Chief Strategy Officer, Goldman Sachs Much has been made over the past few months about Stephanie Cohen's age. Internet Explorer is no longer supported on our website. "We have savings, lending, investing, and we're close to launching checking. The latest group includes 32 white men, giving them a 53 per cent share of the promotions, the demographic's smallest representation on record. 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. And my mom who is a history teacher at some point and really cares about history and I love history and read it. During Stephanie Cohen's first 15 years at Goldman Sachs, her career ladder didn't look much different than that of a typical investment banker. 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.' 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. 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. 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).. Its pretty amazing feat that youve managed to essentially build a homegrown digital business from inside this storied institution. Already a member? Stephanie Cohen: 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. How do you look at the data in a way that really helps you? Money 20/20 USA 2021 Speaker Oct 24, 2021 I really enjoyed hearing about how you go about listening. Things like auto pay. Explore how to make financial services a force for good. Cohen, 41, joined Goldman Sachs in. And in that business, we have two different pieces, one, which is Marcus, which you mentioned, which helps customers save, borrow, and soon invest and spend. They are Goldman Sachs customers. Natalie Walters, Business reporter. Secondly, culturally. Stephanie Cohen: And I really got to know them on a totally new level because they were talking to me about their lives and their goals and their dreams and how we could be helpful. And so this real focus on execution, which I no doubt learned by being a mergers and acquisitions banker inside of Goldman Sachs. 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. STEPHANIE COHEN, GLOBAL HEAD OF PLATFORM SOLUTIONS, 45. And that has definitely been sped up by whats gone on with COVID. And hopefully again, thats millions of customers that we will speak to and we can be helpful 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. Yeah. 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. But by the way, you cant do that always at scale. You have to talk about all that in one place, because its the only way to win, but its also the only way to serve customers and ultimately help them achieve their goals. Stephanie Cohen has been at Goldman Sachs for more than 23 years. You can connect with me on Twitter @JenTescher. And you talked about that mission, and I want to come back to it because it really is there every day when our people design our products. She started as an analyst in 1999 and has held a series of leadership positions in mergers and acquisitions. Ms. Cohen serves on the National Board of Directors of College Spring and as a member of the Board of Quill.org. Natalie is an award-winning reporter who covers banks, crypto, fraud, deals and other money topics for The Dallas Morning News. Feb 2, 2021, 8:42 AM. Yeah. 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. She also serves as trustee for the Board of The Economic Club of New York. On September 29, 2020, Stephanie Cohen, Goldman Sachs' Chief Strategy. 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? What it really was, was it was where people went when they had really great ideas and they just wanted to get it done. Learn more about Marcus by Goldman Sachs and check out additional episodes of EMERGE Everywhere. Flagstar Bank launches its next mortgage-tech accelerator while Walmart and Citi partner on a supplier loan program. "They are like-minded brands that are meeting people where they are," Cohen said. And at least I believe and I think its fair to say that theyre amazing. And this year were going to launch Marcus Invest and checking and a credit card partnership with General Motors. 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. 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. And then how do you take that into your next role? 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. 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. She started as an analyst in 1999 and has held a series of leadership positions in mergers and acquisitions. 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. Im excited to see how that develops. She serves on the Partnership Committee, and is also on the Board of Advisors of Launch With GS, Goldman Sachs' $1 billion investment strategy grounded in the belief that diverse teams drive strong returns. For example, when I am 60 and look back, what might I need the most? You also have mentioned to me before that when you became the chief strategy officer, the very first book you read was The Unbanking of America. Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. And you asked me about the focus. 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. Instead, I found it really helpful to look at a, people and look for things that I like or relate to. 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. She is also a Global Executive sponsor of the Women's Network. You went there right out of graduating from the University of Illinois and youve experienced a tremendous amount of success. She graduated cum laude from New York University and received an M.B.A. in May from Indiana University. We have businesses that do that and were really excited to do that as well. You, it turns out I learned, were once a competitive figure skater growing up. Senior Editor, Women's Programs, American Banker. Marcus. I suspect theres also something to it about the moment were living in, the era were living in. Goldman Sachs mulls deal options after consumer flop. By years end, 40% of its employees were working in those locations, the company said. 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 that we were going to build an ecosystem around it. It celebrated the repayment by handing employees buttons that said Paid.". 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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. And then as you mentioned, we have a digital consumer bank. Shell be among seven women on the 33-person panel. 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. This copy is for your personal, non-commercial use only. Talk a little bit about how Marcus has evolved and where you see that business heading now that youve reached, say adolescence. Goldman Sachs Group Inc's Chief Executive David Solomon and top executives will give investors an update on their strategy on Tuesday. 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. 01 Mar 2023 02:08:06 because investing and helping companies grow is our business," Stephanie Cohen, Goldman Sachs' chief strategy officer . Learn about the important intersection of healthcare and financial heath. We want to be the bank on your phone, she says. And I talked to you about three things that I think have helped me and the teams around me be successful. 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. Jennifer Tescher: We call those businesses, private wealth management and personal financial management. 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. 1 Executive Summary Primary drivers Key focus areas INVESTOR DAY 2023 PLATFORM SOLUTIONS . The reality is that investing can be intimidating for a lot of people. and 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. And so what are we? The news, which . As an investment banker for close to 20 years, my presence in board rooms was often an anomaly. And how do you feel about essentially being a change agent in this way? 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. 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. We have more than 7,500 people in our division globally. Build a resilient workforce by prioritizing finhealth for employees. A Flagstar executive said the mortgage-focused bank is "not just going to sit on the sidelines and watch this happen.". 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. Solomon, who recently laid off more than 3,200 workers in what was dubbed "David's Demolition Day," was pounded with questions from Wall Street analysts about the bank's . Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. And then to your point, the clients and the customers in those businesses that were ultimately serving. 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. Not much is scary after that. How does this all fit together? 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. 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. "We have 500 corporate clients, and we have the ability to provide financial wellness to all levels of employees," she said. Youre just one more inch and I would have landed that jump. More on Stephanie. This is a subscriber only feature Subscribe Now to get daily updates on WhatsApp. 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. She also serves as trustee for the Board of The Economic Club of New York. 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. 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. 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. Ms. Cohen serves on the National Board of Directors of CollegeSpring and as a member of the Board of Quill.org. 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. Goldman Sachs consumer exec Stephanie Cohen explains why the Wall Street bank just inked a $2.2 billion home-improvement lending deal; . March 02, 2023, 14:16 IST. Im wondering how youre viewing that experience in light of the coming launch of these new products for Marcus customers? I know many of them, but it says something entirely different to have someone at the operating committee level. My husband and I were talking about it last night, we all still need a lot of help. I love it and its the advice I give people all the time. 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. Prior to her current role, Stephanie drove strategy, M&A, strategic investing, and partnerships as the firm's chief strategy officer. And since then, youve begun offering all kinds of things. Some of that could be due to the fact that there are fewer women in venture capital and fewer women founders. 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. We've detected you are on Internet Explorer. In 2008, she managed Conflicts and Business Selection for IBD in the Americas. This is good-return investing.". We think technology is in a place where you can really have a bank on your phone. It'll just take a moment. This $90 million Liked by Stephanie. 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.

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