on the same team in New York, said Cohen, who also noted that employees are back in the office in the U.S. Cohens division, consumer and wealth management, includes the consumer banking platform Marcus, which launched in 2016 followed by an app in January 2020 that allows consumers to do everyday banking. PDF Investor Day: Platform Solutions General Motors 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 . Goldman Sachs consumer exec Stephanie Cohen explains why the Wall Street bank just inked a $2.2 billion home-improvement lending deal; . 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. Because consumer banking has been around for a really long time. Ms. Cohen was Sector Captain for General Industrials in the Global Industrials Group and a member of the M&A Group in IBD. Stephanie Cohen, Chief Strategy Officer, Goldman Sachs - Topio Networks Women. In 2008, she managed Conflicts and Business Selection for IBD in the Americas. In so many ways. 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. The phrase is often used as company jargon for a sale or merger. Youve begun offering credit beyond debt consolidation. This account of her ascent is based on interviews with people whove worked with Cohen, who asked not to be named discussing their interactions. I really enjoyed hearing about how you go about listening. After, it was the bank's Stephanie Cohen who reiterated that Goldman is considering strategic alternatives for its consumer lending business. You, it turns out I learned, were once a competitive figure skater growing up. And so I would expect that some of this will end up being, as you said, not necessarily directly, but through partners. Internet Explorer not supported . Stephanie Cohen, Goldman's co-head of consumer and wealth management, is working on setting up a second base for herself in Dallas. 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. In 2019, Goldman launched an Apple credit card, and last January it rolled out a GM credit card. This has been EMERGE Everywhere, a Financial Health Network production. 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. To further the bank's efforts to become a Main Street lender, Goldman now offers credit cards and buy now/pay later options for consumers. 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. The business is not yet profitable but is expected to hit revenue of $4 billion by 2024, she said. Senior Editor, Women's Programs, American Banker. To read our full stories, please turn off your ad blocker.We'd really appreciate it. 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. David Solomon lacks answers for Goldman Sachs's angry investors | The 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. She graduated cum laude from New York University and received an M.B.A. in May from Indiana University. Chief Strategy Officer, Goldman Sachs Much has been made over the past few months about Stephanie Cohen's age. 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. Cohen joined Goldman Sachs as an Analyst in 1999, was named Managing Director in 2008 and Partner in 2014. Certainly youre gifted and talented. Listening is the most important thing that I do. Goldman Sachs discreetly seeks volunteers for Florida office; Dallas Your session has expired, please login again. Ultimately, I think thats, to your point on this moment in time, I think were in a place where the world is changing so fast that knowing every single about history is important. The San Francisco bank entered into a multiyear partnership with Choice Hotels, which operates brands such as Radisson, Comfort and Econo Lodge. Apple The 9 biggest takeaways from Goldman Sachs' investor day, from a tense Q&A with CEO David Solomon to the tater tots for breakfast. One, it affects how you manage your own people. Stephanie joined Goldman Sachs as an analyst in 1999, was named managing director in 2008, and became a partner in 2014. 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. And in order to do that, youve got to do a couple of things. Goldman Sachs executives to rally investors in New York Explore how to make financial services a force for good. The best way to do this is to have a long-term view. Mr Solomon teased a sale, saying Goldman was exploring "strategic alternatives". That thats clearly a very important part of your role and has been. In the latest in a rapid career of. We could have a whole conversation you and me, just on this topic so lets do that another time. Because for us, this is a business and a strategic imperative. You are just one step away from creating your watchlist! 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. 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 . 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. Tell me more about that choice and sort of what youve learned from it. Most Powerful Women in Finance: No. 17, Goldman's Stephanie Cohen 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. We think technology is in a place where you can really have a bank on your phone. But she doesn't see what the fuss is about. Now weve put a bunch of features into our products to help people make better decisions. 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. Most Powerful Women 2019: Stephanie Cohen | Crain's New York Business But advertising revenue helps support our journalism. 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. Stephanie Cohen: And so the next question is, how do you listen to the data? And so I did that and I mirrored that with my people. Prior to her current role, Stephanie drove strategy, M&A, strategic investing, and partnerships as the firms chief strategy officer. I think Goldman has a growing number of excellent women at the firm. Cohen declined to give projections for growth in Dallas or say whether Goldman is considering such a move. Stephanie Cohen: Stephanie Cohen: And then to your point, the clients and the customers in those businesses that were ultimately serving. 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. She also spearheaded Launch With GS, the organizations $500 million commitment to invest in diverse-led companies and investment managers, and GS Accelerate, the firms in-house innovation engine. Yeah, were really excited about the Marcus Invest product, which will launch this quarter. The Legacy of George Floyd: an Examination of Financial Services The bank says the candidates failed to make full disclosures. And it kind of reminds you of how important getting on a plane and seeing people in person and experiencing them in their environment really is. And by the way, that portfolio is different for different people. Goldman Sachs CEO David Solomon fends off attacks over consumer banking Which is that theres a specific type of customer thats the Marcus customer. Some there have earmarked her as a candidate to become the first woman to lead the investment banking division, the banks most profitable arm. Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. The world is awash in capital and you never see that. Where does the bank and the Fed go from here? Were looking for mission-driven people to join our team. Stephanie Cohen - New York, New York, United States - LinkedIn 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. Theres a savings portion of Marcus. Goldman Sachs Group Inc's Chief Executive David Solomon and top executives will give investors an update on their strategy on Tuesday. . 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. 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. Yeah. . 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. Goldman Sachs mulls deal options after consumer flop 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. And so thats really what were trying to do with what were doing in consumer and in Marcus. Diversity, equity and inclusion are core to our mission, see why. Display event - POWER Series: Stephanie Cohen - CFA Society Chicago You should spendmoney on things that truly make you happy. Solomon, who recently laid off more than 3,200 workers in what was dubbed "David's Demolition Day," was pounded with questions from Wall Street analysts about the bank's . Stephanie earned an AB in Biology, summa cum laude, from Harvard . Stephanie Cohen, cohead of Goldman's consumer and wealth group, is the only woman heading one of the bank's primary business divisions. And so what were trying to do is no different, we were just doing it with one product and now were going to try to do it with a holistic product suite. Young, female, banker: Stephanie Cohen has made a career at Goldman Sachs. How has that influenced you? And so I did that. Goldman now has credit-card deals with 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. 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. Great. She is the daughter . Dive Brief: Goldman Sachs on Tuesday named Stephanie Cohen co-head of the bank's consumer and wealth management business, making the 43-year-old arguably the most powerful woman at the company, and the first woman to lead a Goldman division since trading co-chief Isabelle Ealet left the bank in 2018, Bloomberg and the Financial Times reported . But by the way, you cant do that always at scale. 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? And thats how we ultimately came up with the strategies, which I talked about earlier in terms of going direct and what we call financial cloud. 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. 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. Its been really fun getting to know all of them. Stephanie Cohen: Chief Strategy Officer at Goldman Sachs HerStory Created Some of that could be due to the fact that there are fewer women in venture capital and fewer women founders. Well, I think Im biased, but I think I have the best job at Goldman Sachs. Click the AdBlock Plus button on your browser and select Enabled on this site. Dallas is now Goldmans second-biggest U.S. office outside of New York, surpassing Salt Lake City. 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. And of course, people want access to an advisor. And so were not going to do that on our own. She joined Goldman Sachs as an Analyst in 1999, was named Managing Director in 2008 and Partner in 2014. Stephanie Cohen has been at Goldman Sachs for more than 23 years. In January 2021, she was appointed global co-head of consumer and wealth management. How does this all fit together? Net revenues for the consumer business in the second quarter were $608 million, 67% higher than the second quarter of 2021, primarily reflecting significantly higher balances on both credit card balances and higher deposit balances. New York: The venue was the Gotham Club an exclusive den inside the San Francisco Giants home stadium. Some inside the bank wonder whether shes destined to rise even higher. She is one of seven women named on the committee and is 10 years younger than the average man on the team.