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. 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. See you next time. We obviously have a lot going on and were excited about so many things and hopefully we get to talk about them, but what Im most looking forward to and where were spending most of our time is of course on people because were the division that focuses on people. 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. Cohen drives strategy, Mergers & Acquisitions (M&A . Remove some to bookmark this image. Internet Explorer is no longer supported on our website. Certainly youre gifted and talented. How has that influenced you? The . Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. Ms. Cohen, also 32, is an independent marketing consultant in Chicago. I love it and its the advice I give people all the time. Mr Solomon teased a sale, saying Goldman was exploring "strategic alternatives". Here are her five best pieces of advice on work and personal finance for professional women. 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. 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Now I have to turn the conversation a little bit back to you for a minute, because youre a lifer at Goldman Sachs. Yeah, I think its this idea of being a learner. 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. And in that business, we have two different pieces, one, which is Marcus, which you mentioned, which helps customers save, borrow, and soon invest and spend. 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.' Prior to assuming her current role, Ms. Cohen was Co-Head of the Consumer and Wealth Management Division. In mid-July, the company announced it will promote David Solomon to succeed Lloyd Blankfein as chief executive officer. 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? 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 we think it does help people better manage their finances. She is a key architect of the bank's . Carter Johnson and Hayley Cuccinello. The bank will aim to grow fees from asset and wealth management and drive better performance in its fintech unit, while taking more market share in its traditional powerhouses of trading and investment banking. Stephanie earned an AB in Biology, summa cum laude, from Harvard . Your session has expired, please login again. Diversity in the ranks at Goldman and at the companies it invests in is a priority for Cohen. Theres a savings portion of Marcus. 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. No question. Marcus is Goldman's digital-first consumer bank, offers customers saving accounts, personal loans and investment advisory services. In this article that I had written, I talked about how originally, the mob was after Wall Street, if you will. Getting out of our silos, hearing from other people, other perspectives we might not hear from otherwise and finding the interconnections. Goldman Sachs Group Inc will pump $500 million into companies led, . The High. Stephanie, welcome to Emerge Everywhere. 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. And so I would expect that some of this will end up being, as you said, not necessarily directly, but through partners. Great. In January 2021, she was appointed global co-head of consumer and wealth management. 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. The bank says the candidates failed to make full disclosures. We want to be your primary bank. The banking industry appears to be stuck when it comes to diversifying the leadership ranks. Log in to our website to save your bookmarks. And when I was in my role as chief strategy officer, we created this thing called Accelerate, which we call our internal innovation engine. Tell me more about that choice and sort of what youve learned from it. And by the way, how it made them actually better customers over time, because we got them through a really tough period. 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. Is the idea here that Marcus customers eventually become Goldman Sachs customers, if you will? Jun 22 Stephanie Cohen: Chief Strategy Officer at Goldman Sachs. The San Francisco bank entered into a multiyear partnership with Choice Hotels, which operates brands such as Radisson, Comfort and Econo Lodge. 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. You pack a lot into a day. We do it internally. Well, I think Im biased, but I think I have the best job at Goldman Sachs. DuringStephanie Cohens first 15 years at Goldman Sachs, her career ladder didnt look much different than that of a typical investment banker. For the best Barrons.com experience, please update to a modern browser. One Goldman Sachs go-to-market strategy combined with products developers love and can easily adopt 2 Business-to-business with innovative, client- and 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. Stephanie Cohen: 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. This account of her ascent is based on interviews with people whove worked with Cohen, who asked not to be named discussing their interactions. Click the AdBlock Plus button on your browser and select Enabled on this site. She also serves as trustee for the Board of The Economic Club of New York. Tiger Trump and nothing to ex-husband Donald Trump. Jennifer Tescher: Click the AdBlock Plus button on your browser and select Disable on Observer.com. Cohens elevation to the committee followed just days later strong evidence she has the incoming CEOs confidence. Outside of work, Cohen spends time with her husband and young son, who "helps me hone my negotiation skills," she laughs. to talk about career, money and life. Its been really fun getting to know all of them. Become a business insider with the latest news. Some of my favorite ones have been, we created a customer assistance program right as COVID was starting to help people so that they could defer loan payments and credit card payments and just listening to why it mattered to them. General Motors Yeah. See our career opportunities. I did that internally and I also did it externally. We could have a whole conversation you and me, just on this topic so lets do that another time. Stephanie Cohen has been at Goldman Sachs for more than 23 years. Im not certified to be helpful, but we do get a lot of questions and it helps you to understand just how many people have these questions and how many people could really use help in managing their finances. Feb 2, 2021, 8:42 AM. 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. Yeah, I think that is, as we think about these two self reinforcing strategies that were pursuing consumer, thats one of the I think the really hopefully great ideas we have around it. 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. And the reality is that is the right advice for our clients. We've detected you are on Internet Explorer. And what were doing in our division is we do it a couple of different ways. This $90 million Liked by Stephanie. Goldman also will provide six student scholarships for $10,000 each at UTD over the next three years. This copy is for your personal, non-commercial use only. It was a pre-COVID time period. Yeah. 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. You are now subscribed to our newsletters. Because for us, this is a business and a strategic imperative. 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. 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. Goldman Sachs has tapped a former Uber executive to lead its fledgling consumer banking division, . And so, while theres a lot of sadness in that, were hopefully, the idea is turning that into opportunity. And it kind of reminds you of how important getting on a plane and seeing people in person and experiencing them in their environment really is. 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. And so now one of the things, weve tried and a new skill actually inside of Goldman, which is this experimentation. Stephanie Cohen: Jennifer, it is great to be here. My husband and I were talking about it last night, we all still need a lot of help. Stephanie Cohen: But advertising revenue helps support our journalism. Because maybe the content, or for example, we have something called Marcus Insights, which helps people aggregate their accounts and really provide insights into how theyre spending their money and better budget. 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 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. It was during a stint in the conflict and business selection group that her work stood out, according to a person who worked with her at the time. 01 Mar 2023 02:08:06 What it really was, was it was where people went when they had really great ideas and they just wanted to get it done. When I walked into a board room, theyd expect a very tall man, but instead theyd get a relatively shortwoman. 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? Things like auto pay. Not much is scary after that. You can learn more about how we use cookies by reviewing our Privacy Policy.Dismiss, Global Co-Head of Consumer and Wealth Management. Learn about the important intersection of healthcare and financial heath. Speaker Bio: Stephanie Cohen is Goldman Sachs' Chief Strategy Officer and a member of the Management Committee. 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. Are you okay? And being really happy because you could tell that you were almost there. 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. Oops! Stephanie Cohen: 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. And how can we serve them? 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. Talk a little bit about how you do that as a leader. As of February 2017, she continues to serve as an advisory director at Goldman Sachs, after retiring from leadership of its Global Markets Institute. Hier kommt Frau Goldman Sachs. Because consumer banking has been around for a really long time. 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. "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. 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. And that has definitely been sped up by whats gone on with COVID. Prior to her current role, Stephanie drove strategy, M&A, strategic investing, and partnerships as the firm's chief strategy officer. . I love that you had that visceral experience from the book and particularly given the role youre in now. You can connect with me on Twitter @JenTescher. I think Goldman has a growing number of excellent women at the firm. That thats clearly a very important part of your role and has been. They are not only of course the right thing to do, but it is the only way to run the business. How does this all fit together? One, we have our advisor led businesses. 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. And so the next question is, how do you listen to the data? 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. Ms. Cohen serves on the National Board of Directors of CollegeSpring and as a member of the Board of Quill.org. This is a subscriber only feature Subscribe Now to get daily updates on WhatsApp. You, it turns out I learned, were once a competitive figure skater growing up. I was a big bank diversity hire. Im wondering how youre viewing that experience in light of the coming launch of these new products for Marcus customers? And in doing that, we want to fundamentally change the way people experience financial services and in doing that improve their lives. Welcome to EMERGE Everywhere. <p><img src="https://static1.businessinsider.com/image/5c40b6cbb492cb3ebd48300a-2400/gettyimages-1048898186.jpg" border="0" alt="Goldman Sachs CEO David Solomon" data . 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. Learn more about Marcus by Goldman Sachs and check out additional episodes of EMERGE Everywhere. Im Jennifer Tescher, journalist turned financial health champion. It could be meal delivery services, paying for working out, or makeup and clothes. 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.
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