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. I mentioned at the top, youre the youngest member of the banks management committee. Goldman Sachs's CEO David Solomon concedes that some of his efforts to I think Goldman has a growing number of excellent women at the firm. 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. And so I did that and I mirrored that with my people. Bloomberg on Twitter: "First, Goldman Sachs CEO David Solomon said it And so kind of being happy with that rather than it being a negative, it being a positive I think its one of the most important life lessons and figure skating teaches you that in spades. When I walked into a board room, theyd expect a very tall man, but instead theyd get a relatively shortwoman. And so 85% of all venture capital dollars goes to all male founded teams. 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. And the thing I say all the time is that you cant talk about these things in two different places. The regions tech workforce is projected to expand 17% over the next decade. 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. and 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. A Goldman Sachs banker will have to pay his ex-wife more cash after she appealed her 2 million divorce settlement despite being set to inherit 100 million from her Saudi father. 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. wants to be your digital banker, and it has assigned the job to Stephanie Cohen, marking her second year on the Barrons list. 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. But she is quick to point out that this is no PR ploy on behalf of the bank: "This is not philanthropy. The world is awash in capital and you never see that. 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. 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. Jennifer Tescher: Prior to her current role, Stephanie drove strategy, M&A, strategic investing, and partnerships as the firms chief strategy officer. Cohen is now the committees youngest, with the rare label of ex officio" member. Its been really fun getting to know all of them. Stephanie Cohen: The Business Case for Inclusion 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. That makes a lot of sense. Measurement made easy for your organization. And I really got to know them on a totally new level because they were talking to me about their lives and their goals and their dreams and how we could be helpful. D-FW is now Goldman Sachs' second-largest U.S. hub after nearly and expects to roll out digital checking accounts in the next few months. . The company had previously partnered on its credit cards with Barclays. https://www.barrons.com/articles/barrons-100-most-influential-women-in-u-s-finance-stephanie-cohen-51615543200. By years end, 40% of its employees were working in those locations, the company said. PDF Investor Day: Platform Solutions Is the idea here that Marcus customers eventually become Goldman Sachs customers, if you will? New York: The venue was the Gotham Club an exclusive den inside the San Francisco Giants home stadium. And what are we trying to become? They are Goldman Sachs customers. Or what lessons have you taken from that and in your leadership roles at Goldman? You should spendmoney on things that truly make you happy. Tell me more about that choice and sort of what youve learned from it. And that starts with our own people. DuringStephanie Cohens first 15 years at Goldman Sachs, her career ladder didnt look much different than that of a typical investment banker. Dallas is quite central, Cohen said. 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 . Jennifer Tescher: Jennifer Tescher: It was a pre-COVID time period. And the reality is that is the right advice for our clients. And just a few weeks ago, she was asked to jointly lead the banks global consumer and wealth management division. Goldman Sachs Continues to Simplify With Personnel Moves 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. Theres just so many things that you learn from the richness of those individual conversations. 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,. And weve turned that into a lot of different financial products, but the reality is were just trying to solve those problems for consumers. Stephanie Cohen: Hier kommt Frau Goldman Sachs - FAZ.NET A Goldman Sachs lifer who rose through the ranks of mergers and acquisitions after starting as an analyst fresh out of college, Stephanie Cohen, 42, became chief strategy officer in January. Earlier in her career, Ms. Cohen worked in New York in the M&A department. Cohen joined Goldman Sachs as an Analyst in 1999, was named Managing Director in 2008 and Partner in 2014. Which is that theres a specific type of customer thats the Marcus customer. Theres a savings portion of Marcus. And we are lucky because we get to spend our entire days focusing on people. 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. 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. 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 want to be the bank on your phone, she says. Stephanie Cohen: And I thought a lot about this because as you change into a new role, you have to think about what are the things that have helped you to be successful? Stephanie Cohen: Abby Joseph Cohen (born February 29, 1952) is an American economist and financial analyst on Wall Street. 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. to talk about career, money and life. My moms a teacher and its just something. A lot of investment bankers have the attention span of a gnat," said Stephen DeFalco, who was the CEO of Crane & Co. before Goldman Sachs helped sell the company. Looks like you have exceeded the limit to bookmark the image. 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. And we think that this is a great way for people to think about investing. Things like auto pay. Jennifer, it is great to be here. Goldman Sachs is exploring "strategic alternatives" for its nascent consumer banking business. Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. Goldman Shakes Up Units in Fresh Push to Win Over Investors In so many ways. 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. In August, The Dallas Morning News reported that Goldman is eyeing a new skyscraper project on the edge of downtown Dallas as a location for up to 6,000 workers. By the way, a lot of people who spend their careers in financial services. 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. And so what are we? And so I would really, I would kind of exclamation point on that point. And its been so fascinating to watch the frankly, explosive growth of the business. 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 the question, which is kind of an obvious question is why now? And this year were going to launch Marcus Invest and checking and a credit card partnership with General Motors. 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. The reality is that investing can be intimidating for a lot of people. Some there have earmarked her as a candidate to become the first woman to lead the investment banking division, the banks most profitable arm. Im Jennifer Tescher, and Id love to hear your ideas for future guests and your reactions to the show. The business is not yet profitable but is expected to hit revenue of $4 billion by 2024, she said. 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. But then there are customers that are General Motors customers and that are Apple customers and that thats much broader and what do they need? By continuing to use our site you agree to our Terms of Use and Privacy Policy. One, we have our advisor led businesses. Abby Joseph Cohen - Wikipedia 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. Copyright HT Digital Streams Limited All rights reserved. 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. 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. And then to your point, the clients and the customers in those businesses that were ultimately serving. 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. Jennifer Tescher: 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. The Wall Street heavyweight, which had about 44,000 global employees at the end of 2021, is particularly focused on engineering talent in Dallas-Fort Worth, said Stephanie Cohen, who co-leads the consumer and wealth management division at Goldman. 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. "LeaseQuery has found a way to deliver easy-to-use solutions to their clients' complex problems," said Stephanie Cohen, Goldman Sachs' chief strategy officer who founded Launch With GS, an . In her new role overseeing consumer and wealth management for the organization, she shepherds a vision for diversity and inclusion that prioritizes broad consumer access to high-quality financial solutions. A checking account is currently in beta, according to Cohen. 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. Change is underway in the financial services industry and it's disrupt or be disrupted. Stephanie Cohen: Chief Strategy Officer at Goldman Sachs HerStory Created Yeah. But Ive also noticed that when women start talking to friends about business ideas, they actually want to help each other.. Someone get Stephanie Cohen a set of hair clippers. You can use that as something that bothers you, or you can use that as a point of differentiation. Im a big question asker too. The 43-year-old. To learn more about the work and research we do, please visit emerge.finhealthnetwork.org. Profile of Stephanie Cohen, Goldman Sachs Consumer and Wealth - Insider And how can we serve them where they are with the capabilities of Goldman Sachs? Dallas is now Goldmans second-biggest U.S. office outside of New York, surpassing Salt Lake City. 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. 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. 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. Cohen drives strategy, Mergers & Acquisitions (M&A . And so this real focus on execution, which I no doubt learned by being a mergers and acquisitions banker inside of Goldman Sachs. 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. And at least I believe and I think its fair to say that theyre amazing. 1 Executive Summary Primary drivers Key focus areas INVESTOR DAY 2023 PLATFORM SOLUTIONS . We're getting to the moment where we can help someone holistically manage their financial lives," Stephanie Cohen,. STEPHANIE COHEN, GLOBAL HEAD OF PLATFORM SOLUTIONS, 45. Stephanie Cohens first 15 years at Goldman Sachs, her career ladder didnt look much different than that of a typical investment banker. Bill Goldman, 38, historian, philanthropist and Levi Strauss heir Global Financial Health Launch Decision: Send Em! She also serves as trustee for the Board of The Economic Club of New York. 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. The High. Natalie Walters, Business reporter. 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. See you next time. 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. 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. Its not a one size fits all product and solution. Shes about 10 years younger than the average man already on the committee, after becoming a partner just four years ago.
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