We want to be the bank on your phone, she says. Cohen, who oversees 11,000 employees in her division, said that the business is divided along three lines: ultra-high- wealth households; companies and their employees; and consumers. And so 85% of all venture capital dollars goes to all male founded teams. One, we want to be the bank on your phone. Stephanie is head of Private Equity in Asia and global co-head of Growth Equity within Goldman Sachs Asset Management. Close. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. Before that, she was Global Head of Financial Sponsor M&A in the Investment Banking Division (IBD). But I would sit in meetings and just be like, Im sorry, Im just going to ask this from the most basic level. And to this point of financial services being really complicated, I think lots of people sit in a lot of meetings and everyone else thinks that everyone else understands something and they actually dont. Mr . For the best Barrons.com experience, please update to a modern browser. Because maybe the content, or for example, we have something called Marcus Insights, which helps people aggregate their accounts and really provide insights into how theyre spending their money and better budget. . 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. Stephanie Cohen: And that really created an environment where no ones afraid to ask kind of the dumb question, because Stephanies always asking the dumb question because I really wanted to learn. 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. 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. We recommend using Google Chrome, Mozilla Firefox, Apple Safari, or . Correction: A previous version of this article mistakenly stated that Cohen became a managing partner at Goldman Sachs in 2008. By doing that, you can actually, authentically be the person you want without assuming that you have to be someone else., Sam Bankman-Frieds Deceptions Allegedly Include Millions in Illegal Campaign Contributions, The Fed Raises Rates as Expected, But Spooks Investors With a Gloomy Forecast, Meta Is Sued for Allegedly Profiting From Hateful Content on Facebook in Ethiopia, Twitter Suspends @ElonJet, the Account Tracking Musks Private Flights. Stephanie Cohen quickly rose through the ranks at Goldman Sachs to become one of the youngest members and one of only a few women on its management committee. When Goldmans board gathered on the West Coast in late June, she gave a presentation on that groups work. ", 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. And then as you mentioned, we have a digital consumer bank. Cohen joined Goldman Sachs as an Analyst in 1999, was named Managing Director in 2008 and Partner in 2014. 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 Group Inc's Chief Executive David Solomon and top executives will give investors an update on their strategy on Tuesday. 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 to your point, the clients and the customers in those businesses that were ultimately serving. Talk a little bit about how Marcus has evolved and where you see that business heading now that youve reached, say adolescence. 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 the reason why we decided now was the right time for Goldman Sachs is because one, technology. And so I would expect that some of this will end up being, as you said, not necessarily directly, but through partners. Cohen, 41, joined Goldman Sachs in. I did that internally and I also did it externally. Tell me more about that choice and sort of what youve learned from it. Build a resilient workforce by prioritizing finhealth for employees. 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 so we felt like now is the right time where we can then take our capabilities, which were you alluded to this, but our capabilities in technology, but we could do the consumer technology with a blank sheet of paper. This is good-return investing.". 01 Mar 2023 02:08:06 Dallas is now Goldmans second-biggest U.S. office outside of New York, surpassing Salt Lake City. And so I found the book and it was incredibly interesting, but also devastating in so many different ways, because it was very clear that the financial system was not working for most people. Cindy Ord/Getty Images for Girlboss Rally NYC 2018. Jennifer Tescher: 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. And that starts with our own people. Stephanie Cohen, head of platform solutions, said scale would help the business reach profitability by 2025. You went there right out of graduating from the University of Illinois and youve experienced a tremendous amount of success. And its been so fascinating to watch the frankly, explosive growth of the business. In 2008, she managed Conflicts and Business Selection for IBD in the Americas. The second thing is this kind of get stuff done attitude. Goldman Sachs Group Inc. named John Mallory and Meena Flynn as co-heads of global private wealth management, a business that's key to the bank's aim to diversify revenue streams beyond its core. 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. Banker Stephanie Cohen was appointed to lead the consumer and wealth management division at Goldman Sachs, a New York-based investment bank and financial services company. Speaker Bio: Stephanie Cohen is Goldman Sachs' Chief Strategy Officer and a member of the Management Committee. Yeah. We have the ability to have access to our clients in Texas but also more broadly across the United States and internationally. And so I did that and I mirrored that with my people. He will report to Stephanie Cohen, Goldman's global co-head of consumer and wealth management. They are Goldman Sachs customers. 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. And I love learning. And it sounds like you had to do a lot of learning because your time at Goldman, which is long, had largely been in a variety of M and A roles. Is the idea here that Marcus customers eventually become Goldman Sachs customers, if you will? Predict the closing value of sensex and win free subscription. And then we have this great program where we work with companies on financial wellness for their employees and we call that Ayco. Natalie is an award-winning reporter who covers banks, crypto, fraud, deals and other money topics for The Dallas Morning News. Yeah. Young, female, banker: Stephanie Cohen has made a career at Goldman Sachs. You can learn more about how we use cookies by reviewing our Privacy Policy.Dismiss, Global Co-Head of Consumer and Wealth Management. By the way, thats only been sped up over the last year or so, given everything thats gone on. Im actually a former journalist. 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. An error has occurred, please try again later. Cohens elevation to the committee followed just days later strong evidence she has the incoming CEOs confidence. 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 . 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. And we think that this is a great way for people to think about investing. There werent a lot ofinvestment bankers that looked like me. 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. 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. Marcus is Goldman's digital-first consumer bank, offers customers saving accounts, personal loans and investment advisory services. And so I think its embedded in your question, but I think its a fair question. . Jennifer Tescher: Internet Explorer is no longer supported on our website. You mentioned the Apple card. And so I did that. Its a great point. Stephanie Cohen, culture builder, lifelong learner, thanks so much for joining me on Emerge Everywhere. 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 so reading The Unbanking of America was kind of an emotional journey for me, which was that I cant believe I dont know this. Im Jennifer Tescher, journalist turned financial health champion. "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. And thats really the most exciting thing about being able to run this division. It'll just take a moment. She started as an analyst in 1999 and has held a series of leadership positions in mergers and acquisitions. The company had previously partnered on its credit cards with Barclays. More on Stephanie. 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. 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. My husband and I were talking about it last night, we all still need a lot of help. I love it and its the advice I give people all the time. 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. And by the way, how it made them actually better customers over time, because we got them through a really tough period. The San Francisco bank entered into a multiyear partnership with Choice Hotels, which operates brands such as Radisson, Comfort and Econo Lodge. William (Bill) Sachs Goldman, the scion of a prominent family of Jewish philanthropists in San Francisco and himself a board member of the New Israel Fund, died in a crash of his private plane. Goldman Sachs has created a new consumer and wealth management division co-led by Stephanie Cohen. These stories and more in banking news this week. And so you didnt get into this chief strategy officer role with a real clear job description. Youve got to figure out whats important to you and what you really want to spendmoney on. Cohen is now the committees youngest, with the rare label of ex officio" member. And then weve also done that with Walmart and Amazon in terms of providing credit to their merchants. Ihr wird inzwischen sogar der Platz an der Bank-Spitze zugetraut. She also serves as trustee for the Board of The Economic Club of New York. Prior to assuming her current role, Ms. Cohen was Co-Head of the Consumer and Wealth Management Division. "They are like-minded brands that are meeting people where they are," Cohen said. I think people have gotten to a place, and theres some good and theres some bad here where the phone is kind of really the center of everything that they do and how they interact with so many parts of their lives. Goldman now has credit-card deals with Jun 22 Stephanie Cohen: Chief Strategy Officer at Goldman Sachs. In so many ways. How has that influenced you? You pack a lot into a day. Stephanie Cohen: Learn more about Marcus by Goldman Sachs and check out additional episodes of EMERGE Everywhere. [House Hearing, 117 Congress] [From the U.S. Government Publishing Office] H.R. It had revenue of $1.5 billion in 2021. 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. Change is underway in the financial services industry and it's disrupt or be disrupted. And of course, people want access to an advisor. You can use that as something that bothers you, or you can use that as a point of differentiation. And so I would really, I would kind of exclamation point on that point. Goldman Sachs Group Inc will pump $500 million into companies led, . I really felt like I hadnt learned it. And at least I believe and I think its fair to say that theyre amazing. Our people find Dallas a really, really great place to live and raise a family.. 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. 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. In the latest in a rapid career of promotions, Cohen, 43, took over as co-head of consumer and wealth management in January, overseeing consumer bank Marcus, which has racked up $97 billion in deposits. See our career opportunities. And so the next question is, how do you listen to the data? E ine Stunde mit . Stephanie Cohen: And the question is, how do you do that at scale? Yeah. Goldman named 60 new partners on Thursday. 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. Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. My guest today is one of the most powerful women on Wall Street. Now weve put a bunch of features into our products to help people make better decisions. Well, this is one of the most exciting versions of quote unquote embedded finance that Ive heard about in a long time. And the great thing about what were going to do with Marcus Invest and kind of in contrast to some of whats been going on over the last couple of weeks, is were going to take that capability, the capability to provide this diversified portfolio from our advisor led business into our digitally led business and really bring the best of Goldman Sachs capabilities and products to hopefully millions of consumers. The bureaucratic asterisk is likely meant to avoid upsetting senior executives whove spent much longer trying to get on the panel, without luck. The High. And this year were going to launch Marcus Invest and checking and a credit card partnership with General Motors. Sign In. 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