A Goldman Sachs banker will have to pay his ex-wife more cash after she appealed her 2 million divorce settlement despite being set to inherit 100 million from her Saudi father. We do it externally. 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. Prior to her current role, Stephanie drove strategy, M&A, strategic investing, and partnerships as the firms chief strategy officer. The High. Stephanie Cohen is Global Head of Platform Solutions and a member of the Management Committee. I know many of them, but it says something entirely different to have someone at the operating committee level. Ms. Outside of work, Cohen spends time with her husband and young son, who "helps me hone my negotiation skills," she laughs. And its interesting though, because when we think about it and we talk about it and what we focus on every day, the mission is still the same. It had revenue of $1.5 billion in 2021. And that has definitely been sped up by whats gone on with COVID. 2021-11-30T13:05:49.103Z. 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. Predict the closing value of sensex and win free subscription. "We have savings, lending, investing, and we're close to launching checking. 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. For the best Barrons.com experience, please update to a modern browser. We're getting to the moment where we can help someone holistically manage their financial lives," Stephanie Cohen,. Marcus is Goldman's digital-first consumer bank, offers customers saving accounts, personal loans and investment advisory services. 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. Young, female, banker: Stephanie Cohen has made a career at Goldman Sachs. But she doesn't see what the fuss is about. 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. Ms. Cohen serves on the National Board of Directors of CollegeSpring and as a member of the Board of Quill.org. Stephanie Cohen: And we think that this is a great way for people to think about investing. She is now even given the place at the top of the bank. And so I think its embedded in your question, but I think its a fair question. Its great for a woman to be achieving this level of success at Goldman and shes certainly capable of going further," Nugent said. In case you cant find any email from our side, please check the spam folder. She also spearheaded . But she really got it. 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.' 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. Global Financial Health Launch Decision: Send Em! 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. My husband and I were talking about it last night, we all still need a lot of help. You are now subscribed to our newsletters. Im a lifelong learner. Diversity in the ranks at Goldman and at the companies it invests in is a priority for Cohen. She went on to a more traditional M&A role in the industrials team. And so I did that. One, its this kind of practical thing, which is that if youre a competitive figure skater and youre going to school and youre trying to do other things, youre waking up for the 5:45 AM skating, skating before school, going to school, skating after school, getting homework done. Updated Jan. 17, 2017 9:10 pm ET. That thats clearly a very important part of your role and has been. And so 85% of all venture capital dollars goes to all male founded teams. To read our full stories, please turn off your ad blocker.We'd really appreciate it. Great. You, it turns out I learned, were once a competitive figure skater growing up. You are just one step away from creating your watchlist! Senior Editor, Women's Programs, American Banker. 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. 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. One, it affects how you manage your own people. As the banks chief strategy officer, she brought clarity and focus, including a new commitment to diversity and inclusion. 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. Talk a little bit about how Marcus has evolved and where you see that business heading now that youve reached, say adolescence. We think technology is in a place where you can really have a bank on your phone. 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. 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. 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. Youve begun offering credit beyond debt consolidation. It was a pre-COVID time period. He will report to Stephanie Cohen, Goldman's global co-head of consumer and wealth management. 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. Some inside the bank wonder whether shes destined to rise even higher. On September 29, 2020 . 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. 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. 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. And then how do you take that into your next role? Yeah. 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. You can learn more about how we use cookies by reviewing our Privacy Policy.Dismiss, Global Co-Head of Consumer and Wealth Management. We want to use simple, transparent and valuable products to help people manage their financial lives. Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. Goldman also will provide six student scholarships for $10,000 each at UTD over the next three years. 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. More on Stephanie. The phrase is often used as company jargon for a sale or merger. 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. Things like auto pay. 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 so were doing that with Apple, but also well do it with General Motors. Stephanie Cohen: Goldman plans to add checking to Marcus later this year but doesnt have a set date, Cohen said. 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. 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. If they want to build companies that are going to succeed, having diverse voices around the table is one of the most important things that they can do. 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. Natalie is an award-winning reporter who covers banks, crypto, fraud, deals and other money topics for The Dallas Morning News. 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. 117-14 _____ Printed for the use of the Committee on Natural . 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? 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. 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. 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. A step-by-step guide for HR professionals. Feb 2, 2021, 8:42 AM. I suspect that theres only so far a brand like Marcus can go in terms of meeting the needs of underserved consumers. 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. Ms. Cohen also led Launch With GS, Goldman Sachs $1 billion commitment to invest in companies and investment managers with diverse leadership, as well as GS Accelerate, the firms in-house innovation engine. Over 99% goes to all white teams. Our goal in our vision, in our people, is to empower our clients and customers to achieve their financial goals and we think help them live better lives. Thank you for inviting me. 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. 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. One, we want to be the bank on your phone. In January 2021, she was appointed global co-head of consumer and wealth management. We want to be the bank on your phone, she says. If her tenure there is successful, it could pave the way for Cohen to make history at the firm. 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. 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. We want to be your primary bank. Apple 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. wants to be your digital banker, and it has assigned the job to Stephanie Cohen, marking her second year on the Barrons list. 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 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 really felt like I hadnt learned it. And how can we serve them where they are with the capabilities of Goldman Sachs? And then we did savings. And then, I think the most important thing is this idea of being willing to try and realize in the act of trying its not going to be perfect right away. By continuing to use our site you agree to our Terms of Use and Privacy Policy. And so I would really, I would kind of exclamation point on that point. And I think in some ways, this podcast is an outgrowth of my curious nature. Tell us a little bit about where you expect to focus most of your time and attention this year. Jennifer Tescher: In brief remarks about the Federal Reserve's handling of COVID-19 crises, the governor said the central bank's asset-buying program is taking longer to unwind than its emergency lending facilities. Stephanie Cohen has participated in 2 events. And the idea really brings together the reason by the way, why we have our consumer and wealth management businesses all together. As of February 2017, she continues to serve as an advisory director at Goldman Sachs, after retiring from leadership of its Global Markets Institute. 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. And what are we trying to become? 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. Ultimately, I think thats, to your point on this moment in time, I think were in a place where the world is changing so fast that knowing every single about history is important. By continuing to use our site you agree to our. Shell be among seven women on the 33-person panel. But I would sit in meetings and just be like, Im sorry, Im just going to ask this from the most basic level. And to this point of financial services being really complicated, I think lots of people sit in a lot of meetings and everyone else thinks that everyone else understands something and they actually dont. And I have to say, I was a little bit surprised that that was the book you chose. The company had previously partnered on its credit cards with Barclays. And thats really the most exciting thing about being able to run this division. CompTIA expects that to grow to nearly 7,700 net new positions this year, the fifth-highest total nationally. Now I have to turn the conversation a little bit back to you for a minute, because youre a lifer at Goldman Sachs. 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. Stephanie joined Goldman Sachs as an analyst in 1999, was named managing director in 2008, and became a partner in 2014. The . You went there right out of graduating from the University of Illinois and youve experienced a tremendous amount of success. Jung, weiblich, Bankerin: Stephanie Cohen macht bei Goldman Sachs Karriere. . And we are lucky because we get to spend our entire days focusing on people. . 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. Im realizing through this conversation that youre really a culture builder. New York: The venue was the Gotham Club an exclusive den inside the San Francisco Giants home stadium. And you asked me about the focus. And I love learning. 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. And I remember these moments of falling really hard and your parents, your coach is like, Oh my. This $90 million Liked by Stephanie. Stephanie Cohen is now the management committee's youngest, with the rare label of 'ex officio' member. 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? We get it: you like to have control of your own internet experience. Theres a savings portion of Marcus. 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. 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. Diversity, equity and inclusion are core to our mission, see why. And we think it does help people better manage their finances. Yeah, I think its this idea of being a learner. 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. Explore how to make financial services a force for good. And were going to be better if we do that. And so, while theres a lot of sadness in that, were hopefully, the idea is turning that into opportunity. 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. 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 . Tell me more about that choice and sort of what youve learned from it. Its pretty amazing feat that youve managed to essentially build a homegrown digital business from inside this storied institution. Tiger Trump and nothing to ex-husband Donald Trump. 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. 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. Internet Explorer not supported . Jennifer Tescher: 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. She is one of seven women named on the committee and is 10 years younger than the average man on the team. One, we have our advisor led businesses. 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. And so we felt like now is the right time where we can then take our capabilities, which were you alluded to this, but our capabilities in technology, but we could do the consumer technology with a blank sheet of paper. Stephanie Hui, Head of the Merchant Banking Division in Asia Pacific Ex-Japan, Goldman Sachs Voices of Experience "Earlier in my career, I was more reserved about expressing my views," said Stephanie Hui, head of the Merchant Banking Division in Asia Pacific Ex-Japan at Goldman Sachs.