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. Wells Fargo, eyeing growth in credit cards, lands hotel chain as partner, First Foundation row with Abbott Cooper moves closer to court, Senate Banking Republicans warn Fed not to go too far in capital review, Fed's Bowman: Regulators should monitor Treasuries market function, Flagstar gives $1 million to fix appraisal industry's lack of diversity, What banks need to know about the White House's cybersecurity strategy. 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. I was a big bank diversity hire. Theres just so many things that you learn from the richness of those individual conversations. In January 2021, she was appointed global co-head of consumer and wealth management. And so this real focus on execution, which I no doubt learned by being a mergers and acquisitions banker inside of Goldman Sachs. Goldman Sachs has created a new consumer and wealth management division co-led by Stephanie Cohen. And since then, youve begun offering all kinds of things. 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. Cohen, 41, joined Goldman Sachs in. Now I have to turn the conversation a little bit back to you for a minute, because youre a lifer at Goldman Sachs. Yeah. 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. Talk to me a little bit about how thats happened. The regions tech workforce is projected to expand 17% over the next decade. For example, when I am 60 and look back, what might I need the most? 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. And so I would expect that some of this will end up being, as you said, not necessarily directly, but through partners. The Wall Street heavyweight, which had about 44,000 global employees at the end of 2021, is particularly focused on engineering talent in Dallas-Fort Worth, said Stephanie Cohen, who co-leads the consumer and wealth management division at Goldman. Well, I guess were not going to be on the human schedule because were in our fifth year, not quite adolescence, but as you said, time really does fly. 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. For the best Barrons.com experience, please update to a modern browser. The company had previously partnered on its credit cards with Barclays. 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. 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. On September 29, 2020 . 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. It could be meal delivery services, paying for working out, or makeup and clothes. Internet Explorer is no longer supported on our website. Internet Explorer not supported . This has been EMERGE Everywhere, a Financial Health Network production. 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. And also, we didnt really know exactly what that was going to look and feel like, but what we figured out is actually people really do like it. And that we were going to build an ecosystem around it. You are now subscribed to our newsletters. Some inside the bank wonder whether shes destined to rise even higher. Secondly, culturally. She is also a Global Executive sponsor of the Women's Network. 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. 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. In case you cant find any email from our side, please check the spam folder. https://www.barrons.com/articles/barrons-100-most-influential-women-in-u-s-finance-stephanie-cohen-51615543200. Upon arriving, her trajectory changed, and she has remained at the firm for over two decades in a variety of roles. We're getting to the moment where we can help someone holistically manage their financial lives," Stephanie Cohen,. And so were not going to do that on our own. And at least I believe and I think its fair to say that theyre amazing. A Flagstar executive said the mortgage-focused bank is "not just going to sit on the sidelines and watch this happen.". 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. Goldman Sachs is exploring "strategic alternatives" for its nascent consumer banking business. And of course, people want access to an advisor. One Goldman Sachs go-to-market strategy combined with products developers love and can easily adopt 2 Business-to-business with innovative, client- and 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. And thats really the most exciting thing about being able to run this division. And that has definitely been sped up by whats gone on with COVID. Its complicated. Jennifer, it is great to be here. 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. This is good-return investing.". How we set it up made it easier for them and then how it affected their lives going forward. 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. 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. 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. Cohen is a Goldman Sachs lifer who started at the bank as an analyst back in 1999, spending time in New York and San Francisco. The strategy document identifies potential avenues for cutting cybercriminals off from financing, as well as other actions banks can take. If you liked this episode, please review the show and subscribe wherever you get your podcasts. And so 85% of all venture capital dollars goes to all male founded teams. And by the way, that portfolio is different for different people. . Her appointment this summer to Goldman Sachs' management committee made her its youngest member. When I walked into a board room, theyd expect a very tall man, but instead theyd get a relatively shortwoman. 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. She also spearheaded . We call those businesses, private wealth management and personal financial management. 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. 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. 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. . And so now one of the things, weve tried and a new skill actually inside of Goldman, which is this experimentation. 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. 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. Stephanie Cohen, MFT is a specialist in Psychiatry: Child/Adolescent who has an office at 710 S Broadway Street, Walnut Creek, CA 94596 and can be reached at 1-925-295-4145. And the reality is that is the right advice for our clients. My guest today is one of the most powerful women on Wall Street. And that really created an environment where no ones afraid to ask kind of the dumb question, because Stephanies always asking the dumb question because I really wanted to learn. Stephanie Cohen: Its really complex. 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. And its been so fascinating to watch the frankly, explosive growth of the business. Shell be among seven women on the 33-person panel. 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. Im excited to see how that develops. And so I would really, I would kind of exclamation point on that point. Prior to her current role, Stephanie drove strategy, M&A, strategic investing, and partnerships as the firm's chief strategy officer. 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. And I remember these moments of falling really hard and your parents, your coach is like, Oh my. 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. 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. The bureaucratic asterisk is likely meant to avoid upsetting senior executives whove spent much longer trying to get on the panel, without luck. 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 . "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 . She is now even given the place at the top of the bank. 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. Goldman Sachs has chosen Stephanie Cohen as co-head of its consumer and wealth management . Stephanie Cohen: DuringStephanie Cohens first 15 years at Goldman Sachs, her career ladder didnt look much different than that of a typical investment banker. It was a pre-COVID time period. 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. Here are her five best pieces of advice on work and personal finance for professional women. 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.' Stephanie Cohen is Global Head of Platform Solutions and a member of the Management Committee. Ms. Cohen serves on the National Board of Directors of College Spring and as a member of the Board of Quill.org. 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. Before that, she was Global Head of Financial Sponsor M&A in the Investment Banking Division (IBD). Shes about 10 years younger than the average man already on the committee, after becoming a partner just four years ago. And hopefully again, thats millions of customers that we will speak to and we can be helpful to. You went there right out of graduating from the University of Illinois and youve experienced a tremendous amount of success. And I love learning. You, it turns out I learned, were once a competitive figure skater growing up. E ine Stunde mit . 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. After, it was the bank's Stephanie Cohen who reiterated that Goldman is considering strategic alternatives for its consumer lending business. Ihr wird inzwischen sogar der Platz an der Bank-Spitze zugetraut. Its a great point. Im doing it every day. 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. The banking industry appears to be stuck when it comes to diversifying the leadership ranks. Certainly youre gifted and talented. And were going to be better if we do that. 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. Speaker Bio: Stephanie Cohen is Goldman Sachs' Chief Strategy Officer and a member of the Management Committee. And my mom who is a history teacher at some point and really cares about history and I love history and read it. Talk a little bit about how Marcus has evolved and where you see that business heading now that youve reached, say adolescence. We'll send you a myFT Daily Digest email rounding up the latest Goldman Sachs Group news every morning. 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My husband and I were talking about it last night, we all still need a lot of help. See you next time. These stories and more in banking news this week. She is a key architect of the bank's . I didnt have that term before, but as a giver. 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 . That makes a lot of sense. 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. Log in to our website to save your bookmarks. Text. You can connect with me on Twitter @JenTescher. We have businesses that do that and were really excited to do that as well. Stephanie Cohen: 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. Earlier in her career, Ms. Cohen worked in New York in the M&A department. 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. How does this all fit together? He will report to Stephanie Cohen, Goldman's global co-head of consumer and wealth management. 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. I really enjoyed hearing about how you go about listening. 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. In 2008, she managed Conflicts and Business Selection for IBD in the Americas. And so what are we? 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).. Yeah, I think its this idea of being a learner. Cohen, whos worked with large corporate clients including 3M Co. a relationship previously fostered by Solomon was named to the strategy post after Stephen Scherr, the previous mantle-holder, was tapped to build out the consumer-banking unit. Wow. 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.