Stephanie Cohen has been at Goldman Sachs for more than 23 years. She is one of seven women named on the committee and is 10 years younger than the average man on the team. Goldman Sachs Group Inc's Chief Executive David Solomon and top executives will give investors an update on their strategy on Tuesday. And so I did that and I mirrored that with my people. Goldman Sachs mulls deal options after consumer flop. We have the ability to have access to our clients in Texas but also more broadly across the United States and internationally. . 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. 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.. But she really got it. Stephanie Cohen Global Head of Platform Solutions February 2023. Jennifer Tescher: 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. No question. Your session has expired, please login again. Ms. Cohen, also 32, is an independent marketing consultant in Chicago. The bank will aim to grow fees from asset and wealth management and drive better performance in its fintech unit, while taking more market share in its traditional powerhouses of trading and investment banking. The reality is that investing can be intimidating for a lot of people. And if you look at those businesses, the thing that we have focused on in those businesses is providing holistic advice to individuals and to families and to helping them get the right diversified portfolio for them. 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. Here are her five best pieces of advice on work and personal finance for professional women. 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. Cohen, 41, joined Goldman Sachs in. Unfortunately, weve been getting to know most of them over Zoom, which is not nearly as much fun as getting to know people in person, but we get to visit peoples homes through Zoom and see their kids and their pets. But advertising revenue helps support our journalism. Jennifer Tescher: 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. Its important, but the world is changing so fast that just being someone who analyzes whats happened historically and trying to put that on the future, I think doesnt really work. 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. 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. 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. And I talked to you about three things that I think have helped me and the teams around me be successful. And then as you mentioned, we have a digital consumer bank. 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. 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. On September 29, 2020 . Stephanie, welcome to Emerge Everywhere. You pack a lot into a day. I really felt like I hadnt learned it. Natalie Walters, Business reporter. I think I learned that at a really young age. Goldman Sachs is exploring "strategic alternatives" for its nascent consumer banking business. I love that you had that visceral experience from the book and particularly given the role youre in now. Marcus is Goldman's digital-first consumer bank, offers customers saving accounts, personal loans and investment advisory services. And that starts with our own people. Because for us, this is a business and a strategic imperative. 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. Learn more about Marcus by Goldman Sachs and check out additional episodes of EMERGE Everywhere. Goldman now has credit-card deals with And since then, youve begun offering all kinds of things. Stephanie Cohen, Goldman's co-head of consumer and wealth management, is working on setting up a second base for herself in Dallas. 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. 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. Change is underway in the financial services industry and it's disrupt or be disrupted. Yeah. Cohens elevation to the committee followed just days later strong evidence she has the incoming CEOs confidence. 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. Things like auto pay. For the best Barrons.com experience, please update to a modern browser. Dallas is now Goldmans second-biggest U.S. office outside of New York, surpassing Salt Lake City. Mr . 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. Goldman Sachs. 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 . Stephanie Cohen, culture builder, lifelong learner, thanks so much for joining me on Emerge Everywhere. Marcus. 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We call those businesses, private wealth management and personal financial management. One is this mindset about making everyone around you better and that were kind of better together and its this really focused teamwork partnership orientation that I think I learned at Goldman Sachs. And there are so many different organizations and Jen, your organization is one of them where, how can we all work together to try to fix this? Stephanie Cohen is now the management committee's youngest, with the rare label of 'ex officio' member. DuringStephanie Cohens first 15 years at Goldman Sachs, her career ladder didnt look much different than that of a typical investment banker. Im excited to see how that develops. An error has occurred, please try again later. A step-by-step guide for HR professionals. Now I have to turn the conversation a little bit back to you for a minute, because youre a lifer at Goldman Sachs. 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. She is also a Global Executive Sponsor of the Women's Network and a member of the Management Committee, the most senior governing leadership body at the firm. The latest group includes 32 white men, giving them a 53 per cent share of the promotions, the demographic's smallest representation on record. 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. Since the start of this year, Cohen has also transitioned from investment banking to serve as the bankschief strategy officer,leading a team that decides where the bank should pursue new lines of business. A great question. I do think were in this moment where thats this really perfect combination for the type of world that were in. 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. Jennifer Tescher: And besides those numbers being kind of horrific, they are a misallocation of capital. 1 Executive Summary Primary drivers Key focus areas INVESTOR DAY 2023 PLATFORM SOLUTIONS . Goldman Sachs has created a new consumer and wealth management division co-led by Stephanie Cohen. And by the way, that portfolio is different for different people. 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? 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. Over 99% goes to all white teams. Yeah, I think its this idea of being a learner. I really enjoyed hearing about how you go about listening. Stephanie Cohen has been at Goldman Sachs for more than 23 years. Jun 22 Stephanie Cohen: Chief Strategy Officer at Goldman Sachs. I wonder if you might reflect a little bit on how Goldman is really trying to make good on this idea of inclusive capitalism when it comes to forms of identity, gender identity, race and ethnicity, et cetera. And I remember these moments of falling really hard and your parents, your coach is like, Oh my. Jennifer, it is great to be here. because investing and helping companies grow is our business," Stephanie Cohen, Goldman Sachs' chief strategy officer . We get it: you like to have control of your own internet experience. "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 . Someone get Stephanie Cohen a set of hair clippers. Dallas is quite central, Cohen said. Speaker Bio: Stephanie Cohen is Goldman Sachs' Chief Strategy Officer and a member of the Management Committee. You can learn more about how we use cookies by reviewing our Privacy Policy.Dismiss, Global Co-Head of Consumer and Wealth Management. And I have to say, I was a little bit surprised that that was the book you chose. Upon arriving, her trajectory changed, and she has remained at the firm for over two decades in a variety of roles. 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. A Flagstar executive said the mortgage-focused bank is "not just going to sit on the sidelines and watch this happen.". This is good-return investing.". She went on to a more traditional M&A role in the industrials team. [House Hearing, 117 Congress] [From the U.S. Government Publishing Office] H.R. 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.' I suspect theres also something to it about the moment were living in, the era were living in. Stephanie Cohen: And how do you feel about essentially being a change agent in this way? And so what are we? In January 2021, she was appointed global co-head of consumer and wealth management. 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. She is now even given the place at the top of the bank. 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. Prior to her current role, Stephanie drove strategy, M&A, strategic investing, and partnerships as the firm's chief strategy officer. 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. What it really was, was it was where people went when they had really great ideas and they just wanted to get it done. Global Financial Health Launch Decision: Send Em! Youve got to figure out whats important to you and what you really want to spendmoney on. https://www.barrons.com/articles/barrons-100-most-influential-women-in-u-s-finance-stephanie-cohen-51615543200. You are just one step away from creating your watchlist! For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. See our career opportunities. You can use that as something that bothers you, or you can use that as a point of differentiation. 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 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. We have more than 7,500 people in our division globally. 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. And what were hoping with Marcus Invest is through the content and through the ease with which people can go through the signup process and then the investment process, people are going to be able to interact with an investing in a way thats understandable, but also is going to help them achieve whatever financial goals that they have. 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. Yeah. Net revenues for the consumer business in the second quarter were $608 million, 67% higher than the second quarter of 2021, primarily reflecting significantly higher balances on both credit card balances and higher deposit balances. And thats really the most exciting thing about being able to run this division. Our people find Dallas a really, really great place to live and raise a family.. Money 20/20 USA 2021 Speaker Oct 24, 2021 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.