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. Since then, the 41-year-old has charted a rapid rise inside Goldman Sachs, landing a seat last week on its most coveted decision-making body. And its also, I think, no accident that youve also been anointed to the operating committee. [House Hearing, 117 Congress] [From the U.S. Government Publishing Office] H.R. When I walked into a board room, theyd expect a very tall man, but instead theyd get a relatively shortwoman. Sign In. 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.. But Ive also noticed that when women start talking to friends about business ideas, they actually want to help each other.. And since then, youve begun offering all kinds of things. She went on to a more traditional M&A role in the industrials team. But she really got it. In less than a year, Goldman Sachs has grown its North Texas presence from more than 2,000 employees to nearly 4,000. The bank says the candidates failed to make full disclosures. And thats really the most exciting thing about being able to run this division. Im realizing through this conversation that youre really a culture builder. And just a few weeks ago, she was asked to jointly lead the banks global consumer and wealth management division. Youve got to figure out whats important to you and what you really want to spendmoney on. We recommend using Google Chrome, Mozilla Firefox, Apple Safari, or . In mid-July, the company announced it will promote David Solomon to succeed Lloyd Blankfein as chief executive officer. Getting out of our silos, hearing from other people, other perspectives we might not hear from otherwise and finding the interconnections. Well, this is one of the most exciting versions of quote unquote embedded finance that Ive heard about in a long time. Because you cant do things exactly the same way. I was a big bank diversity hire. Cindy Ord/Getty Images for Girlboss Rally NYC 2018. We do it externally. The regions tech workforce is projected to expand 17% over the next decade. And so the main thing Im focused on is people internally and externally. Wow, this is so devastating. 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,. Stephanie Cohen, culture builder, lifelong learner, thanks so much for joining me on Emerge Everywhere. DuringStephanie Cohens first 15 years at Goldman Sachs, her career ladder didnt look much different than that of a typical investment banker. Yeah. Shell be among seven women on the 33-person panel. Im Jennifer Tescher, and Id love to hear your ideas for future guests and your reactions to the show. 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. 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. And so this real focus on execution, which I no doubt learned by being a mergers and acquisitions banker inside of Goldman Sachs. Youve mentioned the fact that soon youre going to be launching a new set of investment options and opportunities. 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. The High. Stephanie Cohen, a 41-year-old grad of the University of Illinois at Urbana-Champaign, has charted a rapid rise inside Goldman Sachs, landing a seat on its most-coveted decision-making. 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 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 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. And so I found the book and it was incredibly interesting, but also devastating in so many different ways, because it was very clear that the financial system was not working for most people. So much. 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. And so I would expect that some of this will end up being, as you said, not necessarily directly, but through partners. Stephanie Cohen: 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. 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 the last thing Ill say on it is I love going to visit our offices outside of the US particularly in places like Asia, because theyre in a different place as it relates to the development of financial services. Prior to her current role, Stephanie drove strategy, M&A, strategic investing, and partnerships as the firm's chief strategy officer. Tell us a little bit about where you expect to focus most of your time and attention this year. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. But she doesn't see what the fuss is about. And so thats really what were trying to do with what were doing in consumer and in Marcus. 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And so I did that. Jennifer Tescher: 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. They are not only of course the right thing to do, but it is the only way to run the business. Where does the bank and the Fed go from 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 . Her appointment this summer to Goldman Sachs' management committee made her its youngest member. That thats clearly a very important part of your role and has been. 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. You pack a lot into a day. 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. In this article that I had written, I talked about how originally, the mob was after Wall Street, if you will. Stephanie Cohen is now the management committee's youngest, with the rare label of 'ex officio' member. By doing that, you can actually, authentically be the person you want without assuming that you have to be someone else., Make it easier to make the right decisions. Cohen said Goldman has been focused on fortifying its relationships with universities to help attract engineering talent to D-FW. She started as an analyst in 1999 and has held a series of leadership positions in mergers and acquisitions. 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. Log in to our website to save your bookmarks. A step-by-step guide for HR professionals. A checking account is currently in beta, according to Cohen. How we set it up made it easier for them and then how it affected their lives going forward. 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. Consequently, they can be prickly customers. Goldman Sachs is exploring "strategic alternatives" for its nascent consumer banking business. Stephanie Cohen: And it will be interesting to think about how you leverage your vast capabilities and capital. 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. Cohen drives strategy, Mergers & Acquisitions (M&A . 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. Mr . Jun 22 Stephanie Cohen: Chief Strategy Officer at Goldman Sachs. 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.' 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 I remember these moments of falling really hard and your parents, your coach is like, Oh my. It could be meal delivery services, paying for working out, or makeup and clothes. And what were doing in our division is we do it a couple of different ways. Money 20/20 USA 2021 Speaker Oct 24, 2021 Chief Strategy Officer, Goldman Sachs Much has been made over the past few months about Stephanie Cohen's age. 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. This is a subscriber only feature Subscribe Now to get daily updates on WhatsApp.