By the way, thats only been sped up over the last year or so, given everything thats gone on. More than 90% of appraisers are white, and researchers have found that bias leads to lower valuations for homeowners of color. We have businesses that do that and were really excited to do that as well. Natalie Walters, Business reporter. 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. And weve turned that into a lot of different financial products, but the reality is were just trying to solve those problems for consumers. It was a pre-COVID time period. Goldman Sachs has chosen Stephanie Cohen as co-head of its consumer and wealth management . Stephanie, welcome to Emerge Everywhere. 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. Collage of David Solomon . . And so kind of being happy with that rather than it being a negative, it being a positive I think its one of the most important life lessons and figure skating teaches you that in spades. 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? Its the ultimate man-cave. An error has occurred, please try again later. By signing up you agree to our Terms of Service and Privacy Policy, Stand with us in our mission to discover and uncover the story of North Texas, D-FW is now Goldman Sachs second-largest U.S. hub after nearly doubling to 4,000 workers, Goldman Sachs hiring over 200 for its Marcus consumer banking division in Richardson, American Airlines, flight attendants file for mediation during contract negotiations, Years after North Texas bid for Amazons second headquarters, retail giant halts plan, New Uptown office tower lands second major lease, Mesquite to become the site of new 2,500-home community, Its not like 2009: No signs yet of D-FWs expected apartment building slowdown, 12 Dallas-Fort Worth restaurants that have closed in 2023, Funky wine bar Postino has closed in Dallas, Mark Wahlberg pours tequila for fans at Dallas restaurant during thunderstorm, SMU grad Jack Knox donates $11 million to universitys big capital campaign, Look inside Red Phone Booth, the new speakeasy in The Colony, Woman arrested in killing of 3 children at Italy, Texas, home in Ellis County, The Cowboys are closer than you think to a total makeover at running back, What we know after 3 children killed, 2 wounded at Ellis County home, How a Texas districts reaction to school shooting fears highlights discipline concerns, 3 children killed, 2 wounded at Ellis County home; suspect in custody, Ross Perot Jr.s Hillwood buys California NASCAR track for $559 million, Whats next for former Texas coach Chris Beard after domestic violence case was dropped, Chambelanes cambian de look: bailarines se adaptan a una nueva moda y ritmo en DFW, Dallas Cowboys to place second-round tender on RT Terence Steele. 117-14 _____ Printed for the use of the Committee on Natural . 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. I really felt like I hadnt learned it. Internet Explorer not supported . wants to be your digital banker, and it has assigned the job to Stephanie Cohen, marking her second year on the Barrons list. And since then, youve begun offering all kinds of things. My guest today is one of the most powerful women on Wall Street. 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. Ihr wird inzwischen sogar der Platz an der Bank-Spitze zugetraut. Instead, I found it really helpful to look at a, people and look for things that I like or relate to. But, if you make the enrollment default and you have to opt out if you dont want to do it, more people end up investing in 401(k).. STEPHANIE COHEN, GLOBAL HEAD OF PLATFORM SOLUTIONS, 45. I used to get off the ice from practices and be soaking wet because you just are cleaning up the ice falling because its the only way to learn a new skill. We've detected you are on Internet Explorer. Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. And you talked about that mission, and I want to come back to it because it really is there every day when our people design our products. Im not certified to be helpful, but we do get a lot of questions and it helps you to understand just how many people have these questions and how many people could really use help in managing their finances. Because for us, this is a business and a strategic imperative. 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. And in doing that, we want to fundamentally change the way people experience financial services and in doing that improve their lives. And that has definitely been sped up by whats gone on with COVID. The world is awash in capital and you never see that. Yeah. And it will be interesting to think about how you leverage your vast capabilities and capital. 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. Goldman Sachs managers say one takeaway of the pandemic. 1 Executive Summary Primary drivers Key focus areas INVESTOR DAY 2023 PLATFORM SOLUTIONS . And I talked to you about three things that I think have helped me and the teams around me be successful. A Goldman Sachs lifer who rose through the ranks of mergers and acquisitions after starting as an analyst fresh out of college, Stephanie Cohen, 42, became chief strategy officer in January. 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. More on Stephanie. When I walked into a board room, theyd expect a very tall man, but instead theyd get a relatively shortwoman. Updated Jan. 17, 2017 9:10 pm ET. To order presentation-ready copies for distribution to your colleagues, clients or customers visit http://www.djreprints.com. And then as you mentioned, we have a digital consumer bank. Goldman Sachs Group Inc will pump $500 million into companies led, . 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. Learn more about Marcus by Goldman Sachs and check out additional episodes of EMERGE Everywhere. Talk a little bit about how Marcus has evolved and where you see that business heading now that youve reached, say adolescence. Diversity, equity and inclusion are core to our mission, see why. Jun 22 Stephanie Cohen: Chief Strategy Officer at Goldman Sachs. 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.. Talk a little bit about how you do that as a leader. And so I did that and I mirrored that with my people. 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. ", 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. Youre just one more inch and I would have landed that jump. 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. The phrase is often used as company jargon for a sale or merger. Jennifer Tescher: 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. They are Goldman Sachs customers. Solomon, who recently laid off more than 3,200 workers in what was dubbed "David's Demolition Day," was pounded with questions from Wall Street analysts about the bank's . A lot of investment bankers have the attention span of a gnat," said Stephen DeFalco, who was the CEO of Crane & Co. before Goldman Sachs helped sell the company. Prior to her current role, Stephanie drove strategy, M&A, strategic investing, and partnerships as the firms chief strategy officer. 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. You pack a lot into a day. 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. Hier kommt Frau Goldman Sachs. Cohen declined to give projections for growth in Dallas or say whether Goldman is considering such a move. Wells Fargo, eyeing growth in credit cards, lands hotel chain as partner, First Foundation row with Abbott Cooper moves closer to court, Senate Banking Republicans warn Fed not to go too far in capital review, Fed's Bowman: Regulators should monitor Treasuries market function, Flagstar gives $1 million to fix appraisal industry's lack of diversity, What banks need to know about the White House's cybersecurity strategy. And just to go back to your very specific question on are we trying to take these customers and turn them into Goldman Sachs customers? Stephanie Cohen, global co-head of consumer and wealth management at Goldman Sachs, speaks during a dedication ceremony of the company's branded terrace at the University of Texas at Dallas. That theres sort of a graduation approach and that if I engage folks early with more basic financial products and services, theyll ultimately become the wealth management customers of tomorrow? Our 150 years of financial services experience and things like risk and compliance, our scale, which is our ability to invest, but also the balance sheet, which provides the ability to provide things like credit and great relationships with people like Apple and GM. 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. In mid-July, the company announced it will promote David Solomon to succeed Lloyd Blankfein as chief executive officer. Click the AdBlock Plus button on your browser and select Disable on Observer.com. 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 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. 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. 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. Thank you for inviting me. There are places where theyre ahead and there are places where theyre behind and actually seeing that in a different environment, I think is another really interesting way to listen to what the world may become and to listen to ways that we can do things differently and better. We want to use simple, transparent and valuable products to help people manage their financial lives. I know many of them, but it says something entirely different to have someone at the operating committee level. And so I did that. And that starts with our own people. This is good-return investing.". 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. By continuing to use our site you agree to our. Youve got to figure out whats important to you and what you really want to spendmoney on. Stephanie Cohen is Global Head of Platform Solutions and a member of the Management Committee. And when I was in my role as chief strategy officer, we created this thing called Accelerate, which we call our internal innovation engine. . 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. And then we have this great program where we work with companies on financial wellness for their employees and we call that Ayco. And so I think its embedded in your question, but I think its a fair question. Wow. Before that, she was Global Head of Financial Sponsor M&A in the Investment Banking Division (IBD). Its pretty amazing feat that youve managed to essentially build a homegrown digital business from inside this storied institution. To learn more about the work and research we do, please visit emerge.finhealthnetwork.org. Stephanie Cohen has been at Goldman Sachs for more than 23 years. Cindy Ord/Getty Images for Girlboss Rally NYC 2018. 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. 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. This copy is for your personal, non-commercial use only. I think I learned that at a really young age. And its also, I think, no accident that youve also been anointed to the operating committee. Mr Solomon teased a sale, saying Goldman was exploring "strategic alternatives". She joined Goldman Sachs as an Analyst in 1999, was named Managing Director in 2008 and Partner in 2014. Earlier in her career, Ms. Cohen worked in New York in the M&A department. I mentioned at the top, youre the youngest member of the banks management committee. And then how do you take that into your next role? She also serves as trustee for the Board of The Economic Club of New York. 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. See our career opportunities. 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. 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. 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. 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. 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. We want to be the bank on your phone, she says. Theres the customer calls, which I love listening to. 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. Close. 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. 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. I was a big bank diversity hire. Carter Johnson and Hayley Cuccinello. 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 . 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. By the way, a lot of people who spend their careers in financial services. But Ive also noticed that when women start talking to friends about business ideas, they actually want to help each other.. Our people find Dallas a really, really great place to live and raise a family.. Goldman Sachs CEO shuffles consumer banking, wealth management leaders [CNBC] Tags. The caucus started as a small gathering a decade ago organized by Stephanie Cohen then an up-and-coming banker at Goldman Sachs, who was vexed by the chummy boys network thats long dominated the business of guiding mergers and acquisitions. 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. 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. 01 Mar 2023 02:08:06 Got it. By years end, 40% of its employees were working in those locations, the company said. She was previously based in New York where she reported for The Motley Fool, TheStreet and Business Insider. Stephanie Cohen: Because you cant do things exactly the same way. 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. Goldman Sachs is exploring "strategic alternatives" for its nascent consumer banking business. And hopefully again, thats millions of customers that we will speak to and we can be helpful to. Im realizing through this conversation that youre really a culture builder. You can use that as something that bothers you, or you can use that as a point of differentiation. Stephanie joined Goldman Sachs as an analyst in 1999, was named managing director in 2008, and became a partner in 2014. It didn't go well. Shell be among seven women on the 33-person panel. Because consumer banking has been around for a really long time. Stephanie Cohen has been at Goldman Sachs for more than 23 years. Marcus is Goldman's digital-first consumer bank, offers customers saving accounts, personal loans and investment advisory services. Tiger Trump and nothing to ex-husband Donald Trump. Jennifer, it is great to be here. The other place that weve been embedding it is very deeply in our investing businesses, because what we noticed was that inclusive and diverse teams outperformed and they were under invested in. Today, the consumer business at Goldman has more than 14 million customers and over $100 billion in deposits and $16 billion in cards and loans. 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. You, it turns out I learned, were once a competitive figure skater growing up. Jennifer Tescher: 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. We want to be your primary bank. Are you okay? And being really happy because you could tell that you were almost there. And by the way, how it made them actually better customers over time, because we got them through a really tough period. 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. How we set it up made it easier for them and then how it affected their lives going forward. 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. My team, I talk about this all this time, its getting to yes way, which is you see a problem and instead of showing up with a problem, you show up with a solution and you work your way through the solution. You went there right out of graduating from the University of Illinois and youve experienced a tremendous amount of success. Remove some to bookmark this image. Stephanie Cohen: Stephanie Cohen is now the management committee's youngest, with the rare label of 'ex officio' member. Yeah. Looks like you have exceeded the limit to bookmark the image. And then weve also done that with Walmart and Amazon in terms of providing credit to their merchants. And I thought a lot about this because as you change into a new role, you have to think about what are the things that have helped you to be successful? Im a lifelong learner. Were looking for mission-driven people to join our team. And the thing I say all the time is that you cant talk about these things in two different places. Marcus. Im a big question asker too. Jennifer Tescher: 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. Goldman Sachs has tapped a former Uber executive to lead its fledgling consumer banking division, . 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 . And what were doing in our division is we do it a couple of different ways. One, it affects how you manage your own people. On September 29, 2020 . Oops! Goldman Sachs mulls deal options after consumer flop. But she really got it. And so I would really, I would kind of exclamation point on that point. In her new role overseeing consumer and wealth management for the organization, she shepherds a vision for diversity and inclusion that prioritizes broad consumer access to high-quality financial solutions. Goldman Sachs Group Particularly consumers in Marcus, youve talked a lot about the role youre in now is really about people. When Goldmans board gathered on the West Coast in late June, she gave a presentation on that groups work. You have to talk about all that in one place, because its the only way to win, but its also the only way to serve customers and ultimately help them achieve their goals. 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. How does this all fit together? As the banks chief strategy officer, she brought clarity and focus, including a new commitment to diversity and inclusion. And we think that this is a great way for people to think about investing. They are part of Goldman Sachs and we are really excited to serve them with the best of Goldman Sachs digitally. She is also a Global Executive sponsor of the Women's Network. 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.
stephanie cohen goldman sachs husband