There werent a lot ofinvestment bankers that looked like me. By years end, 40% of its employees were working in those locations, the company said. Here are her five best pieces of advice on work and personal finance for professional women. Dallas is now Goldmans second-biggest U.S. office outside of New York, surpassing Salt Lake City. And so I would really, I would kind of exclamation point on that point. It celebrated the repayment by handing employees buttons that said Paid.". 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. She is also a member of the Partnership Committee, Global Diversity Committee, Firmwide Enterprise Risk Committee and Firmwide Finance Committee. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. 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. 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 of course, people want access to an advisor. 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. It'll just take a moment. She is also a Global Executive sponsor of the Women's Network. A Flagstar executive said the mortgage-focused bank is "not just going to sit on the sidelines and watch this happen.". A checking account is currently in beta, according to Cohen. 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. 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. 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. We want to be the bank on your phone, she says. And the thing I say all the time is that you cant talk about these things in two different places. 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. I was a big bank diversity hire. That thats clearly a very important part of your role and has been. Marcus is Goldman's digital-first consumer bank, offers customers saving accounts, personal loans and investment advisory services. Earlier in her career, Ms. Cohen worked in New York in the M&A department. Stephanie Cohen, cohead of Goldman's consumer and wealth group, is the only woman heading one of the bank's primary business divisions. The 9 biggest takeaways from Goldman Sachs' investor day, from a tense Q&A with CEO David Solomon to the tater tots for breakfast. Over 99% goes to all white teams. Stephanie Cohen is Goldman Sachs' Chief Strategy Officer and an Ex Officio member of the Management Committee. As of February 2017, she continues to serve as an advisory director at Goldman Sachs, after retiring from leadership of its Global Markets Institute. Figuring out how what youre doing is affecting people. One Goldman Sachs go-to-market strategy combined with products developers love and can easily adopt 2 Business-to-business with innovative, client- and 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. And we think that this is a great way for people to think about investing. 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. 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. Wow, this is so devastating. And so what are we? 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. You started out with a very simple proposition, which was, lets help you refinance the credit card debt you have and really make sure that were doing that in a high quality way that really puts the customer at the center. Global Financial Health Launch Decision: Send Em! 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. I mentioned at the top, youre the youngest member of the banks management committee. Learn about the important intersection of healthcare and financial heath. Before that, she was the firm's Chief Strategy Officer, where she drove strategy, Mergers & Acquisitions (M&A), strategic investing and partnerships for the firm. Jung, weiblich, Bankerin: Stephanie Cohen macht bei Goldman Sachs Karriere. Its funny because as chief strategy officer, people do this, Do you sit around and just have really big thoughts? No, ideas are really nice, but its about execution. And hopefully again, thats millions of customers that we will speak to and we can be helpful to. More than 90% of appraisers are white, and researchers have found that bias leads to lower valuations for homeowners of color. to talk about career, money and life. She also spearheaded Launch With GS, the organizations $500 million commitment to invest in diverse-led companies and investment managers, and GS Accelerate, the firms in-house innovation engine. . 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).. And then to your point, the clients and the customers in those businesses that were ultimately serving. Im realizing through this conversation that youre really a culture builder. And then on the other side of the people equation is our clients and our customers. It was a pre-COVID time period. Natalie is an award-winning reporter who covers banks, crypto, fraud, deals and other money topics for The Dallas Morning News. The best way to do this is to have a long-term view. 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. 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. 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. Someone get Stephanie Cohen a set of hair clippers. Im certain that I had it before, but its really deeply ingrained in the Goldman Sachs culture, but I happen to naturally be, I guess what Adam Grant would describe as a giver. A great question. You should spendmoney on things that truly make you happy. Ms. Cohen, also 32, is an independent marketing consultant in Chicago. Feb 2, 2021, 8:42 AM. I really felt like I hadnt learned it. I do think were in this moment where thats this really perfect combination for the type of world that were in. 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 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. See you next time. We have more than 7,500 people in our division globally. STEPHANIE COHEN, GLOBAL HEAD OF PLATFORM SOLUTIONS, 45. Stephanie Cohen: More on Stephanie. Stephanie Cohen is one the bank's highest-ranking female . 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. Goldman also will provide six student scholarships for $10,000 each at UTD over the next three years. Prior to her current role, Stephanie drove strategy, M&A, strategic investing, and partnerships as the firm's chief strategy officer. Goldman now has credit-card deals with Jennifer Tescher: 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. 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? Remove some to bookmark this image. And so we think this idea of really starting with a clean sheet of paper and building financial services that puts the customer at the center, is something that we can do directly through Marcus and we can do through our partners. 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. Its going to be two this year. 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. And then we did the Apple card. But in July of this year, she scored a seat on the banks most elite decision-making team, a 33-person management committee appointed by new CEODavid Solomon. I went on a listening tour. Yeah, I think that is, as we think about these two self reinforcing strategies that were pursuing consumer, thats one of the I think the really hopefully great ideas we have around it. The phrase is often used as company jargon for a sale or merger. And I remember these moments of falling really hard and your parents, your coach is like, Oh my. For the best Barrons.com experience, please update to a modern browser. We could have a whole conversation you and me, just on this topic so lets do that another time. 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. The world is awash in capital and you never see that. And so I do think this idea of bringing the best of Goldman Sachs, this corporate franchise and the relationships we have with those brands and then taking these in many cases, digital capabilities weve built in the consumer business and embedding them into those ecosystems in a way that serves their customers, I think is one of the ways that we can access this much broader audience. Jennifer Tescher: Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. Some there have earmarked her as a candidate to become the first woman to lead the investment banking division, the banks most profitable arm. After, it was the bank's Stephanie Cohen who reiterated that Goldman is considering strategic alternatives for its consumer lending business. How we set it up made it easier for them and then how it affected their lives going forward. Goldman Sachs is exploring "strategic alternatives" for its nascent consumer banking business. Some inside the bank wonder whether shes destined to rise even higher. And what were doing in our division is we do it a couple of different ways. Close. Stephanie Cohen: And it will be interesting to think about how you leverage your vast capabilities and capital. The regions tech workforce is projected to expand 17% over the next decade. The business is not yet profitable but is expected to hit revenue of $4 billion by 2024, she said. 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. The San Francisco bank entered into a multiyear partnership with Choice Hotels, which operates brands such as Radisson, Comfort and Econo Lodge. And so I would be that person that was like, Please just explain this to me from the base level. And when you get to that base level, you actually start to understand not only the products and how theyre all executed, but how it affects an end customer. Goldman Sachs consumer exec Stephanie Cohen explains why the Wall Street bank just inked a $2.2 billion home-improvement lending deal; . Its pretty amazing feat that youve managed to essentially build a homegrown digital business from inside this storied institution. She is one of seven women named on the committee and is 10 years younger than the average man on the team. And then as you mentioned, we have a digital consumer bank. Jennifer Tescher: 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. 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. And I love learning. Speaker Bio: Stephanie Cohen is Goldman Sachs' Chief Strategy Officer and a member of the Management Committee. Jennifer Tescher: Stephanie Cohen: Stephanie Cohen: I didnt have that term before, but as a giver. Oops! The reality is that investing can be intimidating for a lot of people. Goldman plans to add checking to Marcus later this year but doesnt have a set date, Cohen said. 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. Ive run, as you said, the consumer and wealth management business with my partner, Tucker York. 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. Goldman Sachs has tapped a former Uber executive to lead its fledgling consumer banking division, . 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? Cohen declined to give projections for growth in Dallas or say whether Goldman is considering such a move. Her elevation was the most noticeable in the group of four tapped to join the management committee, and not just because its comprised mostly of men. In mid-July, the company announced it will promote David Solomon to succeed Lloyd Blankfein as chief executive officer. Cohen joined Goldman Sachs as an Analyst in 1999, was named Managing Director in 2008 and Partner in 2014. You are now subscribed to our newsletters. I did that internally and I also did it externally. 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. Im going to start by saying that Ive gotten to where I am today because there are amazing people inside of Goldman Sachs and outside of Goldman Sachs who have been tremendously helpful to me. Listening is the most important thing that I do. 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. Cohens elevation to the committee followed just days later strong evidence she has the incoming CEOs confidence. After getting an offer to work at Goldman Sachs in investment banking out of school, she thought she would work there for two years and then attend law school. And I have to say, I was a little bit surprised that that was the book you chose. Measurement made easy for your organization. Youve mentioned the fact that soon youre going to be launching a new set of investment options and opportunities. The second thing is this kind of get stuff done attitude. One, we have our advisor led businesses. She also serves as trustee for the Board of The Economic Club of New York. 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. 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. 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. <p><img src="https://static1.businessinsider.com/image/5c40b6cbb492cb3ebd48300a-2400/gettyimages-1048898186.jpg" border="0" alt="Goldman Sachs CEO David Solomon" data . The banking industry appears to be stuck when it comes to diversifying the leadership ranks. Yeah. Click the AdBlock Plus button on your browser and select Enabled on this site. No question. See our career opportunities. And by the way, that portfolio is different for different people. Prior to her current role, Stephanie drove strategy, M&A, strategic investing, and partnerships as the firm's chief strategy officer. Stephanie Cohen: Tiger Trump and nothing to ex-husband Donald Trump. This is good-return investing.". Become a business insider with the latest news. And so in skating you fall all the time. My guest today is one of the most powerful women on Wall Street. My husband and I were talking about it last night, we all still need a lot of help. 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. 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. Log in to our website to save your bookmarks. In January 2021, she was appointed global co-head of consumer and wealth management. And then we have another part of that business where we embed our capabilities into the ecosystems of our partners and thats basically what were doing with the Apple card. But she really got it. Internet Explorer not supported . And so now one of the things, weve tried and a new skill actually inside of Goldman, which is this experimentation. Yeah. Tell us a little bit about where you expect to focus most of your time and attention this year. 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. He will report to Stephanie Cohen, Goldman's global co-head of consumer and wealth management. Goldman Sachs has chosen Stephanie Cohen as co-head of its consumer and wealth management . 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. Cindy Ord/Getty Images for Girlboss Rally NYC 2018. On Monday, the company unveiled a branded terrace at the University of Texas at Dallas in Richardson that it hopes will inspire students to want to learn more about Goldman Sachs, she said. Thank you for inviting me. Meet the forward thinking leaders challenging the status quo and unleashing creative new ways of improving financial health by seeing their customers, employees, and communities in 3D. 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. We call those businesses, private wealth management and personal financial management. And in order to do that, youve got to do a couple of things. . 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 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? How does this all fit together? 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 do it internally. Jennifer Tescher: I wonder if you could talk a little bit about when you joined as chief strategy officer in that role, what you did to listen and learn about both the parts of the business that you might have been less familiar with, but also the end user, if you will, the consumer. Because you cant do things exactly the same way. 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. 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. 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. And so I think its this, how do you do that in a way where youre excelling at things and doing something that you really love, but combining it with all the other things that you have going on in your life and balancing it. 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.