You can connect with me on Twitter @JenTescher. 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. She is the daughter . I didnt have that term before, but as a giver. Goldman now has credit-card deals with And by the way, that portfolio is different for different people. 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 so I would be that person that was like, Please just explain this to me from the base level. And when you get to that base level, you actually start to understand not only the products and how theyre all executed, but how it affects an end customer. And there are so many different organizations and Jen, your organization is one of them where, how can we all work together to try to fix this? Instead, I found it really helpful to look at a, people and look for things that I like or relate to. Measurement made easy for your organization. Because for us, this is a business and a strategic imperative. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. 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. And thats how we ultimately came up with the strategies, which I talked about earlier in terms of going direct and what we call financial cloud. To learn more about the work and research we do, please visit emerge.finhealthnetwork.org. No question. 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? Jennifer Tescher: The phrase is often used as company jargon for a sale or merger. 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. 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. To read our full stories, please turn off your ad blocker.We'd really appreciate it. 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. because investing and helping companies grow is our business," Stephanie Cohen, Goldman Sachs' chief strategy officer . Now I have to turn the conversation a little bit back to you for a minute, because youre a lifer at Goldman Sachs. You went there right out of graduating from the University of Illinois and youve experienced a tremendous amount of success. In so many ways. The world is awash in capital and you never see that. 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. 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. Theres a savings portion of Marcus. DuringStephanie Cohens first 15 years at Goldman Sachs, her career ladder didnt look much different than that of a typical investment banker. Women. I went on a listening tour. On September 29, 2020, Stephanie Cohen, Goldman Sachs' Chief Strategy. 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. Flagstar Bank launches its next mortgage-tech accelerator while Walmart and Citi partner on a supplier loan program. This is good-return investing.". Dallas is now Goldmans second-biggest U.S. office outside of New York, surpassing Salt Lake City. My guest today is one of the most powerful women on Wall Street. 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. An error has occurred, please try again later. 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. By years end, 40% of its employees were working in those locations, the company said. Some inside the bank wonder whether shes destined to rise even higher. General Motors Marcus. Upon arriving, her trajectory changed, and she has remained at the firm for over two decades in a variety of roles. 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. That theres sort of a graduation approach and that if I engage folks early with more basic financial products and services, theyll ultimately become the wealth management customers of tomorrow? [House Hearing, 117 Congress] [From the U.S. Government Publishing Office] H.R. 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. Because consumer banking has been around for a really long time. You, it turns out I learned, were once a competitive figure skater growing up. We've detected you are on Internet Explorer. She 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. 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.. Log in to our website to save your bookmarks. Particularly consumers in Marcus, youve talked a lot about the role youre in now is really about people. 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. Thank you for inviting me. "They are like-minded brands that are meeting people where they are," Cohen said. <p><img src="https://static1.businessinsider.com/image/5c40b6cbb492cb3ebd48300a-2400/gettyimages-1048898186.jpg" border="0" alt="Goldman Sachs CEO David Solomon" data . Talk to me a little bit about how thats happened. Im Jennifer Tescher, and Id love to hear your ideas for future guests and your reactions to the show. The 43-year-old. In January 2021, she was appointed global co-head of consumer and wealth management. Marcus is Goldman's digital-first consumer bank, offers customers saving accounts, personal loans and investment advisory services. Goldman Sachs. 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. We'll send you a myFT Daily Digest email rounding up the latest Goldman Sachs Group news every morning. And you asked me about the focus. Goldman Sachs has tapped a former Uber executive to lead its fledgling consumer banking division, . Stephanie Cohen is Global Head of Platform Solutions and a member of the Management Committee. 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. 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. And the thing I say all the time is that you cant talk about these things in two different places. Shell be among seven women on the 33-person panel. 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. Ms. Cohen, also 32, is an independent marketing consultant in Chicago. They are not only of course the right thing to do, but it is the only way to run the business. 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. How big the Dallas operation will get is a source of regular speculation in the North Texas real estate community. 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 . We want to be the bank on your phone, she says. Youve only been in this new role for just a few months and weve talked a fair bit about the great work you did when you were chief strategy officer starting in 2018. Cohen, 41, joined Goldman Sachs in 1999 as an analyst and worked her way up in the investment banking division to managing director in 2008 and partner six years later. I really enjoyed hearing about how you go about listening. 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. This account of her ascent is based on interviews with people whove worked with Cohen, who asked not to be named discussing their interactions. Prior to assuming her current role, Ms. Cohen was Co-Head of the Consumer and Wealth Management Division. Ihr wird inzwischen sogar der Platz an der Bank-Spitze zugetraut. 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. 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. 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. 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 in doing that, we want to fundamentally change the way people experience financial services and in doing that improve their lives. And what were hoping with Marcus Invest is through the content and through the ease with which people can go through the signup process and then the investment process, people are going to be able to interact with an investing in a way thats understandable, but also is going to help them achieve whatever financial goals that they have. 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. Then President John Waldron repeated it. Prior to that, Ms. Cohen was a Vice President in the Industrials and Merger Leadership Groups in San Francisco. Prior to her current role, Stephanie drove strategy, M&A, strategic investing, and partnerships as the firm's chief strategy officer. Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. Goldman Sachs CEO shuffles consumer banking, wealth management leaders [CNBC] Tags. In brief remarks about the Federal Reserve's handling of COVID-19 crises, the governor said the central bank's asset-buying program is taking longer to unwind than its emergency lending facilities. Stephanie Cohen has been at Goldman Sachs for more than 23 years. Im glad that you talked about inclusive capitalism because one of the more notable pronouncements from your boss, Goldman chair and CEO David Solomon, was that Goldman was only going to be willing to take companies public if they had at least one woman on their board. Shes about 10 years younger than the average man already on the committee, after becoming a partner just four years ago. Goldman Sachs 209K subscribers Subscribe 4.6K views 5 years ago Despite China's macro headwinds, Stephanie Hui, head of the Merchant Banking Division in Asia Pacific Ex-Japan, identifies the. 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. Well, I think Im biased, but I think I have the best job at Goldman Sachs. I love that you had that visceral experience from the book and particularly given the role youre in now. Its been really fun getting to know all of them. Meaning I end a lot of conversations with, How can I be most helpful to you? And I do try to give people really direct feedback because I think its the way to make them better in their own careers. . She is also a member of the Partnership Committee, Global Diversity Committee, Firmwide Enterprise Risk Committee and Firmwide Finance Committee. More than 90% of appraisers are white, and researchers have found that bias leads to lower valuations for homeowners of color. And the question, which is kind of an obvious question is why now? Stephanie Cohen: 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. Chief Strategy Officer, Goldman Sachs Much has been made over the past few months about Stephanie Cohen's age. One, it affects how you manage your own people. She is one of seven women named on the committee and is 10 years younger than the average man on the team. 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. Remove some to bookmark this image. She joined Goldman Sachs as an Analyst in 1999, was named Managing Director in 2008 and Partner in 2014. 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).. CompTIA expects that to grow to nearly 7,700 net new positions this year, the fifth-highest total nationally. 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. 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. 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. As of February 2017, she continues to serve as an advisory director at Goldman Sachs, after retiring from leadership of its Global Markets Institute. Unlike traders, who can shoot to prominence within Wall Street firms at a very young age, Cohens career tracked that of the typical banker, climbing to be managing director in the class of 2008. As the banks chief strategy officer, she brought clarity and focus, including a new commitment to diversity and inclusion. And what we are and what were trying to become is we have these two self reinforcing strategies. And so the next question is, how do you listen to the data? The 9 biggest takeaways from Goldman Sachs' investor day, from a tense Q&A with CEO David Solomon to the tater tots for breakfast. 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. 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. But in Marcus and in consumer, we want to bring the best of Goldman Sachs capability to them directly on their phone, wherever they are and however they want to be served. Stephanie Cohen is now the management committee's youngest, with the rare label of 'ex officio' member. 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. 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. She is also a Global Executive sponsor of the Women's Network. She was previously based in New York where she reported for The Motley Fool, TheStreet and Business Insider. And that starts with our own people. Stephanie Cohen is Goldman Sachs' Chief Strategy Officer and an Ex Officio member of the Management Committee. 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.' Im Jennifer Tescher, journalist turned financial health champion.
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