These stories and more in banking news this week. 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. This is a subscriber only feature Subscribe Now to get daily updates on WhatsApp. And just a few weeks ago, she was asked to jointly lead the banks global consumer and wealth management division. 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. It was in some respects kind of an embarrassing realization to have worked in financial services for almost two decades and to realize that I didnt understand how the financial system operated and there were really complicated parts of the financial system that I understood from a capital markets perspective, but from a day to day, how does an average American experience the financial services system? See you next time. General Motors If you liked this episode, please review the show and subscribe wherever you get your podcasts. 01 Mar 2023 02:08:06 And so were not going to do that on our own. Copyright 2022 HT Digital Streams Ltd All Right Reserved. And I talked to you about three things that I think have helped me and the teams around me be successful. 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. 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. . A great question. Stephanie Cohen: In a sign of her rising stature, Cohen was selected to lead the creation of a new unit to service a critical client base for Goldman Sachs the private-equity firms, family offices and other strategic investors who are a force of their own in the deal-making world. Marcus. 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. Hier kommt Frau Goldman Sachs. Which is that theres a specific type of customer thats the Marcus customer. This account of her ascent is based on interviews with people whove worked with Cohen, who asked not to be named discussing their interactions. And we are lucky because we get to spend our entire days focusing on people. For Members Only Federal Credit Union in Chicago, which was founded by the African American sorority Alpha Kappa Alpha, is focused on helping members build generational wealth. Click the AdBlock Plus button on your browser and select Enabled on this site. 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 On Monday, the company unveiled a branded terrace at the University of Texas at Dallas in Richardson that it hopes will inspire students to want to learn more about Goldman Sachs, she said. Stephanie Cohen is one the bank's highest-ranking female . No question. terms: Goldman Sachs Banks Stephanie Cohen Succession. And so I would really, I would kind of exclamation point on that point. Youre one of the few women whos risen to that level. By continuing to use our site you agree to our Terms of Use and Privacy Policy. One, we want to be the bank on your phone. I really enjoyed hearing about how you go about listening. Stephanie Cohen, cohead of Goldman's consumer and wealth group, is the only woman heading one of the bank's primary business divisions. 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,. And what are we trying to become? 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. Stephanie Cohen has been at Goldman Sachs for more than 23 years. Cohen is now the committees youngest, with the rare label of ex officio" member. Jennifer Tescher: [1] [2] Prior to March 2008, she was the firm's Chief Investment Strategist. Maybe If youll indulge me because I was chief strategy officer, well go up a level to the corporate strategy just for a second, which is that when we think about what were trying to do at Goldman Sachs, its to advance sustainable economic growth and financial opportunity. Goldman Sachs is exploring "strategic alternatives" for its nascent consumer banking business. Prior to that, Ms. Cohen was a Vice President in the Industrials and Merger Leadership Groups in San Francisco. 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 that you knew that you needed to listen and learn from the rest of the businesses, but that also you needed to learn about consumers, given that a growing part of the bank strategy was Marcus. 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. <p><img src="https://static1.businessinsider.com/image/5c40b6cbb492cb3ebd48300a-2400/gettyimages-1048898186.jpg" border="0" alt="Goldman Sachs CEO David Solomon" data . But by the way, you cant do that always at scale. You mentioned the Apple card. 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. Jennifer Tescher: 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. Well, I think Im biased, but I think I have the best job at Goldman Sachs. Wow. Im glad youre drilling in on it. Some of that could be due to the fact that there are fewer women in venture capital and fewer women founders. And so I did that and I mirrored that with my people. She also serves as trustee for the Board of The Economic Club of New York. Carter Johnson and Hayley Cuccinello. When Goldmans board gathered on the West Coast in late June, she gave a presentation on that groups work. Its great for a woman to be achieving this level of success at Goldman and shes certainly capable of going further," Nugent said. And so the main thing Im focused on is people internally and externally. And when I was in my role as chief strategy officer, we created this thing called Accelerate, which we call our internal innovation engine. This $90 million Liked by Stephanie. Explore how to make financial services a force for good. Then President John Waldron repeated it. Stephanie earned an AB in Biology, summa cum laude, from Harvard . Goldman Sachs has tapped a former Uber executive to lead its fledgling consumer banking division, . 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. 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. Talk to me a little bit about how thats happened. And we think it does help people better manage their finances. The bank says the candidates failed to make full disclosures. An error has occurred, please try again later. Because for us, this is a business and a strategic imperative. ", 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. She grew up in Augusta, Ga., and holds an MA in Investigative Journalism from The Cronkite School. We've detected you are on Internet Explorer. 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. I wonder if you might reflect a little bit on how Goldman is really trying to make good on this idea of inclusive capitalism when it comes to forms of identity, gender identity, race and ethnicity, et cetera. My husband and I were talking about it last night, we all still need a lot of help. She started as an analyst in 1999 and has held a series of leadership positions in mergers and acquisitions. And how can we serve them? Stephanie Cohen: It was a pre-COVID time period. to talk about career, money and life. She was previously based in New York where she reported for The Motley Fool, TheStreet and Business Insider. Stephanie Cohen: Shes about 10 years younger than the average man already on the committee, after becoming a partner just four years ago. And so the next question is, how do you listen to the data? 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).. Jennifer Tescher: Yeah. Theres the customer calls, which I love listening to. And I think theres a lot to learn about how culture builders do that, because I think a lot about the importance of stepping outside of our silos, that thats where, and that relates to the comments that you made about diversity. 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 Cohens first 15 years at Goldman Sachs, her career ladder didnt look much different than that of a typical investment banker. 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 phrase is often used as company jargon for a sale or merger. Where does the bank and the Fed go from here? And were going to be better if we do that. wants to be your digital banker, and it has assigned the job to Stephanie Cohen, marking her second year on the Barrons list. 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. And then as you mentioned, we have a digital consumer bank. Secondly, culturally. 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. And its also, I think, no accident that youve also been anointed to the operating committee. Sign In. And then on the other side of the people equation is our clients and our customers. Remove some to bookmark this image. Because consumer banking has been around for a really long time. The banking industry appears to be stuck when it comes to diversifying the leadership ranks. And the idea really brings together the reason by the way, why we have our consumer and wealth management businesses all together. 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. 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. Internet Explorer not supported . And then the last thing was what weve already talked about, which is being super curious and kind of asking a million questions and really want to learn things from the base level. But she is quick to point out that this is no PR ploy on behalf of the bank: "This is not philanthropy. New York: The venue was the Gotham Club an exclusive den inside the San Francisco Giants home stadium. 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. 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. DuringStephanie Cohens first 15 years at Goldman Sachs, her career ladder didnt look much different than that of a typical investment banker. Already a member? The news, which . Stephanie Cohen: And so I would expect that some of this will end up being, as you said, not necessarily directly, but through partners. Updated Jan. 17, 2017 9:10 pm ET. Ms. Cohen was Sector Captain for General Industrials in the Global Industrials Group and a member of the M&A Group in IBD. And that we were going to build an ecosystem around it. Jennifer Tescher: But Ive also noticed that when women start talking to friends about business ideas, they actually want to help each other.. And you asked me about the focus. Text. 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.. Stephanie Cohen quickly rose through the ranks at Goldman Sachs to become one of the youngest members of the banks senior leadership, joining just a small handful of women at that level. . Certainly youre gifted and talented. Jennifer Tescher: And then how do you take that into your next role? Stephanie Cohen is Global Head of Platform Solutions and a member of the Management Committee. More on Stephanie. Its a great point. 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. And what were doing in our division is we do it a couple of different ways. 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 at least I believe and I think its fair to say that theyre amazing. Things like auto pay. Goldman chief executive David Solomon announced Tuesday that he has shuffled the executive ranks once again, this time making Stephanie Cohen co-head of the $2 trillion megabank's consumer. 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. Stephanie Cohen: Stephanie joined Goldman Sachs as an analyst in 1999, was named managing director in 2008, and became a partner in 2014. 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. And this kind of idea of people wanting to experience financial services deeply embedded into ecosystems rather than being this separate action. Someone get Stephanie Cohen a set of hair clippers. To read our full stories, please turn off your ad blocker.We'd really appreciate it. If her tenure there is successful, it could pave the way for Cohen to make history at the firm. Goldman Sachs Group Yeah, I think its this idea of being a learner. It had revenue of $1.5 billion in 2021. Collage of David Solomon . You are just one step away from creating your watchlist! But advertising revenue helps support our journalism. 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 . You are now subscribed to our newsletters. Jennifer Tescher: Youve begun offering credit beyond debt consolidation. 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. Ms. She is the daughter . How we set it up made it easier for them and then how it affected their lives going forward. Instead, I found it really helpful to look at a, people and look for things that I like or relate to. 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. 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. Global Financial Health Launch Decision: Send Em! And this year were going to launch Marcus Invest and checking and a credit card partnership with General Motors. Wow, this is so devastating. 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. Your session has expired, please login again. 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. Prior to assuming her current role, Ms. Cohen was Co-Head of the Consumer and Wealth Management Division. And I remember these moments of falling really hard and your parents, your coach is like, Oh my. The High. 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. Senior Editor, Women's Programs, American Banker. 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. Natalie Walters, Business reporter. Stephanie Cohen is now the management committee's youngest, with the rare label of 'ex officio' member. 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. 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. 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? Youre just one more inch and I would have landed that jump. 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.
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