Goldman's Compliance Chief Moves On - WSJ Stephanie Cohen: I mentioned at the top, youre the youngest member of the banks management committee. You pack a lot into a day. Goldman Sachs has created a new consumer and wealth management division co-led by Stephanie Cohen. 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. 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. This is a subscriber only feature Subscribe Now to get daily updates on WhatsApp. Prior to that, Ms. Cohen was a Vice President in the Industrials and Merger Leadership Groups in San Francisco. Welcome to EMERGE Everywhere. STEPHANIE COHEN, GLOBAL HEAD OF PLATFORM SOLUTIONS, 45. This copy is for your personal, non-commercial use only. Some inside the bank wonder whether shes destined to rise even higher. Over 99% goes to all white teams. You are now subscribed to our newsletters. Ms. Cohen serves on the National Board of Directors of College Spring and as a member of the Board of Quill.org. Stephanie Cohen: Stephanie Cohen, cohead of Goldman's consumer and wealth group, is the only woman heading one of the bank's primary business divisions. One is this mindset about making everyone around you better and that were kind of better together and its this really focused teamwork partnership orientation that I think I learned at Goldman Sachs. Yeah, were really excited about the Marcus Invest product, which will launch this quarter. Our people find Dallas a really, really great place to live and raise a family.. But she really got it. 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 love that you had that visceral experience from the book and particularly given the role youre in now. 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. Shared by Stephanie Cohen At a critical moment for women's and family health, I am proud to share news of Maven Clinic's Series E, led by General Catalyst. General Motors wants to be your digital banker, and it has assigned the job to Stephanie Cohen, marking her second year on the Barrons list. A Flagstar executive said the mortgage-focused bank is "not just going to sit on the sidelines and watch this happen.". Great. The banking industry appears to be stuck when it comes to diversifying the leadership ranks. The phrase is often used as company jargon for a sale or merger. I went on a listening tour. 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. Goldman Sachs (GS-0.84%) CEO David Solomon has promoted Stephanie Cohen to co-head its consumer banking and wealth management division as part of an executive shuffle at the bank.. Talk a little bit about how you do that as a leader. 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. 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. 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 potential sale after the business lost billions of dollars. Stephanie Cohen: Got it. Our vision for this is that in the same way that we have developed a really good talent base in places like London and Hong Kong and New York, where people come to Goldman Sachs in order to work in finance and investment banking, I think there will be people who come to Dallas who want to work in fintech and want to do that at Goldman Sachs, said Cohen, who moved to Dallas from New York in August to lead the companys growth. The news, which . Money 20/20 USA 2021 Speaker Oct 24, 2021 And besides those numbers being kind of horrific, they are a misallocation of capital. 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. 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 how can we serve them? We could have a whole conversation you and me, just on this topic so lets do that another time. And what were doing in our division is we do it a couple of different ways. Jennifer Tescher: Talk to me a little bit about how thats happened. E ine Stunde mit . 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. She went on to a more traditional M&A role in the industrials team. Prior to assuming her current role, Ms. Cohen was Co-Head of the Consumer and Wealth Management Division. Wow, this is so devastating. And then we have this great program where we work with companies on financial wellness for their employees and we call that Ayco. Goldman leadership shuffle puts woman atop consumer division I really felt like I hadnt learned it. No question. And the thing I say all the time is that you cant talk about these things in two different places. We call those businesses, private wealth management and personal financial management. She is also a Global Executive sponsor of the Women's Network. By years end, 40% of its employees were working in those locations, the company said. By continuing to use our site you agree to our Terms of Use and Privacy Policy. She also serves as trustee for the Board of The Economic Club of New York. 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. How do you look at the data in a way that really helps you? Inside a massive transformation at powerhouse Wall Street bank Goldman Stephanie Cohen Authors/Speakers Financial Health Network This has been EMERGE Everywhere, a Financial Health Network production. Correction: A previous version of this article mistakenly stated that Cohen became a managing partner at Goldman Sachs in 2008. Finding Growth in China - Goldman Sachs' Stephanie Hui Goldman Sachs mulls deal options after consumer flop Change is underway in the financial services industry and it's disrupt or be disrupted. We recommend using Google Chrome, Mozilla Firefox, Apple Safari, or . 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. Goldman Sachs executives to rally investors in New York Some of that could be due to the fact that there are fewer women in venture capital and fewer women founders. 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 I think in some ways, this podcast is an outgrowth of my curious nature. Were looking for mission-driven people to join our team. Why Goldman's Marcus project failed and what it means for CEO Solomon 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. We get it: you like to have control of your own internet experience. Earlier in her career, Ms. Cohen worked in New York in the M&A 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. Stephanie Cohen - Global Head, Goldman Sachs Platform Solutions Tiger Trump and nothing to ex-husband Donald Trump. to talk about career, money and life. 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. 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. And there are so many different organizations and Jen, your organization is one of them where, how can we all work together to try to fix this? Because you cant do things exactly the same way. Goldman now has credit-card deals with Goldman Sachs CEO David Solomon Is Shaking Things Up at Wall Street's We think technology is in a place where you can really have a bank on your phone. I think Goldman has a growing number of excellent women at the firm. Goldman Sachs' Youngest Banker's Top 5 Career & Money - Observer Stephanie 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. We do it internally. Collage of David Solomon . And so what are we? Diversity in the ranks at Goldman and at the companies it invests in is a priority for Cohen. 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. We do it externally. On September 29, 2020 . 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. But she is quick to point out that this is no PR ploy on behalf of the bank: "This is not philanthropy. And so I did that and I mirrored that with my people. Stephanie Cohen: Goldman Names Two Execs to Lead Private Wealth Management And so 85% of all venture capital dollars goes to all male founded teams. Stephanie Hui - Partner - Goldman Sachs | LinkedIn Measurement made easy for your organization. Youre just one more inch and I would have landed that jump. Goldman Sachs mulls 'strategic alternatives' for consumer business 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 has participated in 2 events. "They are like-minded brands that are meeting people where they are," Cohen said. The regions tech workforce is projected to expand 17% over the next decade. LEADERS Interview with Stephanie E. Cohen, Global Co-Head of Consumer Theres just so many things that you learn from the richness of those individual conversations. This account of her ascent is based on interviews with people whove worked with Cohen, who asked not to be named discussing their interactions. The San Francisco bank entered into a multiyear partnership with Choice Hotels, which operates brands such as Radisson, Comfort and Econo Lodge. You cant have two different meetings where you talk about market share and growth and margins and then you have another meeting where you talk about diversity. And this kind of idea of people wanting to experience financial services deeply embedded into ecosystems rather than being this separate action. . Goldman Sachs executives to rally investors in New York | Reuters