Goldman Sachs mulls deal options after consumer flop You, it turns out I learned, were once a competitive figure skater growing up. D-FW is now Goldman Sachs' second-largest U.S. hub after nearly Stephanie Cohen, culture builder, lifelong learner, thanks so much for joining me on Emerge Everywhere. 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 just to go back to your very specific question on are we trying to take these customers and turn them into Goldman Sachs customers? Well, this is one of the most exciting versions of quote unquote embedded finance that Ive heard about in a long time. More on Stephanie. Stephanie Cohen, head of platform solutions, said scale would help the business reach profitability by 2025. Ms. Cohen serves on the National Board of Directors of College Spring and as a member of the Board of Quill.org. Learn about the important intersection of healthcare and financial heath. In January 2021, she was appointed global co-head of consumer and wealth management. to talk about career, money and life. 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. Inside a massive transformation at powerhouse Wall Street bank Goldman 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.' Dallas is now Goldmans second-biggest U.S. office outside of New York, surpassing Salt Lake City. Ms. Cohen was Sector Captain for General Industrials in the Global Industrials Group and a member of the M&A Group in IBD. Senior Editor, Women's Programs, American Banker. And the thing I say all the time is that you cant talk about these things in two different places. Anita Gutwein, Stephanie Cohen - Weddings - The New York Times Jennifer Tescher: We want to be the bank on your phone, she says. Second, in kind of a funny way, theres not much things that are hard and scary after youve lived with the you alone center of the ice, audience in front of you, judges behind you, couple of minutes to do something that youve practiced for hours upon hours. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. Instead, I found it really helpful to look at a, people and look for things that I like or relate to. 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. Download the Mint app and read premium stories. Im a lifelong learner. 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. Stephanie Cohen is Global Head of Platform Solutions and a member of the Management Committee. The High. And so were having a great time, really engaging with our team. In mid-July, the company announced it will promote David Solomon to succeed Lloyd Blankfein as chief executive officer. The world is awash in capital and you never see that. 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 so I did that. Now I have to turn the conversation a little bit back to you for a minute, because youre a lifer at Goldman Sachs. Financial Health Pulse 2022 Chicago Report, Jennifer Tescher | Leaning Forward for FinHealth. 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. In January 2021, she was appointed global co-head of consumer and wealth management. Cindy Ord/Getty Images for Girlboss Rally NYC 2018. And we think it does help people better manage their finances. And so I did that and I mirrored that with my people. 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. 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. Speaker Bio: Stephanie Cohen is Goldman Sachs' Chief Strategy Officer and a member of the Management Committee. 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. Stephanie Cohen is Goldman Sachs' Chief Strategy Officer and an Ex Officio member of the Management Committee. 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. 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? She also serves as trustee for the Board of The Economic Club of New York. 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. And the reality is that is the right advice for our clients. And that you knew that you needed to listen and learn from the rest of the businesses, but that also you needed to learn about consumers, given that a growing part of the bank strategy was Marcus. 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. Over 99% goes to all white teams. And at least I believe and I think its fair to say that theyre amazing. 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. Jennifer Tescher: We do it internally. Tell me more about that choice and sort of what youve learned from it. Getting out of our silos, hearing from other people, other perspectives we might not hear from otherwise and finding the interconnections. Prior to that, Ms. Cohen was a Vice President in the Industrials and Merger Leadership Groups in San Francisco. 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. My husband and I were talking about it last night, we all still need a lot of help. And its been so fascinating to watch the frankly, explosive growth of the business. CompTIA expects that to grow to nearly 7,700 net new positions this year, the fifth-highest total nationally. The banking industry appears to be stuck when it comes to diversifying the leadership ranks. In this article that I had written, I talked about how originally, the mob was after Wall Street, if you will. I suspect theres also something to it about the moment were living in, the era were living in. Because for us, this is a business and a strategic imperative. How do you look at the data in a way that really helps you? Stephanie Cohen: Internet Explorer is no longer supported on our website. Goldman also will provide six student scholarships for $10,000 each at UTD over the next three years. Its been really fun getting to know all of them. 2021-11-30T13:05:49.103Z. 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. 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 really enjoyed hearing about how you go about listening. Stephanie Cohen is Global Head of Platform Solutions and a member of the Management Committee. How has that influenced you? Prior to assuming her current role, Ms. Cohen was Co-Head of the Consumer and Wealth Management Division. 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. Stephanie Cohen: 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. 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. 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. By continuing to use our site you agree to our. I love it and its the advice I give people all the time. Goldman Sachs CEO shuffles consumer banking, wealth management leaders [CNBC] Tags. You mentioned the Apple card. Yeah. And the question, which is kind of an obvious question is why now? Stephanie Cohen Global Head of Platform Solutions February 2023. Goldman Sachs mulls deal options after consumer flop. Yeah, I think its this idea of being a learner. And I talked to you about three things that I think have helped me and the teams around me be successful. Why Goldman's Marcus project failed and what it means for CEO Solomon Diversity in the ranks at Goldman and at the companies it invests in is a priority for Cohen. My Doctor Online | Stephanie Cohen - Kaiser Permanente She was previously based in New York where she reported for The Motley Fool, TheStreet and Business Insider. Talk a little bit about how you do that as a leader. And just a few weeks ago, she was asked to jointly lead the banks global consumer and wealth management division. The caucus started as a small gathering a decade ago organized by Stephanie Cohen then an up-and-coming banker at Goldman Sachs, who was vexed by the chummy boys network thats long dominated the business of guiding mergers and acquisitions. Prior to assuming her current role, Ms. Cohen was Co-Head of the Consumer and Wealth Management Division. Collage of David Solomon . "They are like-minded brands that are meeting people where they are," Cohen said. 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. To order presentation-ready copies for distribution to your colleagues, clients or customers visit http://www.djreprints.com. The second thing is this kind of get stuff done attitude. David Solomon lacks answers for Goldman Sachs's angry investors | The And so were doing that with Apple, but also well do it with General Motors. On September 29, 2020, Stephanie Cohen, Goldman Sachs' Chief Strategy. 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. I was a big bank diversity hire. And that has definitely been sped up by whats gone on with COVID. New York: The venue was the Gotham Club an exclusive den inside the San Francisco Giants home stadium. And the reason why we decided now was the right time for Goldman Sachs is because one, technology. Figuring out how what youre doing is affecting people. 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. Its pretty amazing feat that youve managed to essentially build a homegrown digital business from inside this storied institution. 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. She is also a Global Executive sponsor of the Women's Network. And then we did savings. Yeah. Jennifer Tescher: One, we have our advisor led businesses. 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. She also serves as trustee for the Board of The Economic Club of New York. And we think that this is a great way for people to think about investing. Jennifer Tescher: She is also a Global Executive Sponsor of the Women's Network and a member of the Management Committee, the most senior governing leadership body at the firm. "We have 500 corporate clients, and we have the ability to provide financial wellness to all levels of employees," she said. If her tenure there is successful, it could pave the way for Cohen to make history at the firm. Im actually a former journalist. Tell us a little bit about where you expect to focus most of your time and attention this year. And then weve also done that with Walmart and Amazon in terms of providing credit to their merchants. Yeah, were really excited about the Marcus Invest product, which will launch this quarter. 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. She joined Goldman Sachs as an Analyst in 1999, was named Managing Director in 2008 and Partner in 2014. Before that, she was Global Head of Financial Sponsor M&A in the Investment Banking Division (IBD). Stephanie earned an AB in Biology, summa cum laude, from Harvard . DuringStephanie Cohens first 15 years at Goldman Sachs, her career ladder didnt look much different than that of a typical investment banker. An error has occurred, please try again later. Jennifer Tescher: Stephanie joined Goldman Sachs as an analyst in 1999, was named managing director in 2008, and became a partner in 2014. 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. 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. 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. She dug into the bones of the deal and was very compelling.". Most Powerful Women in Banking: No. 12, Stephanie Cohen, Goldman Sachs Goldman Sachs Group Inc's Chief Executive David Solomon and top executives will give investors an update on their strategy on Tuesday. You should spendmoney on things that truly make you happy. Most Powerful Women in Finance: No. 17, Goldman's Stephanie Cohen I mentioned at the top, youre the youngest member of the banks management committee. 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 . She started as an analyst in 1999 and has held a series of leadership positions in mergers and acquisitions. It'll just take a moment. One Goldman Sachs go-to-market strategy combined with products developers love and can easily adopt 2 Business-to-business with innovative, client- and Stephanie Cohen is now the management committee's youngest, with the rare label of 'ex officio' member. Stephanie Cohen Authors/Speakers Financial Health Network And it will be interesting to think about how you leverage your vast capabilities and capital. Goldman Sachs CEO David Solomon fends off attacks over consumer banking When Goldmans board gathered on the West Coast in late June, she gave a presentation on that groups work. I think I learned that at a really young age. Stephanie Cohen: The Business Case for Inclusion And thats really the most exciting thing about being able to run this division. 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. We have the ability to have access to our clients in Texas but also more broadly across the United States and internationally. In less than a year, Goldman Sachs has grown its North Texas presence from more than 2,000 employees to nearly 4,000. Im realizing through this conversation that youre really a culture builder. Whether thats direct disbursements in our loans, meaning when you sign up for a Marcus loan, we can directly pay off your other debts. Her appointment this summer to Goldman Sachs' management committee made her its youngest member. And so in skating you fall all the time. 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. The . How does this all fit together? And I love learning. Stephanie Cohen, Chief Strategy Officer, Goldman Sachs - Topio Networks Prior to her current role, Stephanie drove strategy, M&A, strategic investing, and partnerships as the firm's chief strategy officer. Prior to her current role, Stephanie drove strategy, M&A, strategic investing, and partnerships as the firm's chief strategy officer. Diversity, equity and inclusion are core to our mission, see why. 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. E ine Stunde mit . 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. And what we are and what were trying to become is we have these two self reinforcing strategies. Stephanie Cohen has participated in 2 events. She is one of seven women named on the committee and is 10 years younger than the average man on the team. What it really was, was it was where people went when they had really great ideas and they just wanted to get it done. That makes a lot of sense. Goldman Sachs Continues to Simplify With Personnel Moves Stephanie Cohen: Chief Strategy Officer at Goldman Sachs HerStory Created 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. The Legacy of George Floyd: an Examination of Financial Services 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. 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. 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. Listening is the most important thing that I do. Stephanie Hui, Head of Merchant Banking [], Goldman Sachs We get it: you like to have control of your own internet experience. And if you look at those businesses, the thing that we have focused on in those businesses is providing holistic advice to individuals and to families and to helping them get the right diversified portfolio for them. We want to be your primary bank. And so the main thing Im focused on is people internally and externally. 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. Best of Both Worlds: Goldman Sachs' Stephanie Cohen Jo Ann Barefoot We do it externally.