We do it externally. Her appointment this summer to Goldman Sachs' management committee made her its youngest member. You mentioned the Apple card. This is good-return investing.". It didn't go well. It had revenue of $1.5 billion in 2021. Im actually a former journalist. Stephanie Cohen has been at Goldman Sachs for more than 23 years. 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? Goldman Sachs Changes 60 Slightly Less White, Less Male - Dealbreaker 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. Im excited to see how that develops. Goldman Sachs Group Inc will pump $500 million into companies led, . Its great for a woman to be achieving this level of success at Goldman and shes certainly capable of going further," Nugent said. Whether thats direct disbursements in our loans, meaning when you sign up for a Marcus loan, we can directly pay off your other debts. Carter Johnson and Hayley Cuccinello. New York: The venue was the Gotham Club an exclusive den inside the San Francisco Giants home stadium. Yeah. Ive run, as you said, the consumer and wealth management business with my partner, Tucker York. 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. The banking industry appears to be stuck when it comes to diversifying the leadership ranks. Stephanie Hui, Head of Merchant Banking [], Goldman Sachs I was a big bank diversity hire. because investing and helping companies grow is our business," Stephanie Cohen, Goldman Sachs' chief strategy officer . Jennifer Tescher: In 2008, she managed Conflicts and Business Selection for IBD in the Americas. March 02, 2023, 14:16 IST. [1] [2] Prior to March 2008, she was the firm's Chief Investment Strategist. On September 29, 2020 . First, Goldman Sachs CEO David Solomon said it. Im glad youre drilling in on it. You mentioned Marcus, I think its fair to say that four plus years ago when Goldman Sachs launched Marcus, it wasnt exactly what anyone was expecting to have a titan of Wall Street, all of a sudden building a business to focus on the financial needs of everyday people. Were looking for mission-driven people to join our team. And I remember these moments of falling really hard and your parents, your coach is like, Oh my. 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. You can learn more about how we use cookies by reviewing our Privacy Policy.Dismiss, Global Co-Head of Consumer and Wealth Management. To learn more about the work and research we do, please visit emerge.finhealthnetwork.org. Stephanie Cohen: Jennifer Tescher: Goldman Sachs Group H.r. 2021, ``Environmental Justice for All Act'' We're getting to the moment where we can help someone holistically manage their financial lives," Stephanie Cohen,. . As the banks chief strategy officer, she brought clarity and focus, including a new commitment to diversity and inclusion. Stephanie Cohen to co-head consumer and wealth management at Goldman Goldman Sachs Names Stephanie Cohen as Head of Strategy In 2019, Goldman launched an Apple credit card, and last January it rolled out a GM credit card. And then to your point, the clients and the customers in those businesses that were ultimately serving. I think I learned that at a really young age. Cohen declined to give projections for growth in Dallas or say whether Goldman is considering such a move. We call those businesses, private wealth management and personal financial management. Particularly consumers in Marcus, youve talked a lot about the role youre in now is really about people. It celebrated the repayment by handing employees buttons that said Paid.". For Members Only Federal Credit Union in Chicago, which was founded by the African American sorority Alpha Kappa Alpha, is focused on helping members build generational wealth. And this year were going to launch Marcus Invest and checking and a credit card partnership with General Motors. 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. I love it and its the advice I give people all the time. Stephanie Cohen: Youve begun offering credit beyond debt consolidation. 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. The reality is that investing can be intimidating for a lot of people. We'll send you a myFT Daily Digest email rounding up the latest Goldman Sachs Group news every morning. But she is quick to point out that this is no PR ploy on behalf of the bank: "This is not philanthropy. 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. Meaning I end a lot of conversations with, How can I be most helpful to you? And I do try to give people really direct feedback because I think its the way to make them better in their own careers. "We have 500 corporate clients, and we have the ability to provide financial wellness to all levels of employees," she said. Goldman Names Two Execs to Lead Private Wealth Management 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. Jung, weiblich, Bankerin: Stephanie Cohen macht bei Goldman Sachs Karriere. Most Powerful Women 2019: Stephanie Cohen | Crain's New York Business And so what were really saying is were really proud advocates for inclusive capitalism and theres no better way to do that than to serve millions of consumers. 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. 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. Do you have any ideas or things youve thought about in terms of how to leverage your capabilities in this regard? By the way, a lot of people who spend their careers in financial services. One, we have our advisor led businesses. 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. 2021-11-30T13:05:49.103Z. terms: Goldman Sachs Banks Stephanie Cohen Succession. 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. Earlier in her career, Ms. Cohen worked in New York in the M&A department. The second thing is this kind of get stuff done attitude. And then we did the Apple card. Yeah, I think its this idea of being a learner. Inside a massive transformation at powerhouse Wall Street bank Goldman You can use that as something that bothers you, or you can use that as a point of differentiation. Goldman Sachs CEO shuffles consumer banking, wealth management leaders [CNBC] Tags. Jennifer Tescher: And what were doing in our division is we do it a couple of different ways. I mentioned at the top, youre the youngest member of the banks management committee. Because consumer banking has been around for a really long time. Prior to her current role, Stephanie drove strategy, M&A, strategic investing, and partnerships as the firms chief strategy officer. You can connect with me on Twitter @JenTescher. But Ive also noticed that when women start talking to friends about business ideas, they actually want to help each other.. Shell be among seven women on the 33-person panel. The news, which . "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 . 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. To order presentation-ready copies for distribution to your colleagues, clients or customers visit http://www.djreprints.com. These stories and more in banking news this week. In the latest in a rapid career of. It'll just take a moment. And by the way, that portfolio is different for different people. Stephanie Cohen has been at Goldman Sachs for more than 23 years. Goldman Sachs | Management Committee - Stephanie Cohen We get it: you like to have control of your own internet experience. Because you cant do things exactly the same way. Welcome to EMERGE Everywhere. And then as you mentioned, we have a digital consumer bank. My husband and I were talking about it last night, we all still need a lot of help. And that starts with our own people. 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. Stephanie Cohen: Shes about 10 years younger than the average man already on the committee, after becoming a partner just four years ago. And just a few weeks ago, she was asked to jointly lead the banks global consumer and wealth management division. They are Goldman Sachs customers. And since then, youve begun offering all kinds of things. 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. Consequently, they can be prickly customers. Tell me more about that choice and sort of what youve learned from it. They are not only of course the right thing to do, but it is the only way to run the business. This is a subscriber only feature Subscribe Now to get daily updates on WhatsApp.