You pack a lot into a day. And I think theres a lot to learn about how culture builders do that, because I think a lot about the importance of stepping outside of our silos, that thats where, and that relates to the comments that you made about diversity. 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 is Goldman Sachs' Chief Strategy Officer and an Ex Officio member of the Management Committee. Sign In. 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. 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. And at least I believe and I think its fair to say that theyre amazing. and expects to roll out digital checking accounts in the next few months. Second, in kind of a funny way, theres not much things that are hard and scary after youve lived with the you alone center of the ice, audience in front of you, judges behind you, couple of minutes to do something that youve practiced for hours upon hours. Secondly, culturally. 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 talk about career, money and life. By the way, a lot of people who spend their careers in financial services. But by the way, you cant do that always at scale. 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. Key deals there included Chryslers repayment of a loan from the US government, people familiar with the matter said, asking not to be identified discussing private information. [House Hearing, 117 Congress] [From the U.S. Government Publishing Office] H.R. Stephanie Cohen is Global Co-Head of Consumer and Wealth Management at Goldman Sachs, the only woman to currently lead one of the firm's four revenue divisions. See our career opportunities. In case you cant find any email from our side, please check the spam folder. Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. Stephanie Cohen: And what we are and what were trying to become is we have these two self reinforcing strategies. Stephanie Cohen has participated in 2 events. Ive run, as you said, the consumer and wealth management business with my partner, Tucker York. Its the ultimate man-cave. Actually, I got on a plane a lot. More on Stephanie. Oops! What it really was, was it was where people went when they had really great ideas and they just wanted to get it done. And the question is, how do you do that at scale? 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. One, we have our advisor led businesses. 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. And I love learning. 01 Mar 2023 02:08:06 Jennifer Tescher: While wealth management services have been a mainstay for the 153-year-old investment bank, the shift to offering consumer banking happened less than six years ago. Stephanie Cohen: Wow. Jennifer Tescher: And besides those numbers being kind of horrific, they are a misallocation of capital. Diversity, equity and inclusion are core to our mission, see why. Stephanie Cohen: 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 were doing that with Apple, but also well do it with General Motors. Stephanie Cohen: How we set it up made it easier for them and then how it affected their lives going forward. She said the senior leadership team understands that diversity and inclusion is a "business imperative'' and that "this needs to be discussed in the same meetings where we talk about revenue or investment strategies. And just a few weeks ago, she was asked to jointly lead the banks global consumer and wealth management division. And the question, which is kind of an obvious question is why now? Goldman named 60 new partners on Thursday. And so thats really what were trying to do with what were doing in consumer and in Marcus. I went on a listening tour. 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).. 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? Stephanie Cohen, a merger banker who has spent the past few years doing deals for private-equity firms and other big investors, will replace Stephen Scherr, who has held the role since 2014,. Goldman Sachs Group In January 2021, she was appointed global co-head of consumer and wealth management. Jennifer Tescher: And then to your point, the clients and the customers in those businesses that were ultimately serving. Build a resilient workforce by prioritizing finhealth for employees. "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 . This account of her ascent is based on interviews with people whove worked with Cohen, who asked not to be named discussing their interactions. 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. It was here on an evening last December when roughly 100 women from the investment banking world gathered at an event billed as a leadership dinner. Goldman Sachs Group Inc's Chief Executive David Solomon and top executives will give investors an update on their strategy on Tuesday. 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? She went on to a more traditional M&A role in the industrials team. And we think it does help people better manage their finances. She dug into the bones of the deal and was very compelling.". In 2021, Goldman Sachs announced the One Million Black Women initiative, a $10-billion investment initiative focused on investing in Black women to, ``drive investment in housing, health care, access to capital, education, job creation and workforce advancement, digital connectivity, and financial health.'' In 2020, JPMorgan Chase . Jennifer Tescher: Were looking for mission-driven people to join our team. 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. And hopefully again, thats millions of customers that we will speak to and we can be helpful to. Stephanie is head of Private Equity in Asia and global co-head of Growth Equity within Goldman Sachs Asset Management. And so you didnt get into this chief strategy officer role with a real clear job description. 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 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. Ihr wird inzwischen sogar der Platz an der Bank-Spitze zugetraut. Its a great point. 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. More than 90% of appraisers are white, and researchers have found that bias leads to lower valuations for homeowners of color. Im Jennifer Tescher, and Id love to hear your ideas for future guests and your reactions to the show. To learn more about the work and research we do, please visit emerge.finhealthnetwork.org. and 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. To order presentation-ready copies for distribution to your colleagues, clients or customers visit http://www.djreprints.com. By years end, 40% of its employees were working in those locations, the company said. ", 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. Cohen is now the committees youngest, with the rare label of ex officio" member. 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. 117-14 _____ Printed for the use of the Committee on Natural . Whether thats direct disbursements in our loans, meaning when you sign up for a Marcus loan, we can directly pay off your other debts. Natalie Walters, Business reporter. Now weve put a bunch of features into our products to help people make better decisions. 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. You, it turns out I learned, were once a competitive figure skater growing up. 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 . 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. I mentioned at the top, youre the youngest member of the banks management committee. The consumer and wealth management team in Dallas is close to 1,200 now, which is about how many are on the same team in New York, said Cohen, who also noted that employees are back in the office in the U.S. Cohens division, consumer and wealth management, includes the consumer banking platform Marcus, which launched in 2016 followed by an app in January 2020 that allows consumers to do everyday banking. Jennifer Tescher: Im doing it every day. We have more than 7,500 people in our division globally. See you next time. Young, female, banker: Stephanie Cohen has made a career at Goldman Sachs. The phrase is often used as company jargon for a sale or merger. 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. Where does the bank and the Fed go from here? Im glad youre drilling in on it. Im wondering how youre viewing that experience in light of the coming launch of these new products for Marcus customers? Ms. How has that influenced you? It doesnt have to be one thing or the other; its about making spending decisions consciously rather than scrolling on your phone and thinking about what youshould spend on., What Ive noticed at Goldman Sachs isthat men tend to talk about investment opportunities amongst each other. No question. And I remember these moments of falling really hard and your parents, your coach is like, Oh my. Prior to that, Ms. Cohen was a Vice President in the Industrials and Merger Leadership Groups in San Francisco. By continuing to use our site you agree to our Terms of Use and Privacy Policy. Goldman Sachs has created a new consumer and wealth management division co-led by Stephanie Cohen. 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. Goldman Sachs 209K subscribers Subscribe 4.6K views 5 years ago Despite China's macro headwinds, Stephanie Hui, head of the Merchant Banking Division in Asia Pacific Ex-Japan, identifies the. The bank says the candidates failed to make full disclosures. And this year were going to launch Marcus Invest and checking and a credit card partnership with General Motors. 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. Stephanie Cohen: And the reason why we decided now was the right time for Goldman Sachs is because one, technology. When I walked into a board room, theyd expect a very tall man, but instead theyd get a relatively shortwoman. And thats how we ultimately came up with the strategies, which I talked about earlier in terms of going direct and what we call financial cloud. The world is awash in capital and you never see that. 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. . Jennifer Tescher: CompTIA expects that to grow to nearly 7,700 net new positions this year, the fifth-highest total nationally. There werent a lot ofinvestment bankers that looked like me. Explore how to make financial services a force for good. 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. 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. The banking industry appears to be stuck when it comes to diversifying the leadership ranks. Got it. Its going to be two this year. 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. Its not a one size fits all product and solution. And this kind of idea of people wanting to experience financial services deeply embedded into ecosystems rather than being this separate action. Im a big question asker too. Upon arriving, her trajectory changed, and she has remained at the firm for over two decades in a variety of roles. Im realizing through this conversation that youre really a culture builder. As of February 2017, she continues to serve as an advisory director at Goldman Sachs, after retiring from leadership of its Global Markets Institute. We've detected you are on Internet Explorer. The latest group includes 32 white men, giving them a 53 per cent share of the promotions, the demographic's smallest representation on record. My moms a teacher and its just something. So much. 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 complicated. In 2008, she managed Conflicts and Business Selection for IBD in the Americas. And by the way, if you take all of that and everything else were doing, weve now found that two out of three of our Marcus loans customers, after they take out a Marcus loan, their overall debt does decline. 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. Cohen declined to give projections for growth in Dallas or say whether Goldman is considering such a move. 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. Over 99% goes to all white teams. Measurement made easy for your organization. We want to be the bank on your phone, she says. Log in to our website to save your bookmarks. 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. Dallas is now Goldmans second-biggest U.S. office outside of New York, surpassing Salt Lake City. That meant Cohen had to work closely with the then-CEO of the Fiat-Chrysler group, Sergio Marchionne, sometimes camping out for talks in Detroit or paying visits to the U.S. Treasury Department. 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. Its great for a woman to be achieving this level of success at Goldman and shes certainly capable of going further," Nugent said. 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. Im Jennifer Tescher, journalist turned financial health champion. Yeah, were really excited about the Marcus Invest product, which will launch this quarter. Internet Explorer not supported . 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. They are Goldman Sachs customers. Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. 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. But she is quick to point out that this is no PR ploy on behalf of the bank: "This is not philanthropy. Jennifer, it is great to be here. And that has definitely been sped up by whats gone on with COVID. 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. 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. Its been really fun getting to know all of them. She is also a member of the Firmwide Asset Liability Committee and the Global Inclusion and Diversity Committee, serving as a Global Executive sponsor of the Women's Network. When I started as chief strategy officer, I had, of course that realization that you said exactly, which is okay, Ive been at Goldman Sachs 17, 18 years and Ive been sitting in the investment bank and Ive learned a lot, but there is a lot about what we even do at Goldman Sachs that I dont understand. In less than a year, Goldman Sachs has grown its North Texas presence from more than 2,000 employees to nearly 4,000. This is a subscriber only feature Subscribe Now to get daily updates on WhatsApp. Goldman Sachs mulls deal options after consumer flop. 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. 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. Goldman plans to add checking to Marcus later this year but doesnt have a set date, Cohen said. 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. 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. On September 29, 2020 . 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. And so I would expect that some of this will end up being, as you said, not necessarily directly, but through partners. 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. By continuing to use our site you agree to our. That makes a lot of sense. 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. 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. How big the Dallas operation will get is a source of regular speculation in the North Texas real estate community. Yeah. And how can we serve them where they are with the capabilities of Goldman Sachs? 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 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. 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. 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. 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.
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