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. Got it. 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. This is a subscriber only feature Subscribe Now to get daily updates on WhatsApp. And then we have this great program where we work with companies on financial wellness for their employees and we call that Ayco. Global Financial Health Launch Decision: Send Em! 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. She joined Goldman Sachs as an Analyst in 1999, was named Managing Director in 2008 and Partner in 2014. They most recently attended, or will attend, Money 20/20 USA 2021 on Oct 24, 2021 . . I mentioned at the top, youre the youngest member of the banks management committee. It was a pre-COVID time period. Ms. Cohen, also 32, is an independent marketing consultant in Chicago. Because you cant do things exactly the same way. Correction: A previous version of this article mistakenly stated that Cohen became a managing partner at Goldman Sachs in 2008. Im not certified to be helpful, but we do get a lot of questions and it helps you to understand just how many people have these questions and how many people could really use help in managing their finances. Stephanie Cohen is Goldman Sachs' Chief Strategy Officer and an Ex Officio member of the Management Committee. By continuing to use our site you agree to our. And that starts with our own people. Jennifer Tescher: Because consumer banking has been around for a really long time. Ihr wird inzwischen sogar der Platz an der Bank-Spitze zugetraut. 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. And its been so fascinating to watch the frankly, explosive growth of the business. Tell us a little bit about where you expect to focus most of your time and attention this year. We want to be your primary bank. She also spearheaded . But in Marcus and in consumer, we want to bring the best of Goldman Sachs capability to them directly on their phone, wherever they are and however they want to be served. 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 . The reality is that investing can be intimidating for a lot of people. Im going to start by saying that Ive gotten to where I am today because there are amazing people inside of Goldman Sachs and outside of Goldman Sachs who have been tremendously helpful to me. "We have savings, lending, investing, and we're close to launching checking. Meet the forward thinking leaders challenging the status quo and unleashing creative new ways of improving financial health by seeing their customers, employees, and communities in 3D. 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. And I love learning. And my mom who is a history teacher at some point and really cares about history and I love history and read it. And so I did that and I mirrored that with my people. I think I learned that at a really young age. But she is quick to point out that this is no PR ploy on behalf of the bank: "This is not philanthropy. Download the Mint app and read premium stories. Before that, she was the firm's Chief Strategy Officer, where she drove strategy, Mergers & Acquisitions (M&A), strategic investing and partnerships for the firm. 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. Become a business insider with the latest news. If her tenure there is successful, it could pave the way for Cohen to make history at the firm. No question. Goldman Sachs has chosen Stephanie Cohen as co-head of its consumer and wealth management . 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. 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. Youre just one more inch and I would have landed that jump. This copy is for your personal, non-commercial use only. She is also a member of the Firmwide Asset Liability Committee and the Global Inclusion and Diversity Committee, serving as a Global Executive sponsor of the Women's Network. 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. Last weekend, Cohen joined a panel at this years Girlboss Rally in New York, a two-day event to foster networking and learning among women entrepreneurs,to talk about career, money and life. And that has definitely been sped up by whats gone on with COVID. Instead, I found it really helpful to look at a, people and look for things that I like or relate to. The bureaucratic asterisk is likely meant to avoid upsetting senior executives whove spent much longer trying to get on the panel, without luck. So much. And weve turned that into a lot of different financial products, but the reality is were just trying to solve those problems for consumers. 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. Youve mentioned the fact that soon youre going to be launching a new set of investment options and opportunities. Jennifer, it is great to be here. Learn more about Marcus by Goldman Sachs and check out additional episodes of EMERGE Everywhere. Stephanie Cohen has been at Goldman Sachs for more than 23 years. We've detected you are on Internet Explorer. Figuring out how what youre doing is affecting people. But she doesn't see what the fuss is about. Looks like you have exceeded the limit to bookmark the image. Meaning I end a lot of conversations with, How can I be most helpful to you? And I do try to give people really direct feedback because I think its the way to make them better in their own careers. Natalie Walters, Business reporter. 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. Goldman Sachs Group Inc's Chief Executive David Solomon and top executives will give investors an update on their strategy on Tuesday. And were going to be better if we do that. Things like auto pay. Learn about the important intersection of healthcare and financial heath. Its the ultimate man-cave. Goldman Sachs Group Inc's Chief Executive David Solomon and top executives will give investors an update on their strategy on Tuesday. Because for us, this is a business and a strategic imperative. Jun 22 Stephanie Cohen: Chief Strategy Officer at Goldman Sachs. She said the senior leadership team understands that diversity and inclusion is a "business imperative'' and that "this needs to be discussed in the same meetings where we talk about revenue or investment strategies. More than 90% of appraisers are white, and researchers have found that bias leads to lower valuations for homeowners of color. Im realizing through this conversation that youre really a culture builder. DuringStephanie Cohens first 15 years at Goldman Sachs, her career ladder didnt look much different than that of a typical investment banker. 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. 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. Updated Jan. 17, 2017 9:10 pm ET. The phrase is often used as company jargon for a sale or merger. And that we were going to build an ecosystem around it. 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. 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? Stephanie Cohen is Global Head of Platform Solutions and a member of the Management Committee. And the reason why we decided now was the right time for Goldman Sachs is because one, technology. She also serves as trustee for the Board of The Economic Club of New York. 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 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. 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. How has that influenced you? Stephanie Cohen is global co-head of Consumer and Wealth Management at Goldman Sachs, a member of the firm's Management Committee, and global executive sponsor of the Women's Network. 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. The San Francisco bank entered into a multiyear partnership with Choice Hotels, which operates brands such as Radisson, Comfort and Econo Lodge. Now weve put a bunch of features into our products to help people make better decisions. Chief Strategy Officer, Goldman Sachs Much has been made over the past few months about Stephanie Cohen's age. Its not a one size fits all product and solution. Thats not something anyone told us to do so we didnt listen in terms of having a conversation, but we watched the way that customers are interacting with our product and were learning from that. 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. 2021-11-30T13:05:49.103Z. 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 . Thank you for inviting me. It celebrated the repayment by handing employees buttons that said Paid.". And then, were going to be part of fixing this and were going to have to work with a lot of people to fix it because the financial system is this intertwined organism. Yeah. And so I would be that person that was like, Please just explain this to me from the base level. And when you get to that base level, you actually start to understand not only the products and how theyre all executed, but how it affects an end customer. Close. One Goldman Sachs go-to-market strategy combined with products developers love and can easily adopt 2 Business-to-business with innovative, client- and She is now even given the place at the top of the bank. I suspect theres also something to it about the moment were living in, the era were living in. 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. 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. Stephanie Cohen: We have the ability to have access to our clients in Texas but also more broadly across the United States and internationally. As of February 2017, she continues to serve as an advisory director at Goldman Sachs, after retiring from leadership of its Global Markets Institute. We recommend using Google Chrome, Mozilla Firefox, Apple Safari, or . . They are part of Goldman Sachs and we are really excited to serve them with the best of Goldman Sachs digitally. Im Jennifer Tescher, journalist turned financial health champion. Stephanie, welcome to Emerge Everywhere. That makes a lot of sense. Here are her five best pieces of advice on work and personal finance for professional women. Stephanie Cohen, head of platform solutions, said scale would help the business reach profitability by 2025. Sometimes you have to tell people what they dont want to hear, and shes among the best Ive seen when she gives advice," said Eileen Nugent, a senior M&A lawyer who has advised on buyouts. Our goal in our vision, in our people, is to empower our clients and customers to achieve their financial goals and we think help them live better lives. You should spendmoney on things that truly make you happy. And what were doing in our division is we do it a couple of different ways. Sign In. You are just one step away from creating your watchlist! To order presentation-ready copies for distribution to your colleagues, clients or customers visit http://www.djreprints.com. Ive run, as you said, the consumer and wealth management business with my partner, Tucker York. That thats clearly a very important part of your role and has been. Jennifer Tescher: And in this new role in particular, but I was doing some of this as chief strategy officer, but now doing much more of it, I think you really have to figure out how you can listen to customers directly. And as youve mentioned, weve been through an evolution and the reality is we had to start somewhere so we started with loans as you talked about and we really felt like we were doing that in a different way and were proud of what we launched. Jennifer Tescher: And how can we serve them? Where does the bank and the Fed go from here? Goldman also will provide six student scholarships for $10,000 each at UTD over the next three years. 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? 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. The High. Stephanie Cohen is Global Head of Platform Solutions and a member of the Management Committee. 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. 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. 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. 117-14 _____ Printed for the use of the Committee on Natural . She serves on the Partnership Committee, and is also on the Board of Advisors of Launch With GS, Goldman Sachs' $1 billion investment strategy grounded in the belief that diverse teams drive strong returns. You went there right out of graduating from the University of Illinois and youve experienced a tremendous amount of success. She started as an analyst in 1999 and has held a series of leadership positions in mergers and acquisitions. Hier kommt Frau Goldman Sachs. and And so I would expect that some of this will end up being, as you said, not necessarily directly, but through partners. 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. Goldman Sachs (GS-0.84%) CEO David Solomon has promoted Stephanie Cohen to co-head its consumer banking and wealth management division as part of an executive shuffle at the bank.. Listening is the most important thing that I do. because investing and helping companies grow is our business," Stephanie Cohen, Goldman Sachs' chief strategy officer . We do it internally. 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. And we think that this is a great way for people to think about investing. 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. She grew up in Augusta, Ga., and holds an MA in Investigative Journalism from The Cronkite School. It had revenue of $1.5 billion in 2021. By the way, thats only been sped up over the last year or so, given everything thats gone on. You cant have two different meetings where you talk about market share and growth and margins and then you have another meeting where you talk about diversity. 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. And so were doing that with Apple, but also well do it with General Motors. 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 potential sale after the business lost billions of dollars. And then weve also done that with Walmart and Amazon in terms of providing credit to their merchants. 2021, ``ENVIRONMENTAL JUSTICE FOR ALL ACT'' ===== LEGISLATIVE HEARING before the COMMITTEE ON NATURAL RESOURCES U.S. HOUSE OF REPRESENTATIVES ONE HUNDRED SEVENTEENTH CONGRESS SECOND SESSION _____ Tuesday, February 15, 2022 _____ Serial No. and expects to roll out digital checking accounts in the next few months. Jennifer Tescher: 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. 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. Talk a little bit about how you do that as a leader. How we set it up made it easier for them and then how it affected their lives going forward. E ine Stunde mit . Tell me more about that choice and sort of what youve learned from it. And in that business, we have two different pieces, one, which is Marcus, which you mentioned, which helps customers save, borrow, and soon invest and spend. She started as an analyst in 1999 and has held a series of leadership positions in mergers and acquisitions. My guest today is one of the most powerful women on Wall Street. terms: Goldman Sachs Banks Stephanie Cohen Succession. Our vision for this is that in the same way that we have developed a really good talent base in places like London and Hong Kong and New York, where people come to Goldman Sachs in order to work in finance and investment banking, I think there will be people who come to Dallas who want to work in fintech and want to do that at Goldman Sachs, said Cohen, who moved to Dallas from New York in August to lead the companys growth. And you asked me about the focus. 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. And also, we didnt really know exactly what that was going to look and feel like, but what we figured out is actually people really do like it. Remove some to bookmark this image. 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. Natalie is an award-winning reporter who covers banks, crypto, fraud, deals and other money topics for The Dallas Morning News. Im excited to see how that develops. Goldman Sachs. A great question. A checking account is currently in beta, according to Cohen. See our career opportunities. 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. She is also a Global Executive sponsor of the Women's Network. 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. Unfortunately, weve been getting to know most of them over Zoom, which is not nearly as much fun as getting to know people in person, but we get to visit peoples homes through Zoom and see their kids and their pets. But, if you make the enrollment default and you have to opt out if you dont want to do it, more people end up investing in 401(k).. This has been EMERGE Everywhere, a Financial Health Network production. 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. Stephanie Cohen is global co-head of Consumer and Wealth Management at Goldman Sachs, a member of the firms Management Committee, and global executive sponsor of the Womens Network. Dallas is quite central, Cohen said. Theyre sitting there every day and theyre trying to figure out how they can do things in a really complex financial world that are simple and transparent and valuable. STEPHANIE COHEN, GLOBAL HEAD OF PLATFORM SOLUTIONS, 45. Financial Health Pulse 2022 Chicago Report, Jennifer Tescher | Leaning Forward for FinHealth. Her appointment this summer to Goldman Sachs' management committee made her its youngest member. We obviously have a lot going on and were excited about so many things and hopefully we get to talk about them, but what Im most looking forward to and where were spending most of our time is of course on people because were the division that focuses on people. Jennifer Tescher: And then we did savings. 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. 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. Stephanie Cohen: 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 . I love it and its the advice I give people all the time. Its complicated. Cohen is a Goldman Sachs lifer who started at the bank as an analyst back in 1999, spending time in New York and San Francisco. But she really got it. But advertising revenue helps support our journalism. You are now subscribed to our newsletters. By continuing to use our site you agree to our Terms of Use and Privacy Policy. General Motors Are you okay? And being really happy because you could tell that you were almost there. Stephanie Hui, Head of the Merchant Banking Division in Asia Pacific Ex-Japan, Goldman Sachs Voices of Experience "Earlier in my career, I was more reserved about expressing my views," said Stephanie Hui, head of the Merchant Banking Division in Asia Pacific Ex-Japan at Goldman Sachs. Its going to be two this year. Log in to our website to save your bookmarks. You can use that as something that bothers you, or you can use that as a point of differentiation. 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. Theres a savings portion of Marcus. Goldman Sachs mulls deal options after consumer flop. 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. Cohen, whos worked with large corporate clients including 3M Co. a relationship previously fostered by Solomon was named to the strategy post after Stephen Scherr, the previous mantle-holder, was tapped to build out the consumer-banking unit. And so this real focus on execution, which I no doubt learned by being a mergers and acquisitions banker inside of Goldman Sachs. Here are her five best pieces of advice on work and personal finance for professional women. . 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. Talk a little bit about how Marcus has evolved and where you see that business heading now that youve reached, say adolescence. Upon arriving, her trajectory changed, and she has remained at the firm for over two decades in a variety of roles. It didn't go well. . You mentioned the Apple card. I suspect that theres only so far a brand like Marcus can go in terms of meeting the needs of underserved consumers. Cohens elevation to the committee followed just days later strong evidence she has the incoming CEOs confidence. And I remember these moments of falling really hard and your parents, your coach is like, Oh my. 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. Yeah. In 2019, Goldman launched an Apple credit card, and last January it rolled out a GM credit card. Is the idea here that Marcus customers eventually become Goldman Sachs customers, if you will? 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. Jennifer Tescher: I used to get off the ice from practices and be soaking wet because you just are cleaning up the ice falling because its the only way to learn a new skill. Your session has expired, please login again. 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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