They are not only of course the right thing to do, but it is the only way to run the business. And so you didnt get into this chief strategy officer role with a real clear job description. 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 as youve mentioned, weve been through an evolution and the reality is we had to start somewhere so we started with loans as you talked about and we really felt like we were doing that in a different way and were proud of what we launched. Where does the bank and the Fed go from here? 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. Mr . Stephanie Cohen: Things like auto pay. Goldman Sachs. Goldman Sachs Group Inc's Chief Executive David Solomon and top executives will give investors an update on their strategy on Tuesday. One, we have our advisor led businesses. And besides those numbers being kind of horrific, they are a misallocation of capital. 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 . 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. 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Again, in my role as chief strategy officer, the way that we talk about it then, and certainly the way were talking about it now is that inclusion and diversity are absolutely strategic imperatives. 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. 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. The company had previously partnered on its credit cards with Barclays. That thats clearly a very important part of your role and has been. 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. "LeaseQuery has found a way to deliver easy-to-use solutions to their clients' complex problems," said Stephanie Cohen, Goldman Sachs' chief strategy officer who founded Launch With GS, an . 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. Diversity, equity and inclusion are core to our mission, see why. And that we were going to invest behind diverse managers because you needed to get money in the hands of diverse managers so that they could get money in the hands of diverse companies. The delicate transaction was a milestone in the carmakers comeback after the financial crisis. You mentioned the Apple card. When Goldmans board gathered on the West Coast in late June, she gave a presentation on that groups work. Tell us a little bit about where you expect to focus most of your time and attention this year. 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. Dallas led all metropolitan areas in 2021 in net tech job growth, adding 5,321 positions, according to a new report by CompTIA, the nonprofit association for the information technology industry. In The News Closing the Gender Investing Gap By Stephanie Cohen, Chief Strategy Officer, Goldman Sachs June 19, 2018 I've worked my whole career in an industry dominated by men. Well, this is one of the most exciting versions of quote unquote embedded finance that Ive heard about in a long time. She went on to a more traditional M&A role in the industrials team. 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. You, it turns out I learned, were once a competitive figure skater growing up. A Goldman Sachs banker will have to pay his ex-wife more cash after she appealed her 2 million divorce settlement despite being set to inherit 100 million from her Saudi father. 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 then, I think the most important thing is this idea of being willing to try and realize in the act of trying its not going to be perfect right away. My guest today is one of the most powerful women on Wall Street. In so many ways. Im excited to see how that develops. You should spendmoney on things that truly make you happy. As of February 2017, she continues to serve as an advisory director at Goldman Sachs, after retiring from leadership of its Global Markets Institute. And then as you mentioned, we have a digital consumer bank. 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. Goldman Sachs has tapped a former Uber executive to lead its fledgling consumer banking division, . 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. Alan Cohen, Goldman Sachs Group Inc.'s head of compliance and the longest-serving internal cop on Wall Street, is vacating his seat after 13 years. 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. How big the Dallas operation will get is a source of regular speculation in the North Texas real estate community. 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. She 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. Welcome to EMERGE Everywhere. And the idea really brings together the reason by the way, why we have our consumer and wealth management businesses all together. Internet Explorer not supported . 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. We obviously have a lot going on and were excited about so many things and hopefully we get to talk about them, but what Im most looking forward to and where were spending most of our time is of course on people because were the division that focuses on people. And so I would expect that some of this will end up being, as you said, not necessarily directly, but through partners. In January 2021, she was appointed global co-head of consumer and wealth management. And so, while theres a lot of sadness in that, were hopefully, the idea is turning that into opportunity. If her tenure there is successful, it could pave the way for Cohen to make history at the firm. The banking industry appears to be stuck when it comes to diversifying the leadership ranks. I was a big bank diversity hire. 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. Goldman Sachs has created a new consumer and wealth management division co-led by Stephanie Cohen. And that we were going to build an ecosystem around it. Its really complex. Here are her five best pieces of advice on work and personal finance for professional women. Jennifer Tescher: 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. 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. The strategy document identifies potential avenues for cutting cybercriminals off from financing, as well as other actions banks can take. Yeah, I think its this idea of being a learner. She started as an analyst in 1999 and has held a series of leadership positions in mergers and acquisitions. Now weve put a bunch of features into our products to help people make better decisions. I suspect that theres only so far a brand like Marcus can go in terms of meeting the needs of underserved consumers. Because consumer banking has been around for a really long time. Over 99% goes to all white teams. Stephanie, welcome to Emerge Everywhere. Cindy Ord/Getty Images for Girlboss Rally NYC 2018. Youre just one more inch and I would have landed that jump. It'll just take a moment. 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. Stephanie joined Goldman Sachs as an analyst in 1999, was named managing director in 2008, and became a partner in 2014. Consequently, they can be prickly customers. "They are like-minded brands that are meeting people where they are," Cohen said. We do it externally. Shes about 10 years younger than the average man already on the committee, after becoming a partner just four years ago. Goldman Sachs managers say one takeaway of the pandemic. This is a subscriber only feature Subscribe Now to get daily updates on WhatsApp. Its going to be two this year. Im glad that you talked about inclusive capitalism because one of the more notable pronouncements from your boss, Goldman chair and CEO David Solomon, was that Goldman was only going to be willing to take companies public if they had at least one woman on their board. 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.' One, we want to be the bank on your phone. 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. 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 weve turned that into a lot of different financial products, but the reality is were just trying to solve those problems for consumers. Stephanie earned an AB in Biology, summa cum laude, from Harvard . And by the way, how it made them actually better customers over time, because we got them through a really tough period. 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. Cohen, 41, joined Goldman Sachs in. 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. It had revenue of $1.5 billion in 2021. How does this all fit together? Stephanie Cohen: Jennifer Tescher: The High. More than 90% of appraisers are white, and researchers have found that bias leads to lower valuations for homeowners of color. Jennifer Tescher: 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. More on Stephanie. Were hopeful that well create this self-enforcing ecosystem where people will say if they want to work in financial services and do cool things in fintech, this is one of the great places to go to do that, Cohen said. Stephanie Cohen, the 'female banker' is surely one to shatter the glass ceiling, all the CEOs of Goldman Sachs so far have been old white men. And then because while we can access millions of customers, the way that we can really have impact is by taking those capabilities and embedding it into the ecosystems of our partners. 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.. Download the Mint app and read premium stories. Instead, I found it really helpful to look at a, people and look for things that I like or relate to. It was during a stint in the conflict and business selection group that her work stood out, according to a person who worked with her at the time. One of the first people that called me after the announcement that I was going to be the co-head of this division, was a friend and they wanted help managing their financial lives, but not just theirs, but their family. And its been so fascinating to watch the frankly, explosive growth of the business. . And then weve also done that with Walmart and Amazon in terms of providing credit to their merchants. 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. And so were having a great time, really engaging with our team. Jennifer Tescher: 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 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. Jung, weiblich, Bankerin: Stephanie Cohen macht bei Goldman Sachs Karriere. And just a few weeks ago, she was asked to jointly lead the banks global consumer and wealth management division. Stephanie Cohen: 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. 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. Young, female, banker: Stephanie Cohen has made a career at Goldman Sachs. Stephanie Cohen: Goldman also will provide six student scholarships for $10,000 each at UTD over the next three years. Thank you for inviting me. And that starts with our own people. Ms. Cohen serves on the National Board of Directors of College Spring and as a member of the Board of Quill.org. Dallas is now Goldmans second-biggest U.S. office outside of New York, surpassing Salt Lake City. Because you cant do things exactly the same way. And the reason why we decided now was the right time for Goldman Sachs is because one, technology. Wow. And then we did the Apple card. Its complicated. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. The San Francisco bank entered into a multiyear partnership with Choice Hotels, which operates brands such as Radisson, Comfort and Econo Lodge. Cohen said Goldman has been focused on fortifying its relationships with universities to help attract engineering talent to D-FW. 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. 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. CompTIA expects that to grow to nearly 7,700 net new positions this year, the fifth-highest total nationally. She graduated cum laude from New York University and received an M.B.A. in May from Indiana University. <p><img src="https://static1.businessinsider.com/image/5c40b6cbb492cb3ebd48300a-2400/gettyimages-1048898186.jpg" border="0" alt="Goldman Sachs CEO David Solomon" data . 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. Ive run, as you said, the consumer and wealth management business with my partner, Tucker York. Theres the customer calls, which I love listening to. Goldman Sachs Group wants to be your digital banker, and it has assigned the job to Stephanie Cohen, marking her second year on the Barrons list. 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. The latest group includes 32 white men, giving them a 53 per cent share of the promotions, the demographic's smallest representation on record. In January 2021, she was appointed global co-head of consumer and wealth management. Stephanie Cohen has been at Goldman Sachs for more than 23 years. And the reality is that is the right advice for our clients. Particularly consumers in Marcus, youve talked a lot about the role youre in now is really about people. 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 . How you recruit, you retain and you develop your own people and there are many things that were doing around that, but it also gets to the way of how you serve your clients. Click the AdBlock Plus button on your browser and select Disable on Observer.com. 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. 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. Im glad youre drilling in on it. And so I did that and I mirrored that with my people. Learn about the important intersection of healthcare and financial heath. 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.