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. wants to be your digital banker, and it has assigned the job to Stephanie Cohen, marking her second year on the Barrons list. 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. 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. 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. E ine Stunde mit . Jennifer Tescher: 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 /. Im excited to see how that develops. And you asked me about the focus. The regions tech workforce is projected to expand 17% over the next decade. Anita Gutwein, Stephanie Cohen - Weddings - The New York Times By years end, 40% of its employees were working in those locations, the company said. Build a resilient workforce by prioritizing finhealth for employees. 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. Some inside the bank wonder whether shes destined to rise even higher. 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. Mr . . I think I learned that at a really young age. And so 85% of all venture capital dollars goes to all male founded teams. To learn more about the work and research we do, please visit emerge.finhealthnetwork.org. 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. Goldman Sachs CEO David Solomon fends off attacks over consumer banking One, we want to be the bank on your phone. Since the start of this year, Cohen has also transitioned from investment banking to serve as the bankschief strategy officer,leading a team that decides where the bank should pursue new lines of business. Stephanie Cohen, Goldman's co-head of consumer and wealth management, is working on setting up a second base for herself in Dallas. The San Francisco bank entered into a multiyear partnership with Choice Hotels, which operates brands such as Radisson, Comfort and Econo Lodge. 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. In 2019, Goldman launched an Apple credit card, and last January it rolled out a GM credit card. In this article that I had written, I talked about how originally, the mob was after Wall Street, if you will. A step-by-step guide for HR professionals. 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. It was here on an evening last December when roughly 100 women from the investment banking world gathered at an event billed as a leadership dinner. 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. LeaseQuery Announces $40 Million in Series A Funding 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. The best way to do this is to have a long-term view. The bureaucratic asterisk is likely meant to avoid upsetting senior executives whove spent much longer trying to get on the panel, without luck. 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. The Guys From 'Government Sachs' - The New York Times Here are her five best pieces of advice on work and personal finance for professional women. Stephanie Cohen - New York, New York, United States - LinkedIn Stephanie Cohen: 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. As the banks chief strategy officer, she brought clarity and focus, including a new commitment to diversity and inclusion. Natalie Walters, Business reporter. I really felt like I hadnt learned it. And how can we serve them? Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. Young, female, banker: Stephanie Cohen has made a career at Goldman Sachs. And you talked about that mission, and I want to come back to it because it really is there every day when our people design our products. I love that you had that visceral experience from the book and particularly given the role youre in now. 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. This account of her ascent is based on interviews with people whove worked with Cohen, who asked not to be named discussing their interactions. Jennifer Tescher: 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. 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. Stephanie Cohen Global Head of Platform Solutions February 2023. And so I would expect that some of this will end up being, as you said, not necessarily directly, but through partners. If her tenure there is successful, it could pave the way for Cohen to make history at the firm. 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 did a lot of it and a couple of other things that I just think are a little bit of tricks in doing this. And so thats really what were trying to do with what were doing in consumer and in 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. 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. Stephanie Cohen: The Business Case for Inclusion Particularly consumers in Marcus, youve talked a lot about the role youre in now is really about people. Got it. She also spearheaded . Youve begun offering credit beyond debt consolidation. 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. Log in to our website to save your bookmarks. Prior to that, Ms. Cohen was a Vice President in the Industrials and Merger Leadership Groups in San Francisco. I mentioned at the top, youre the youngest member of the banks management committee. Prior to her current role, Stephanie drove strategy, M&A, strategic investing, and partnerships as the firm's chief strategy officer. See our career opportunities. And how do you feel about essentially being a change agent in this way? And weve turned that into a lot of different financial products, but the reality is were just trying to solve those problems for consumers. I suspect that theres only so far a brand like Marcus can go in terms of meeting the needs of underserved consumers. 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. Tell us a little bit about where you expect to focus most of your time and attention this year. 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. The sale of that company, which has been making parts of the US currency bill going back to the 19th century, was among the last deals she worked on before moving to the executive suite. Jennifer Tescher: Its great for a woman to be achieving this level of success at Goldman and shes certainly capable of going further," Nugent said. 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 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. Youre just one more inch and I would have landed that jump. And when I was in my role as chief strategy officer, we created this thing called Accelerate, which we call our internal innovation engine. Jennifer Tescher: You can use that as something that bothers you, or you can use that as a point of differentiation. And so we think this idea of really starting with a clean sheet of paper and building financial services that puts the customer at the center, is something that we can do directly through Marcus and we can do through our partners. Explore how to make financial services a force for good. How does this all fit together? Getting out of our silos, hearing from other people, other perspectives we might not hear from otherwise and finding the interconnections. Yeah. Kristin Broughton Reprint For reprint and licensing requests for this article, click here. Stephanie Cohen is Global Head of Platform Solutions and a member of the Management Committee. Bill Goldman, 38, historian, philanthropist and Levi Strauss heir Welcome to EMERGE Everywhere. It celebrated the repayment by handing employees buttons that said Paid.". Ms. Cohen serves on the National Board of Directors of CollegeSpring and as a member of the Board of Quill.org. And then the last thing was what weve already talked about, which is being super curious and kind of asking a million questions and really want to learn things from the base level. Marcus. Stephanie Cohen: Stephanie Cohen: The activist investor is crying foul, claiming the Dallas-based bank harassed one of his board candidates into withdrawing and rejected the nomination of another. We're getting to the moment where we can help someone holistically manage their financial lives," Stephanie Cohen,. Figuring out how what youre doing is affecting people. 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. 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. My guest today is one of the most powerful women on Wall Street. 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. And so I did that. CompTIA expects that to grow to nearly 7,700 net new positions this year, the fifth-highest total nationally. 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. 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. David Solomon says Goldman Sachs is exploring 'strategic alternatives Jennifer Tescher: 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 . 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. No question. For reprint and licensing requests for this article, https://www.linkedin.com/in/mary-ellen-egan-97506b5/, Banking on sisterhood: A Black sorority launches a credit union. Goldman Sachs | Management Committee - Stephanie Cohen More than 90% of appraisers are white, and researchers have found that bias leads to lower valuations for homeowners of color. Marcus is Goldman's digital-first consumer bank, offers customers saving accounts, personal loans and investment advisory services. And so the main thing Im focused on is people internally and externally. 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. By the way, a lot of people who spend their careers in financial services. And of course, people want access to an advisor. Prior to her current role, Stephanie drove strategy, M&A, strategic investing, and partnerships as the firm's chief strategy officer. And then we did the Apple card. Im glad youre drilling in on it. Stephanie Cohen to co-head consumer and wealth management at Goldman