Log in to our website to save your bookmarks. 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. Correction: A previous version of this article mistakenly stated that Cohen became a managing partner at Goldman Sachs in 2008. She dug into the bones of the deal and was very compelling.". And in doing that, we want to fundamentally change the way people experience financial services and in doing that improve their lives. Earlier in her career, Ms. Cohen worked in New York in the M&A department. You are now subscribed to our newsletters. And by the way, if you take all of that and everything else were doing, weve now found that two out of three of our Marcus loans customers, after they take out a Marcus loan, their overall debt does decline. . The bank says the candidates failed to make full disclosures. Since the start of this year, Cohen has held the weighty title of chief strategy officer leading a team that helps decide where the bank should pursue new lines of business or acquisitions of its own. Theres just so many things that you learn from the richness of those individual conversations. It doesnt have to be one thing or the other; its about making spending decisions consciously rather than scrolling on your phone and thinking about what youshould spend on., What Ive noticed at Goldman Sachs isthat men tend to talk about investment opportunities amongst each other. Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. 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. Key deals there included Chryslers repayment of a loan from the US government, people familiar with the matter said, asking not to be identified discussing private information. We call those businesses, private wealth management and personal financial management. 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. Some of that could be due to the fact that there are fewer women in venture capital and fewer women founders. And so you didnt get into this chief strategy officer role with a real clear job description. The 9 biggest takeaways from Goldman Sachs' investor day, from a tense Q&A with CEO David Solomon to the tater tots for breakfast. 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. Stephanie Cohen: And it will be interesting to think about how you leverage your vast capabilities and capital. 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. Goldman Sachs Group And I raise all of that because its really important that this idea of inclusion and diversity gets to every level of the organization and people realize how deeply embedded it is in your business and your strategy and Launch with GS is an example of, the board initiative is an example, but there are many others. Natalie is an award-winning reporter who covers banks, crypto, fraud, deals and other money topics for The Dallas Morning News. And at least I believe and I think its fair to say that theyre amazing. I mentioned at the top, youre the youngest member of the banks management committee. Theres the customer calls, which I love listening to. Marcus. And thats really the most exciting thing about being able to run this division. and expects to roll out digital checking accounts in the next few months. Some inside the bank wonder whether shes destined to rise even higher. Talk to me a little bit about how thats happened. Well, I think Im biased, but I think I have the best job at Goldman Sachs. "We have savings, lending, investing, and we're close to launching checking. Im actually a former journalist. And so this real focus on execution, which I no doubt learned by being a mergers and acquisitions banker inside of Goldman Sachs. 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 Cohen has participated in 2 events. So I heard you mention that youre getting ready to add a set of investment tools for Marcus customers and that makes me think about what weve been witnessing over the last couple of weeks with the GameStop frenzy. Cohen is now the committees youngest, with the rare label of ex officio" member. Its great for a woman to be achieving this level of success at Goldman and shes certainly capable of going further," Nugent said. And besides those numbers being kind of horrific, they are a misallocation of capital. And by the way, how it made them actually better customers over time, because we got them through a really tough period. Remove some to bookmark this image. Im wondering how youre viewing that experience in light of the coming launch of these new products for Marcus customers? Cohen joined Goldman Sachs as an Analyst in 1999, was named Managing Director in 2008 and Partner in 2014. 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. https://www.barrons.com/articles/barrons-100-most-influential-women-in-u-s-finance-stephanie-cohen-51615543200. Jennifer Tescher: Stephanie Cohen quickly rose through the ranks at Goldman Sachs to become one of the youngest members of the banks senior leadership, joining just a small handful of women at that level. The 43-year-old. Figuring out how what youre doing is affecting people. I talked a little bit about all the businesses that Tucker and I are managing and they include these advisor led wealth management businesses that we have been in for decades. 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. They are part of Goldman Sachs and we are really excited to serve them with the best of Goldman Sachs digitally. 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. Upon arriving, her trajectory changed, and she has remained at the firm for over two decades in a variety of roles. Goldman Sachs has chosen Stephanie Cohen as co-head of its consumer and wealth management . Its the ultimate man-cave. Shared by Stephanie Cohen At a critical moment for women's and family health, I am proud to share news of Maven Clinic's Series E, led by General Catalyst. 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? Jennifer Tescher: Shes about 10 years younger than the average man already on the committee, after becoming a partner just four years ago. It'll just take a moment. 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. And by the way, that portfolio is different for different people. By continuing to use our site you agree to our. Ihr wird inzwischen sogar der Platz an der Bank-Spitze zugetraut. 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? Yeah. Wells Fargo's asset cap has been in place for fi ve years, and there's no end in sight. 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. How does this all fit together? Dallas is now Goldmans second-biggest U.S. office outside of New York, surpassing Salt Lake City. 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. 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. 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. Dallas is quite central, Cohen said. 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 this kind of idea of people wanting to experience financial services deeply embedded into ecosystems rather than being this separate action. Goldman Sachs Group Inc's Chief Executive David Solomon and top executives will give investors an update on their strategy on Tuesday. She joined Goldman Sachs as an Analyst in 1999, was named Managing Director in 2008 and Partner in 2014. And we are lucky because we get to spend our entire days focusing on people. And the question, which is kind of an obvious question is why now? And that has definitely been sped up by whats gone on with COVID. We're getting to the moment where we can help someone holistically manage their financial lives," Stephanie Cohen,. 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. 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. 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. I suspect that theres only so far a brand like Marcus can go in terms of meeting the needs of underserved consumers. 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 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. 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. In January 2021, she was appointed global co-head of consumer and wealth management. Not much is scary after that. Yeah. Which is that theres a specific type of customer thats the Marcus customer. This copy is for your personal, non-commercial use only. We get it: you like to have control of your own internet experience. She is one of seven women named on the committee and is 10 years younger than the average man on the team. 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. Jennifer Tescher: No question. One Goldman Sachs go-to-market strategy combined with products developers love and can easily adopt 2 Business-to-business with innovative, client- and "They are like-minded brands that are meeting people where they are," Cohen said. Stephanie Cohen, culture builder, lifelong learner, thanks so much for joining me on Emerge Everywhere. In less than a year, Goldman Sachs has grown its North Texas presence from more than 2,000 employees to nearly 4,000. 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 /. And so were not going to do that on our own. Jennifer Tescher: 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. Mr . 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. Chief Strategy Officer, Goldman Sachs Much has been made over the past few months about Stephanie Cohen's age. It didn't go well. Goldman Sachs is exploring "strategic alternatives" for its nascent consumer banking business. 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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. Before that, she was Global Head of Financial Sponsor M&A in the Investment Banking Division (IBD). The strategy document identifies potential avenues for cutting cybercriminals off from financing, as well as other actions banks can take. By the way, thats only been sped up over the last year or so, given everything thats gone on. 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. Stephanie Cohen: Ms. Cohen serves on the National Board of Directors of College Spring and as a member of the Board of Quill.org. 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. [1] [2] Prior to March 2008, she was the firm's Chief Investment Strategist.