Its been really fun getting to know all of them. We could have a whole conversation you and me, just on this topic so lets do that another time. By continuing to use our site you agree to our Terms of Use and Privacy Policy. And I love learning. 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. Text. The bank says the candidates failed to make full disclosures. One, it affects how you manage your own people. ", Cohen led "Launch with GS," the bank's $1 billion commitment to increase access to capital for women, Black, Latino and other diverse entrepreneurs and investors. Mr . And besides those numbers being kind of horrific, they are a misallocation of capital. That meant Cohen had to work closely with the then-CEO of the Fiat-Chrysler group, Sergio Marchionne, sometimes camping out for talks in Detroit or paying visits to the U.S. Treasury Department. And so were doing that with Apple, but also well do it with General Motors. This is a subscriber only feature Subscribe Now to get daily updates on WhatsApp. Stephanie, welcome to Emerge Everywhere. And I think in some ways, this podcast is an outgrowth of my curious nature. They are Goldman Sachs customers. Is the idea here that Marcus customers eventually become Goldman Sachs customers, if you will? And then it turned on Robinhood and Goldman is in such an interesting place because youre both Wall Street and youre a FinTech in a way. 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. Talk to me a little bit about how thats happened. Im a big question asker too. 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. Stephanie Cohen: Explore how to make financial services a force for good. We want to be your primary bank. You mentioned Marcus, I think its fair to say that four plus years ago when Goldman Sachs launched Marcus, it wasnt exactly what anyone was expecting to have a titan of Wall Street, all of a sudden building a business to focus on the financial needs of everyday people. Goldman also will provide six student scholarships for $10,000 each at UTD over the next three years. No question. That thats clearly a very important part of your role and has been. 01 Mar 2023 02:08:06 Cohen is now the committees youngest, with the rare label of ex officio" member. My guest today is one of the most powerful women on Wall Street. We have businesses that do that and were really excited to do that as well. We've detected you are on Internet Explorer. Stephanie Cohen is Global Co-Head of Consumer and Wealth Management at Goldman Sachs, the only woman to currently lead one of the firm's four revenue divisions. Which is that theres a specific type of customer thats the Marcus customer. 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. I do think were in this moment where thats this really perfect combination for the type of world that were in. For the best Barrons.com experience, please update to a modern browser. I mentioned at the top, youre the youngest member of the banks management committee. 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 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. and Stephanie Cohen: Some inside the bank wonder whether shes destined to rise even higher. 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. Ms. Cohen, also 32, is an independent marketing consultant in Chicago. 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. Stephanie Cohen: Are you okay? And being really happy because you could tell that you were almost there. How do you look at the data in a way that really helps you? But advertising revenue helps support our journalism. 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 . Feb 2, 2021, 8:42 AM. And so I would expect that some of this will end up being, as you said, not necessarily directly, but through partners. STEPHANIE COHEN, GLOBAL HEAD OF PLATFORM SOLUTIONS, 45. To read our full stories, please turn off your ad blocker.We'd really appreciate it. 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. How big the Dallas operation will get is a source of regular speculation in the North Texas real estate community. Cohens elevation to the committee followed just days later strong evidence she has the incoming CEOs confidence. An error has occurred, please try again later. It celebrated the repayment by handing employees buttons that said Paid.". Global Financial Health Launch Decision: Send Em! 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. The Wall Street heavyweight, which had about 44,000 global employees at the end of 2021, is particularly focused on engineering talent in Dallas-Fort Worth, said Stephanie Cohen, who co-leads the consumer and wealth management division at Goldman. In this article that I had written, I talked about how originally, the mob was after Wall Street, if you will. And this kind of idea of people wanting to experience financial services deeply embedded into ecosystems rather than being this separate action. 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 . Goldman Sachs. 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. Flagstar Bank launches its next mortgage-tech accelerator while Walmart and Citi partner on a supplier loan program. Yeah. . 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. Goldman now has credit-card deals with Download the Mint app and read premium stories. Im excited to see how that develops. And so you didnt get into this chief strategy officer role with a real clear job description. We want to use simple, transparent and valuable products to help people manage their financial lives. And so hopefully people see when they go on our app or go on our website, that our language is easy to read and clear. And its also, I think, no accident that youve also been anointed to the operating committee. It'll just take a moment. She is one of seven women named on the committee and is 10 years younger than the average man on the team. "They are like-minded brands that are meeting people where they are," Cohen said. We believe our investment in these strategic locations enables us to build centers of excellence around specific capabilities that support our business initiatives, the company said. And weve turned that into a lot of different financial products, but the reality is were just trying to solve those problems for consumers. 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. We have the ability to have access to our clients in Texas but also more broadly across the United States and internationally. 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. The group, typically considered the killjoys within investment banking, have to tell senior bankers about the deals they cant pursue a tricky task in the best of times. Outside of work, Cohen spends time with her husband and young son, who "helps me hone my negotiation skills," she laughs. And so we have this situation where you have an under invested asset class and theyre going to out return and you never see that. to talk about career, money and life. 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. 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. 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 . 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. But she really got it. 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 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. Financial Health Pulse 2022 Chicago Report, Jennifer Tescher | Leaning Forward for FinHealth. 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. When Goldmans board gathered on the West Coast in late June, she gave a presentation on that groups work. Hier kommt Frau Goldman Sachs. The second thing is this kind of get stuff done attitude. Oops! Some there have earmarked her as a candidate to become the first woman to lead the investment banking division, the banks most profitable arm. The regions tech workforce is projected to expand 17% over the next decade. Before that, she was Global Head of Financial Sponsor M&A in the Investment Banking Division (IBD). But she doesn't see what the fuss is about. Stephanie Cohen is Goldman Sachs' Chief Strategy Officer and an Ex Officio member of the Management Committee. It didn't go well. 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. 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. And when I was in my role as chief strategy officer, we created this thing called Accelerate, which we call our internal innovation engine. 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.