As of February 2017, she continues to serve as an advisory director at Goldman Sachs, after retiring from leadership of its Global Markets Institute. 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. 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. Goldman Sachs mulls deal options after consumer flop. In so many ways. "We have savings, lending, investing, and we're close to launching checking. And its also, I think, no accident that youve also been anointed to the operating committee. Prior to assuming her current role, Ms. Cohen was Co-Head of the Consumer and Wealth Management Division. And so the next question is, how do you listen to the data? 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. Senior Editor, Women's Programs, American Banker. Is the idea here that Marcus customers eventually become Goldman Sachs customers, if you will? Upon arriving, her trajectory changed, and she has remained at the firm for over two decades in a variety of roles. Jennifer Tescher: And I love learning. We recommend using Google Chrome, Mozilla Firefox, Apple Safari, or . The 9 biggest takeaways from Goldman Sachs' investor day, from a tense Q&A with CEO David Solomon to the tater tots for breakfast. 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. and 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.. 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 is Global Head of Platform Solutions and a member of the Management Committee. Internet Explorer is no longer supported on our website. I know many of them, but it says something entirely different to have someone at the operating committee level. Cindy Ord/Getty Images for Girlboss Rally NYC 2018. 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. 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. 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. Its pretty amazing feat that youve managed to essentially build a homegrown digital business from inside this storied institution. To read our full stories, please turn off your ad blocker.We'd really appreciate it. Well, this is one of the most exciting versions of quote unquote embedded finance that Ive heard about in a long time. 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 so what were trying to do is no different, we were just doing it with one product and now were going to try to do it with a holistic product suite. Instead, I found it really helpful to look at a, people and look for things that I like or relate to. Actually, I got on a plane a lot. 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,. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. And so I did that. Download the Mint app and read premium stories. You are just one step away from creating your watchlist! Stephanie Cohen: And then on the other side of the people equation is our clients and our customers. Copyright 2022 HT Digital Streams Ltd All Right Reserved. 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. And the question is, how do you do that at scale? 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. 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. We're getting to the moment where we can help someone holistically manage their financial lives," Stephanie Cohen,. Stephanie Cohen: My moms a teacher and its just something. . Prior to that, Ms. Cohen was a Vice President in the Industrials and Merger Leadership Groups in San Francisco. This copy is for your personal, non-commercial use only. One Goldman Sachs go-to-market strategy combined with products developers love and can easily adopt 2 Business-to-business with innovative, client- and and expects to roll out digital checking accounts in the next few months. Cohen declined to give projections for growth in Dallas or say whether Goldman is considering such a move. 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. In January 2021, she was appointed global co-head of consumer and wealth management. 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. She also serves as trustee for the Board of The Economic Club of New York. Jennifer Tescher: 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. And then as you mentioned, we have a digital consumer bank. The bank says the candidates failed to make full disclosures. Ive run, as you said, the consumer and wealth management business with my partner, Tucker York. In case you cant find any email from our side, please check the spam folder. 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. Stephanie Cohen, head of platform solutions, said scale would help the business reach profitability by 2025. The company had previously partnered on its credit cards with Barclays. So much. Predict the closing value of sensex and win free subscription. The High. It'll just take a moment. Sign In. 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. They most recently attended, or will attend, Money 20/20 USA 2021 on Oct 24, 2021 . Money 20/20 USA 2021 Speaker Oct 24, 2021 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. Secondly, culturally. Stephanie Cohen is Goldman Sachs' Chief Strategy Officer and an Ex Officio member of the Management Committee. Goldman Sachs Group wants to be your digital banker, and it has assigned the job to Stephanie Cohen, marking her second year on the Barron's list. 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. But advertising revenue helps support our journalism. terms: Goldman Sachs Banks Stephanie Cohen Succession. For the best Barrons.com experience, please update to a modern browser. 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. 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. Youre one of the few women whos risen to that level. 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. This has been EMERGE Everywhere, a Financial Health Network production. As an investment banker for close to 20 years, my presence in board rooms was often an anomaly. She dug into the bones of the deal and was very compelling.". And we are lucky because we get to spend our entire days focusing on people. Im doing it every day. In 2019, Goldman launched an Apple credit card, and last January it rolled out a GM credit card. Shell be among seven women on the 33-person panel. Learn more about Marcus by Goldman Sachs and check out additional episodes of EMERGE Everywhere. 2021-11-30T13:05:49.103Z. 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. 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. 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. So, youre just moving into this new role as global co-head of consumer and wealth management and this puts you in charge of the consumer bank and Marcus by Goldman Sachs. 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. 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. To learn more about the work and research we do, please visit emerge.finhealthnetwork.org. Stephanie Cohen is Global Head of Platform Solutions and a member of the Management Committee. You can use that as something that bothers you, or you can use that as a point of differentiation. And how can we serve them? And the reason why we decided now was the right time for Goldman Sachs is because one, technology. Goldman Sachs Group Its really complex. Stephanie Cohen has been at Goldman Sachs for more than 23 years. DuringStephanie Cohens first 15 years at Goldman Sachs, her career ladder didnt look much different than that of a typical investment banker. 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.