There werent a lot ofinvestment bankers that looked like me. Hier kommt Frau Goldman Sachs. A Flagstar executive said the mortgage-focused bank is "not just going to sit on the sidelines and watch this happen.". Are you okay? And being really happy because you could tell that you were almost there. 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. Speaker Bio: Stephanie Cohen is Goldman Sachs' Chief Strategy Officer and a member of the Management Committee. Already, Steven Mnuchin has been tapped as Treasury secretary, Stephen K. Bannon was named senior adviser and Gary D. Cohn, Goldman's president, is expected to direct the National Economic Council. Figuring out how what youre doing is affecting people. Cohen, 41, joined Goldman Sachs in 1999 as an analyst and worked her way up in the investment banking division to managing director in 2008 and partner six years later. 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. Thank you for inviting me. 1 Executive Summary Primary drivers Key focus areas INVESTOR DAY 2023 PLATFORM SOLUTIONS . You pack a lot into a day. Its really complex. Tiger Trump and nothing to ex-husband Donald Trump. Im Jennifer Tescher, journalist turned financial health champion. 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. 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. And its been so fascinating to watch the frankly, explosive growth of the business. Which is that theres a specific type of customer thats the Marcus customer. And we think it does help people better manage their finances. Become a business insider with the latest news. Jennifer Tescher: An error has occurred, please try again later. The . 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 . And I think in some ways, this podcast is an outgrowth of my curious nature. She is also on the national board of the nonprofit group Reading Partners, which focuses on literacy in grammar schools, helping underprivileged kids who are behind in reading. 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. But then there are customers that are General Motors customers and that are Apple customers and that thats much broader and what do they need? 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 . And this year were going to launch Marcus Invest and checking and a credit card partnership with General Motors. And I love learning. And the idea really brings together the reason by the way, why we have our consumer and wealth management businesses all together. Abby Joseph Cohen (born February 29, 1952) is an American economist and financial analyst on Wall Street. Updated Jan. 17, 2017 9:10 pm ET. 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. Jennifer Tescher: Jennifer, it is great to be here. Some there have earmarked her as a candidate to become the first woman to lead the investment banking division, the banks most profitable arm. Where does the bank and the Fed go from here? 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. 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. Ihr wird inzwischen sogar der Platz an der Bank-Spitze zugetraut. Internet Explorer is no longer supported on our website. She started as an analyst in 1999 and has held a series of leadership positions in mergers and acquisitions. Theres the customer calls, which I love listening to. Natalie Walters, Business reporter. Now weve put a bunch of features into our products to help people make better decisions. Youve only been in this new role for just a few months and weve talked a fair bit about the great work you did when you were chief strategy officer starting in 2018. Wells Fargo's asset cap has been in place for fi ve years, and there's no end in sight. And thats really the most exciting thing about being able to run this division. Goldman Sachs mulls deal options after consumer flop. Stephanie Cohen: Tell me more about that choice and sort of what youve learned from it. "We believe that there is a real need for consumers to better manage their financial lives, and we have the capabilities to serve them," Cohen said. 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. Stephanie Cohen is joining Goldman's most elite tier, as its youngest banker | Mint Get 60% off on Mint+The Economist Gainers & Losers Fri Feb 17 2023 15:29:29 Top Gainers Top Losers Home /. Copyright 2022 HT Digital Streams Ltd All Right Reserved. Stephanie Cohen: And just a few weeks ago, she was asked to jointly lead the banks global consumer and wealth management division. She is also a Global Executive sponsor of the Women's Network. It'll just take a moment. Goldman now has credit-card deals with Im Jennifer Tescher, and Id love to hear your ideas for future guests and your reactions to the show. Im actually a former journalist. 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. Last weekend, Cohen joined a panel at this years Girlboss Rally in New York, a two-day event to foster networking and learning among women entrepreneurs,to talk about career, money and life. 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. She graduated cum laude from New York University and received an M.B.A. in May from Indiana University. 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. Stephanie joined Goldman Sachs as an analyst in 1999, was named managing director in 2008, and became a partner in 2014. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. Youre just one more inch and I would have landed that jump. See you next time. 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. Yeah, were really excited about the Marcus Invest product, which will launch this quarter. 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. DuringStephanie Cohens first 15 years at Goldman Sachs, her career ladder didnt look much different than that of a typical investment banker. By the way, a lot of people who spend their careers in financial services. And so in skating you fall all the time. 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. Cohen said she expected Platform Solutions to break even on a pre-tax basis by 2025 after it lost $3 billion in nearly three years. Measurement made easy for your organization. She has worked onhistoric large corporate deals, including Chryslers repayment of a U.S. government loan, which marked the automakers comeback after the 2008 Financial Crisis. And so we think this idea of really starting with a clean sheet of paper and building financial services that puts the customer at the center, is something that we can do directly through Marcus and we can do through our partners. My guest today is one of the most powerful women on Wall Street. For example, when I am 60 and look back, what might I need the most? She is also a member of the Partnership Committee, Global Diversity Committee, Firmwide Enterprise Risk Committee and Firmwide Finance Committee. 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. Jennifer Tescher: And that we were going to invest behind diverse managers because you needed to get money in the hands of diverse managers so that they could get money in the hands of diverse companies. More than 90% of appraisers are white, and researchers have found that bias leads to lower valuations for homeowners of color. As of February 2017, she continues to serve as an advisory director at Goldman Sachs, after retiring from leadership of its Global Markets Institute. 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. My husband and I were talking about it last night, we all still need a lot of help. "We have 500 corporate clients, and we have the ability to provide financial wellness to all levels of employees," she said. 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. 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. 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. 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. They most recently attended, or will attend, Money 20/20 USA 2021 on Oct 24, 2021 . Stephanie Cohen has been at Goldman Sachs for more than 23 years. Jennifer Tescher: Yeah. She is one of seven women named on the committee and is 10 years younger than the average man on the team. We do it externally. Jennifer Tescher: Got it. Stephanie Cohen: Because consumer banking has been around for a really long time. 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. Upon arriving, her trajectory changed, and she has remained at the firm for over two decades in a variety of roles. Stephanie Cohen, culture builder, lifelong learner, thanks so much for joining me on Emerge Everywhere. to talk about career, money and life. Explore how to make financial services a force for good. And one of the things that we kind of put out there in the wild was this idea of being able to pay your credit card bill multiple times a month in the Apple cart. The news, which . Goldman named 60 new partners on Thursday. Log in to our website to save your bookmarks. The world is awash in capital and you never see that. And I have to say, I was a little bit surprised that that was the book you chose. Secondly, culturally. She is also a Global Executive Sponsor of the Women's Network and a member of the Management Committee, the most senior governing leadership body at the firm. Certainly youre gifted and talented. 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. Outside of work, Cohen spends time with her husband and young son, who "helps me hone my negotiation skills," she laughs. The bank says the candidates failed to make full disclosures. Jennifer Tescher: I didnt have that term before, but as a giver. 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. Theres a savings portion of Marcus. 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. And since then, youve begun offering all kinds of things. Correction: A previous version of this article mistakenly stated that Cohen became a managing partner at Goldman Sachs in 2008. I used to get off the ice from practices and be soaking wet because you just are cleaning up the ice falling because its the only way to learn a new skill. Financial Health Pulse 2022 Chicago Report, Jennifer Tescher | Leaning Forward for FinHealth. And what were hoping with Marcus Invest is through the content and through the ease with which people can go through the signup process and then the investment process, people are going to be able to interact with an investing in a way thats understandable, but also is going to help them achieve whatever financial goals that they have. But she doesn't see what the fuss is about. Im wondering how youre viewing that experience in light of the coming launch of these new products for Marcus customers? She also serves as trustee for the Board of The Economic Club of New York. But by the way, you cant do that always at scale. Yeah. 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. 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. wants to be your digital banker, and it has assigned the job to Stephanie Cohen, marking her second year on the Barrons list. We call those businesses, private wealth management and personal financial management. Before that, she was Global Head of Financial Sponsor M&A in the Investment Banking Division (IBD). 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. She is also a Global Executive sponsor of the Women's Network. I love that you had that visceral experience from the book and particularly given the role youre in now. As an investment banker for close to 20 years, my presence in board rooms was often an anomaly. Dallas is now Goldmans second-biggest U.S. office outside of New York, surpassing Salt Lake City. 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. 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. And then how do you take that into your next role? Goldman Sachs CEO shuffles consumer banking, wealth management leaders [CNBC] Tags. 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. Stephanie Cohen is Goldman Sachs' Chief Strategy Officer and an Ex Officio member of the Management Committee. Cohen, 41, joined Goldman Sachs in. Some inside the bank wonder whether shes destined to rise even higher. It was a pre-COVID time period. 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. A great question. This is good-return investing.". Banker Stephanie Cohen was appointed to lead the consumer and wealth management division at Goldman Sachs, a New York-based investment bank and financial services company. By the way, thats only been sped up over the last year or so, given everything thats gone on. We believe our investment in these strategic locations enables us to build centers of excellence around specific capabilities that support our business initiatives, the company said. 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. [House Hearing, 117 Congress] [From the U.S. Government Publishing Office] H.R.

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