So much. 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. 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. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. Stephanie Cohen: "We have 500 corporate clients, and we have the ability to provide financial wellness to all levels of employees," she said. And then on the other side of the people equation is our clients and our customers. 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. 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. One, it affects how you manage your own people. 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. She is also on the national board of the nonprofit group Reading Partners, which focuses on literacy in grammar schools, helping underprivileged kids who are behind in reading. Actually, I got on a plane a lot. Its going to be two this year. Goldman Sachs Changes 60 Slightly Less White, Less Male - Dealbreaker The San Francisco bank entered into a multiyear partnership with Choice Hotels, which operates brands such as Radisson, Comfort and Econo Lodge. The Guys From 'Government Sachs' - The New York Times Do you have any ideas or things youve thought about in terms of how to leverage your capabilities in this regard? One, we have our advisor led businesses. I do think were in this moment where thats this really perfect combination for the type of world that were in. And my mom who is a history teacher at some point and really cares about history and I love history and read it. Senior Editor, Women's Programs, American Banker. 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. and Oops! because investing and helping companies grow is our business," Stephanie Cohen, Goldman Sachs' chief strategy officer . Jennifer Tescher: Talk a little bit about how Marcus has evolved and where you see that business heading now that youve reached, say adolescence. And I remember these moments of falling really hard and your parents, your coach is like, Oh my. Your session has expired, please login again. Stephanie joined Goldman Sachs as an analyst in 1999, was named managing director in 2008, and became a partner in 2014. Youve got to figure out whats important to you and what you really want to spendmoney on. Things like auto pay. PDF Investor Day: Platform Solutions Wow. Anita Gutwein, Stephanie Cohen - Weddings - The New York Times Upon arriving, her trajectory changed, and she has remained at the firm for over two decades in a variety of roles. And this kind of idea of people wanting to experience financial services deeply embedded into ecosystems rather than being this separate action. Theres a savings portion of Marcus. That thats clearly a very important part of your role and has been. She is one of seven women named on the committee and is 10 years younger than the average man on the team. Cohen drives strategy, Mergers & Acquisitions (M&A . This copy is for your personal, non-commercial use only. We're getting to the moment where we can help someone holistically manage their financial lives," Stephanie Cohen,. And so I would really, I would kind of exclamation point on that point. We recommend using Google Chrome, Mozilla Firefox, Apple Safari, or . Key Takeaways From Goldman Sachs' Investor Day 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. Stephanie Cohen: When Goldmans board gathered on the West Coast in late June, she gave a presentation on that groups work. If they want to build companies that are going to succeed, having diverse voices around the table is one of the most important things that they can do. 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. . 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. Stephanie Cohen: Jennifer Tescher: And that means that we need to go from being about a product, to really having solutions and building holistic relationships with our customers and by building that entire product suite and making it something thats simple and transparent, easy for millions of people to access, we think were going to do that. Stephanie is head of Private Equity in Asia and global co-head of Growth Equity within Goldman Sachs Asset Management. Tell me more about that choice and sort of what youve learned from it. Diversity, equity and inclusion are core to our mission, see why. And so this real focus on execution, which I no doubt learned by being a mergers and acquisitions banker inside of Goldman Sachs. 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. These stories and more in banking news this week. I was a big bank diversity hire. Cohen joined Goldman Sachs as an Analyst in 1999, was named Managing Director in 2008 and Partner in 2014. Goldman Sachs Group Inc's Chief Executive David Solomon and top executives will give investors an update on their strategy on Tuesday. 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. Carter Johnson and Hayley Cuccinello. Talk to me a little bit about how thats happened. 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. Stephanie Cohen has been at Goldman Sachs for more than 23 years. E ine Stunde mit . We'll send you a myFT Daily Digest email rounding up the latest Goldman Sachs Group news every morning. 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. Marcus is Goldman's digital-first consumer bank, offers customers saving accounts, personal loans and investment advisory services. She started as an analyst in 1999 and has held a series of leadership positions in mergers and acquisitions. 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. 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. The delicate transaction was a milestone in the carmakers comeback after the financial crisis. . Im actually a former journalist. "We believe that there is a real need for consumers to better manage their financial lives, and we have the capabilities to serve them," Cohen said. Build a resilient workforce by prioritizing finhealth for employees. 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. Cohens elevation to the committee followed just days later strong evidence she has the incoming CEOs confidence. I love that you had that visceral experience from the book and particularly given the role youre in now. After getting an offer to work at Goldman Sachs in investment banking out of school, she thought she would work there for two years and then attend law school. Goldman Sachs mulls 'strategic alternatives' for consumer business Stephanie Cohen to co-head consumer and wealth management at Goldman And so the next question is, how do you listen to the data? In January 2021, she was appointed global co-head of consumer and wealth management. As of February 2017, she continues to serve as an advisory director at Goldman Sachs, after retiring from leadership of its Global Markets Institute. In 2019, Goldman launched an Apple credit card, and last January it rolled out a GM credit card. Particularly consumers in Marcus, youve talked a lot about the role youre in now is really about people. 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. 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? You can learn more about how we use cookies by reviewing our Privacy Policy.Dismiss, Global Co-Head of Consumer and Wealth Management. Goldman Sachs banker's wife to get millions after divorce Tiger Trump and nothing to ex-husband Donald Trump. Yeah. Kristin Broughton Reprint For reprint and licensing requests for this article, click here. 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 . In this article that I had written, I talked about how originally, the mob was after Wall Street, if you will. My guest today is one of the most powerful women on Wall Street. Were looking for mission-driven people to join our team. Cindy Ord/Getty Images for Girlboss Rally NYC 2018. 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. 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. And the question is, how do you do that at scale? And then how do you take that into your next role? [1] [2] Prior to March 2008, she was the firm's Chief Investment Strategist. 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. Stephanie Cohen: And in doing that, we want to fundamentally change the way people experience financial services and in doing that improve their lives. But instead of it being about how if elected, she will be the first woman to be CEO, but instead they chose to call her 'female banker.' Its been really fun getting to know all of them. To further the bank's efforts to become a Main Street lender, Goldman now offers credit cards and buy now/pay later options for consumers. Now I have to turn the conversation a little bit back to you for a minute, because youre a lifer at Goldman Sachs. Goldman taps former Uber executive to lead its consumer bank And I have to say, I was a little bit surprised that that was the book you chose. She joined Goldman Sachs as an Analyst in 1999, was named Managing Director in 2008 and Partner in 2014. Natalie Walters, Business reporter. Goldman Sachs Group Inc will pump $500 million into companies led, . Download the Mint app and read premium stories. 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,. She was previously based in New York where she reported for The Motley Fool, TheStreet and Business Insider. This is good-return investing.". Prior to assuming her current role, Ms. Cohen was Co-Head of the Consumer and Wealth Management Division. <p><img src="https://static1.businessinsider.com/image/5c40b6cbb492cb3ebd48300a-2400/gettyimages-1048898186.jpg" border="0" alt="Goldman Sachs CEO David Solomon" data . Stephanie Cohen, cohead of Goldman's consumer and wealth group, is the only woman heading one of the bank's primary business divisions. 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. Yeah. And its interesting though, because when we think about it and we talk about it and what we focus on every day, the mission is still the same. Because you cant do things exactly the same way. Goldman Sachs Group Inc's Chief Executive David Solomon and top executives will give investors an update on their strategy on Tuesday. 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. You, it turns out I learned, were once a competitive figure skater growing up. Most Powerful Women in Finance: No. 17, Goldman's Stephanie Cohen 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. The world is awash in capital and you never see that. Wells Fargo's asset cap has been in place for fi ve years, and there's no end in sight. The news, which . Theres just so many things that you learn from the richness of those individual conversations. Yeah. Its pretty amazing feat that youve managed to essentially build a homegrown digital business from inside this storied institution.