We recommend using Google Chrome, Mozilla Firefox, Apple Safari, or . 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 so, while theres a lot of sadness in that, were hopefully, the idea is turning that into opportunity. And you asked me about the focus. Financial Health Pulse 2022 Chicago Report, Jennifer Tescher | Leaning Forward for FinHealth. 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. Theres the customer calls, which I love listening to. Marcus. Already a member? Goldman named 60 new partners on Thursday. And so I think that Ive learned over time that while being an individual contributor and being really fantastic at what you do, actually the way to really get stuff done is make everyone around you better. 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. We want to be the bank on your phone, she says. https://www.barrons.com/articles/barrons-100-most-influential-women-in-u-s-finance-stephanie-cohen-51615543200. 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. How has that influenced you? Again, in my role as chief strategy officer, the way that we talk about it then, and certainly the way were talking about it now is that inclusion and diversity are absolutely strategic imperatives. Stephanie is head of Private Equity in Asia and global co-head of Growth Equity within Goldman Sachs Asset Management. 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 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. And the idea really brings together the reason by the way, why we have our consumer and wealth management businesses all together. Figuring out how what youre doing is affecting people. Log in to our website to save your bookmarks. In less than a year, Goldman Sachs has grown its North Texas presence from more than 2,000 employees to nearly 4,000. She is a key architect of the bank's . 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. Got it. Cohen, 41, joined Goldman Sachs in. You mentioned the Apple card. And I talked to you about three things that I think have helped me and the teams around me be successful. And so I would expect that some of this will end up being, as you said, not necessarily directly, but through partners. Welcome to EMERGE Everywhere. Ive run, as you said, the consumer and wealth management business with my partner, Tucker York. 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. The San Francisco bank entered into a multiyear partnership with Choice Hotels, which operates brands such as Radisson, Comfort and Econo Lodge. The business is not yet profitable but is expected to hit revenue of $4 billion by 2024, she said. <p><img src="https://static1.businessinsider.com/image/5c40b6cbb492cb3ebd48300a-2400/gettyimages-1048898186.jpg" border="0" alt="Goldman Sachs CEO David Solomon" data . First, Goldman Sachs CEO David Solomon said it. Stephanie Cohen: These stories and more in banking news this week. 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 I think in some ways, this podcast is an outgrowth of my curious nature. She started as an analyst in 1999 and has held a series of leadership positions in mergers and acquisitions. How does this all fit together? And so this real focus on execution, which I no doubt learned by being a mergers and acquisitions banker inside of Goldman Sachs. 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. 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. ", Cohen led "Launch with GS," the bank's $1 billion commitment to increase access to capital for women, Black, Latino and other diverse entrepreneurs and investors. Im going to start by saying that Ive gotten to where I am today because there are amazing people inside of Goldman Sachs and outside of Goldman Sachs who have been tremendously helpful to me. They are part of Goldman Sachs and we are really excited to serve them with the best of Goldman Sachs digitally. Someone get Stephanie Cohen a set of hair clippers. And when I was in my role as chief strategy officer, we created this thing called Accelerate, which we call our internal innovation engine. "They are like-minded brands that are meeting people where they are," Cohen said. Copyright HT Digital Streams Limited All rights reserved. The company had previously partnered on its credit cards with Barclays. 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. 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. Women. And I have to say, I was a little bit surprised that that was the book you chose. Explore how to make financial services a force for good. It was here on an evening last December when roughly 100 women from the investment banking world gathered at an event billed as a leadership dinner. William (Bill) Sachs Goldman, the scion of a prominent family of Jewish philanthropists in San Francisco and himself a board member of the New Israel Fund, died in a crash of his private plane. Jennifer Tescher: Stephanie Cohen: And so in skating you fall all the time. Im glad youre drilling in on it. 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. 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. Ms. Cohen was Sector Captain for General Industrials in the Global Industrials Group and a member of the M&A Group in IBD. And its also, I think, no accident that youve also been anointed to the operating committee. The . And the reason why we decided now was the right time for Goldman Sachs is because one, technology. 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. Some of that could be due to the fact that there are fewer women in venture capital and fewer women founders. Stephanie, welcome to Emerge Everywhere. Jennifer Tescher: 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. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. And by the way, how it made them actually better customers over time, because we got them through a really tough period. Theyre sitting there every day and theyre trying to figure out how they can do things in a really complex financial world that are simple and transparent and valuable. Young, female, banker: Stephanie Cohen has made a career at Goldman Sachs. 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? Talk to me a little bit about how thats happened. Goldman Sachs Group Inc's Chief Executive David Solomon and top executives will give investors an update on their strategy on Tuesday. And of course, people want access to an advisor. Getting out of our silos, hearing from other people, other perspectives we might not hear from otherwise and finding the interconnections. 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. Its been really fun getting to know all of them. Im Jennifer Tescher, journalist turned financial health champion. Goldman Sachs Group 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. 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. And thats really the most exciting thing about being able to run this division. We get it: you like to have control of your own internet experience. 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. She dug into the bones of the deal and was very compelling.". 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. Stephanie Cohen, a merger banker who has spent the past few years doing deals for private-equity firms and other big investors, will replace Stephen Scherr, who has held the role since 2014,. Natalie is an award-winning reporter who covers banks, crypto, fraud, deals and other money topics for The Dallas Morning News. 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. Jennifer Tescher: DuringStephanie Cohens first 15 years at Goldman Sachs, her career ladder didnt look much different than that of a typical investment banker. When Goldmans board gathered on the West Coast in late June, she gave a presentation on that groups work. Stephanie Cohen is now the management committee's youngest, with the rare label of 'ex officio' member. She went on to a more traditional M&A role in the industrials team. Certainly youre gifted and talented. Cohen said Goldman has been focused on fortifying its relationships with universities to help attract engineering talent to D-FW. As of February 2017, she continues to serve as an advisory director at Goldman Sachs, after retiring from leadership of its Global Markets Institute. One Goldman Sachs go-to-market strategy combined with products developers love and can easily adopt 2 Business-to-business with innovative, client- and And how do you feel about essentially being a change agent in this way? And so the main thing Im focused on is people internally and externally. And so were having a great time, really engaging with our team. 01 Mar 2023 02:08:06 In a letter to Federal Reserve Chair Jerome Powell, Republican members of the Senate Banking Committee urge the central bank to be mindful of tailoring rules in its ongoing "holistic" capital review. Goldman plans to add checking to Marcus later this year but doesnt have a set date, Cohen said. Goldman Sachs is exploring "strategic alternatives" for its nascent consumer banking business. But she is quick to point out that this is no PR ploy on behalf of the bank: "This is not philanthropy. Cohens elevation to the committee followed just days later strong evidence she has the incoming CEOs confidence. Because for us, this is a business and a strategic imperative. he 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, Last weekend, Cohen joined a panel at this years. Correction: A previous version of this article mistakenly stated that Cohen became a managing partner at Goldman Sachs in 2008. 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. 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 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. In so many ways. Goldman Sachs. And then we have this great program where we work with companies on financial wellness for their employees and we call that Ayco. Jun 22 Stephanie Cohen: Chief Strategy Officer at Goldman Sachs. Jennifer Tescher: 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. 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. Below are steps you can take in order to whitelist Observer.com on your browser: Click the AdBlock button on your browser and select Don't run on pages on this domain. and Dive Brief: Goldman Sachs on Tuesday named Stephanie Cohen co-head of the bank's consumer and wealth management business, making the 43-year-old arguably the most powerful woman at the company, and the first woman to lead a Goldman division since trading co-chief Isabelle Ealet left the bank in 2018, Bloomberg and the Financial Times reported . And that we were going to build an ecosystem around it. The banking industry appears to be stuck when it comes to diversifying the leadership ranks. Now weve put a bunch of features into our products to help people make better decisions. Its great for a woman to be achieving this level of success at Goldman and shes certainly capable of going further," Nugent said. 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. You can use that as something that bothers you, or you can use that as a point of differentiation. And then how do you take that into your next role? 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. She also serves as trustee for the Board of The Economic Club of New York. One, we want to be the bank on your phone. And just a few weeks ago, she was asked to jointly lead the banks global consumer and wealth management division. 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. The caucus started as a small gathering a decade ago organized by Stephanie Cohen then an up-and-coming banker at Goldman Sachs, who was vexed by the chummy boys network thats long dominated the business of guiding mergers and acquisitions. Ihr wird inzwischen sogar der Platz an der Bank-Spitze zugetraut. A Goldman Sachs lifer who rose through the ranks of mergers and acquisitions after starting as an analyst fresh out of college, Stephanie Cohen, 42, became chief strategy officer in January. Stephanie Cohen, Goldman's co-head of consumer and wealth management, is working on setting up a second base for herself in Dallas. 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. Some inside the bank wonder whether shes destined to rise even higher. Global Financial Health Launch Decision: Send Em! Prior to her current role, Stephanie drove strategy, M&A, strategic investing, and partnerships as the firms chief strategy officer. And weve turned that into a lot of different financial products, but the reality is were just trying to solve those problems for consumers. My guest today is one of the most powerful women on Wall Street. Theres a savings portion of Marcus. The 43-year-old. Jennifer Tescher: Jennifer Tescher: 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. In this episode, Jennifer and Stephanie discuss how the bank is leveraging fintech and personalized solutions to meet diverse consumer needs, while empowering clients and customers to reach their financial goals. 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 so were not going to do that on our own. For example, theres a bunch of statistics showing that if you give people the option toinvest in a 401(k) plan, many people wont do it. Im actually a former journalist. And besides those numbers being kind of horrific, they are a misallocation of capital. Stephanie Cohen, culture builder, lifelong learner, thanks so much for joining me on Emerge Everywhere. Goldman Sachs Group Inc will pump $500 million into companies led, founded or owned by women, as it steps up efforts to close the gender investing gap, the Wall Street bank said on Tuesday. 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 /. Wow, this is so devastating. Thank you for inviting me. 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.' to talk about career, money and life. 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 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. 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. Yeah. Youve mentioned the fact that soon youre going to be launching a new set of investment options and opportunities. 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? 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. 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. The strategy document identifies potential avenues for cutting cybercriminals off from financing, as well as other actions banks can take. 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. Secondly, culturally. Remove some to bookmark this image. And then we did the Apple card. She is also a member of the Partnership Committee, Global Diversity Committee, Firmwide Enterprise Risk Committee and Firmwide Finance Committee. I was a big bank diversity hire. Change is underway in the financial services industry and it's disrupt or be disrupted. Its the ultimate man-cave. Were looking for mission-driven people to join our team. A Flagstar executive said the mortgage-focused bank is "not just going to sit on the sidelines and watch this happen.". The delicate transaction was a milestone in the carmakers comeback after the financial crisis. And what are we trying to become? There werent a lot ofinvestment bankers that looked like me. 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. Apple But Ive also noticed that when women start talking to friends about business ideas, they actually want to help each other.. 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. Meet the forward thinking leaders challenging the status quo and unleashing creative new ways of improving financial health by seeing their customers, employees, and communities in 3D. Ms. 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. Theres just so many things that you learn from the richness of those individual conversations. Prior to that, Ms. Cohen was a Vice President in the Industrials and Merger Leadership Groups in San Francisco. 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. Senior Editor, Women's Programs, American Banker. Your session has expired, please login again. 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. And so I think its embedded in your question, but I think its a fair question. 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? Cohen declined to give projections for growth in Dallas or say whether Goldman is considering such a move. 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. But she doesn't see what the fuss is about. She also spearheaded . A great question. Well, I think Im biased, but I think I have the best job at Goldman Sachs. I suspect theres also something to it about the moment were living in, the era were living in. 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. 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. "We have savings, lending, investing, and we're close to launching checking. Diversity, equity and inclusion are core to our mission, see why. You are just one step away from creating your watchlist! Prior to her current role, Stephanie drove strategy, M&A, strategic investing, and partnerships as the firm's chief strategy officer. Tell me more about that choice and sort of what youve learned from it. The other place that weve been embedding it is very deeply in our investing businesses, because what we noticed was that inclusive and diverse teams outperformed and they were under invested in. Abby Joseph Cohen (born February 29, 1952) is an American economist and financial analyst on Wall Street. You, it turns out I learned, were once a competitive figure skater growing up.