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She was previously based in New York where she reported for The Motley Fool, TheStreet and Business Insider. Internet Explorer is no longer supported on our website. To read our full stories, please turn off your ad blocker.We'd really appreciate it. And that starts with our own people. And my mom who is a history teacher at some point and really cares about history and I love history and read it. 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. And so what are we? 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. In mid-July, the company announced it will promote David Solomon to succeed Lloyd Blankfein as chief executive officer. . 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 San Francisco bank entered into a multiyear partnership with Choice Hotels, which operates brands such as Radisson, Comfort and Econo Lodge. She went on to a more traditional M&A role in the industrials team. She is the daughter . Log in to our website to save your bookmarks. And then to your point, the clients and the customers in those businesses that were ultimately serving. If her tenure there is successful, it could pave the way for Cohen to make history at the firm. Goldman Sachs mulls deal options after consumer flop. 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. And it will be interesting to think about how you leverage your vast capabilities and capital. 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. 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. Jennifer Tescher: 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,. Jennifer Tescher: Not much is scary after that. I know many of them, but it says something entirely different to have someone at the operating committee level. 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. Certainly youre gifted and talented. 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 now has credit-card deals with Were looking for mission-driven people to join our team. Goldman Sachs has tapped a former Uber executive to lead its fledgling consumer banking division, . Stephanie Cohen, head of platform solutions, said scale would help the business reach profitability by 2025. 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. And then as you mentioned, we have a digital consumer bank. 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. Jennifer Tescher: 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 . Dallas is now Goldmans second-biggest U.S. office outside of New York, surpassing Salt Lake City. But by the way, you cant do that always at scale. Mr Solomon teased a sale, saying Goldman was exploring "strategic alternatives". "We have savings, lending, investing, and we're close to launching checking. Two former Goldman Sachs executives have been indicted for conspiring in a multibillion-dollar theft from the Malaysian investment fund known as 1MDB, a scandal that could cost Goldman as. Jennifer, it is great to be here. 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 . . The reality is, theres basically two different states where people have some money and they either want to figure out a way to invest it or save it or spend it or they want to do something and they need to figure out how to pay for that. And so I would expect that some of this will end up being, as you said, not necessarily directly, but through partners. In January 2021, she was appointed global co-head of consumer and wealth management. We do it externally. Thats not something anyone told us to do so we didnt listen in terms of having a conversation, but we watched the way that customers are interacting with our product and were learning from that. 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 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. Jennifer Tescher: Stephanie Cohen, Goldman's co-head of consumer and wealth management, is working on setting up a second base for herself in Dallas. How big the Dallas operation will get is a source of regular speculation in the North Texas real estate community. And we are lucky because we get to spend our entire days focusing on people. In the latest in a rapid career of. Remove some to bookmark this image. 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. Because you cant do things exactly the same way. Before that, she was Global Head of Financial Sponsor M&A in the Investment Banking Division (IBD). Text. In 2019, Goldman launched an Apple credit card, and last January it rolled out a GM credit card. Jennifer Tescher: 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).. Hier kommt Frau Goldman Sachs. Youve got to figure out whats important to you and what you really want to spendmoney on. 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. 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. One of the first people that called me after the announcement that I was going to be the co-head of this division, was a friend and they wanted help managing their financial lives, but not just theirs, but their family. And then we did the Apple card. Abby Joseph Cohen (born February 29, 1952) is an American economist and financial analyst on Wall Street. And so were doing that with Apple, but also well do it with General Motors. Instead, I found it really helpful to look at a, people and look for things that I like or relate to. The 43-year-old. Consequently, they can be prickly customers. Goldman Sachs consumer exec Stephanie Cohen explains why the Wall Street bank just inked a $2.2 billion home-improvement lending deal; . Internet Explorer not supported . 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. For reprint and licensing requests for this article, https://www.linkedin.com/in/mary-ellen-egan-97506b5/, Banking on sisterhood: A Black sorority launches a credit union. 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. Diversity, equity and inclusion are core to our mission, see why. 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. Talk to me a little bit about how thats happened. 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. Im excited to see how that develops. 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. One Goldman Sachs go-to-market strategy combined with products developers love and can easily adopt 2 Business-to-business with innovative, client- and I really enjoyed hearing about how you go about listening. Stephanie Cohen: How has that influenced you? Build a resilient workforce by prioritizing finhealth for employees. 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. Ihr wird inzwischen sogar der Platz an der Bank-Spitze zugetraut. Youve begun offering credit beyond debt consolidation. Goldman Sachs is exploring "strategic alternatives" for its nascent consumer banking business. Theres just so many things that you learn from the richness of those individual conversations. Its great for a woman to be achieving this level of success at Goldman and shes certainly capable of going further," Nugent said. 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. By signing up you agree to our Terms of Service and Privacy Policy, Stand with us in our mission to discover and uncover the story of North Texas, D-FW is now Goldman Sachs second-largest U.S. hub after nearly doubling to 4,000 workers, Goldman Sachs hiring over 200 for its Marcus consumer banking division in Richardson, American Airlines, flight attendants file for mediation during contract negotiations, Years after North Texas bid for Amazons second headquarters, retail giant halts plan, New Uptown office tower lands second major lease, Mesquite to become the site of new 2,500-home community, Its not like 2009: No signs yet of D-FWs expected apartment building slowdown, 12 Dallas-Fort Worth restaurants that have closed in 2023, Funky wine bar Postino has closed in Dallas, Mark Wahlberg pours tequila for fans at Dallas restaurant during thunderstorm, SMU grad Jack Knox donates $11 million to universitys big capital campaign, Look inside Red Phone Booth, the new speakeasy in The Colony, Woman arrested in killing of 3 children at Italy, Texas, home in Ellis County, The Cowboys are closer than you think to a total makeover at running back, What we know after 3 children killed, 2 wounded at Ellis County home, How a Texas districts reaction to school shooting fears highlights discipline concerns, 3 children killed, 2 wounded at Ellis County home; suspect in custody, Ross Perot Jr.s Hillwood buys California NASCAR track for $559 million, Whats next for former Texas coach Chris Beard after domestic violence case was dropped, Chambelanes cambian de look: bailarines se adaptan a una nueva moda y ritmo en DFW, Dallas Cowboys to place second-round tender on RT Terence Steele. And so thats really what were trying to do with what were doing in consumer and in Marcus. Jennifer Tescher: Financial Health Pulse 2022 Chicago Report, Jennifer Tescher | Leaning Forward for FinHealth. 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. The best way to do this is to have a long-term view. Learn more about Marcus by Goldman Sachs and check out additional episodes of EMERGE Everywhere. And we think it does help people better manage their finances. 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. 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. Before that, she was the firm's Chief Strategy Officer, where she drove strategy, Mergers & Acquisitions (M&A), strategic investing and partnerships for the firm. 1 Executive Summary Primary drivers Key focus areas INVESTOR DAY 2023 PLATFORM SOLUTIONS . 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. Stephanie Cohen: A Flagstar executive said the mortgage-focused bank is "not just going to sit on the sidelines and watch this happen.". In less than a year, Goldman Sachs has grown its North Texas presence from more than 2,000 employees to nearly 4,000. Chief Strategy Officer, Goldman Sachs Much has been made over the past few months about Stephanie Cohen's age. Goldman Sachs Group wants to be your digital banker, and it has assigned the job to Stephanie Cohen, marking her second year on the Barron's list. The banking industry appears to be stuck when it comes to diversifying the leadership ranks. 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. Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. 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. And how do you feel about essentially being a change agent in this way? 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. Oops! . Today, the consumer business at Goldman has more than 14 million customers and over $100 billion in deposits and $16 billion in cards and loans. Prior to assuming her current role, Ms. Cohen was Co-Head of the Consumer and Wealth Management Division. In so many ways. 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 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. 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. The world is awash in capital and you never see that. 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. Its the ultimate man-cave. Her elevation was the most noticeable in the group of four tapped to join the management committee, and not just because its comprised mostly of men. Stephanie Cohen is Goldman Sachs' Chief Strategy Officer and an Ex Officio member of the Management Committee. Money 20/20 USA 2021 Speaker Oct 24, 2021 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. We could have a whole conversation you and me, just on this topic so lets do that another time. Change is underway in the financial services industry and it's disrupt or be disrupted. 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. Stephanie Cohen has been at Goldman Sachs for more than 23 years. Stephanie joined Goldman Sachs as an analyst in 1999, was named managing director in 2008, and became a partner in 2014. Stephanie Cohen has been at Goldman Sachs for more than 23 years. Stephanie Cohen: Things like auto pay. Copyright 2022 HT Digital Streams Ltd All Right Reserved. While wealth management services have been a mainstay for the 153-year-old investment bank, the shift to offering consumer banking happened less than six years ago. 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. 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. <p><img src="https://static1.businessinsider.com/image/5c40b6cbb492cb3ebd48300a-2400/gettyimages-1048898186.jpg" border="0" alt="Goldman Sachs CEO David Solomon" data . Which is that theres a specific type of customer thats the Marcus customer. Yeah. You went there right out of graduating from the University of Illinois and youve experienced a tremendous amount of success. And so hopefully people see when they go on our app or go on our website, that our language is easy to read and clear. As the banks chief strategy officer, she brought clarity and focus, including a new commitment to diversity and inclusion. Goldman plans to add checking to Marcus later this year but doesnt have a set date, Cohen 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. One, we have our advisor led businesses. 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. Then President John Waldron repeated it. When Goldmans board gathered on the West Coast in late June, she gave a presentation on that groups work. They are part of Goldman Sachs and we are really excited to serve them with the best of Goldman Sachs digitally. Click the AdBlock Plus button on your browser and select Disable on Observer.com. I love it and its the advice I give people all the time. And at least I believe and I think its fair to say that theyre amazing. And so, while theres a lot of sadness in that, were hopefully, the idea is turning that into opportunity.

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