LeaseQuery Announces $40 Million in Series A Funding Got it. 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. Stephanie Cohen, Goldman's co-head of consumer and wealth management, is working on setting up a second base for herself in Dallas. 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. Prior to assuming her current role, Ms. Cohen was Co-Head of the Consumer and Wealth Management Division. You are just one step away from creating your watchlist! 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 43-year-old. Yeah. And then, I think the most important thing is this idea of being willing to try and realize in the act of trying its not going to be perfect right away. And just a few weeks ago, she was asked to jointly lead the banks global consumer and wealth management division. If they want to build companies that are going to succeed, having diverse voices around the table is one of the most important things that they can do. STEPHANIE COHEN, GLOBAL HEAD OF PLATFORM SOLUTIONS, 45. The latest group includes 32 white men, giving them a 53 per cent share of the promotions, the demographic's smallest representation on record. You pack a lot into a day. 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. "We have 500 corporate clients, and we have the ability to provide financial wellness to all levels of employees," she said. 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. It could be meal delivery services, paying for working out, or makeup and clothes. You went there right out of graduating from the University of Illinois and youve experienced a tremendous amount of success. Certainly youre gifted and talented. Speaker Bio: Stephanie Cohen is Goldman Sachs' Chief Strategy Officer and a member of the Management Committee. How you recruit, you retain and you develop your own people and there are many things that were doing around that, but it also gets to the way of how you serve your clients. 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. 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. Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. I didnt have that term before, but as a giver. Talk a little bit about how Marcus has evolved and where you see that business heading now that youve reached, say adolescence. Tell us a little bit about where you expect to focus most of your time and attention this year. Stephanie Cohen, Chief Strategy Officer, Goldman Sachs - Topio Networks See our career opportunities. One, it affects how you manage your own people. Close. Why Goldman's Marcus project failed and what it means for CEO Solomon Well, I think Im biased, but I think I have the best job at Goldman Sachs. 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. We have the ability to have access to our clients in Texas but also more broadly across the United States and internationally. 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. And so were not going to do that on our own. 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? I did that internally and I also did it externally. Our people find Dallas a really, really great place to live and raise a family.. Jennifer, it is great to be here. 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. Ms. Cohen serves on the National Board of Directors of CollegeSpring and as a member of the Board of Quill.org. Jennifer Tescher: 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. Stephanie Cohen: Download the Mint app and read premium stories. <p><img src="https://static1.businessinsider.com/image/5c40b6cbb492cb3ebd48300a-2400/gettyimages-1048898186.jpg" border="0" alt="Goldman Sachs CEO David Solomon" data . 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. Goldman Sachs Group Inc's Chief Executive David Solomon and top executives will give investors an update on their strategy on Tuesday. Dive Brief: Goldman Sachs on Tuesday named Stephanie Cohen co-head of the bank's consumer and wealth management business, making the 43-year-old arguably the most powerful woman at the company, and the first woman to lead a Goldman division since trading co-chief Isabelle Ealet left the bank in 2018, Bloomberg and the Financial Times reported . Not much is scary after that. 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. And then weve also done that with Walmart and Amazon in terms of providing credit to their merchants. And as youve mentioned, weve been through an evolution and the reality is we had to start somewhere so we started with loans as you talked about and we really felt like we were doing that in a different way and were proud of what we launched. 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 . It had revenue of $1.5 billion in 2021. Last weekend, Cohen joined a panel at this years Girlboss Rally in New York, a two-day event to foster networking and learning among women entrepreneurs,to talk about career, money and life. Yeah. We do it externally. Goldman Sachs mulls deal options after consumer flop And by the way, how it made them actually better customers over time, because we got them through a really tough period. And so I think that Ive learned over time that while being an individual contributor and being really fantastic at what you do, actually the way to really get stuff done is make everyone around you better. Goldman Sachs | In The News - Closing the Gender Investing Gap No question. Goldman Sachs has chosen Stephanie Cohen as co-head of its consumer and wealth management . Tiger Trump and nothing to ex-husband Donald Trump. 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).. And the great thing about what were going to do with Marcus Invest and kind of in contrast to some of whats been going on over the last couple of weeks, is were going to take that capability, the capability to provide this diversified portfolio from our advisor led business into our digitally led business and really bring the best of Goldman Sachs capabilities and products to hopefully millions of consumers. Yeah. And were going to be better if we do that. To read our full stories, please turn off your ad blocker.We'd really appreciate it. They are part of Goldman Sachs and we are really excited to serve them with the best of Goldman Sachs digitally. And how can we serve them? 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. Stephanie, welcome to Emerge Everywhere. By doing that, you can actually, authentically be the person you want without assuming that you have to be someone else., Sam Bankman-Frieds Deceptions Allegedly Include Millions in Illegal Campaign Contributions, The Fed Raises Rates as Expected, But Spooks Investors With a Gloomy Forecast, Meta Is Sued for Allegedly Profiting From Hateful Content on Facebook in Ethiopia, Twitter Suspends @ElonJet, the Account Tracking Musks Private Flights. Now I have to turn the conversation a little bit back to you for a minute, because youre a lifer at Goldman Sachs. Apple This is good-return investing.". Goldman Sachs Group Inc's Chief Executive David Solomon told investors on Tuesday the bank is considering "strategic alternatives" for its consumer arm, raising prospects for a potential sale after the business lost billions of dollars. Great. Copyright 2022 HT Digital Streams Ltd All Right Reserved. 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. ", 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. Mr Solomon teased a sale, saying Goldman was exploring "strategic alternatives". Goldman Sachs mulls deal options after consumer flop - ET BFSI Change is underway in the financial services industry and it's disrupt or be disrupted. 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. 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. She is also a member of the Partnership Committee, Global Diversity Committee, Firmwide Enterprise Risk Committee and Firmwide Finance Committee. And the question, which is kind of an obvious question is why now? Jennifer Tescher: After, it was the bank's Stephanie Cohen who reiterated that Goldman is considering strategic alternatives for its consumer lending business. First, Goldman Sachs CEO David Solomon said it. And so you didnt get into this chief strategy officer role with a real clear job description. Ive run, as you said, the consumer and wealth management business with my partner, Tucker York. Its important, but the world is changing so fast that just being someone who analyzes whats happened historically and trying to put that on the future, I think doesnt really work. 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. Goldman Sachs | Management Committee - Stephanie Cohen Stephanie Cohen: Chief Strategy Officer at Goldman Sachs HerStory Created DuringStephanie Cohens first 15 years at Goldman Sachs, her career ladder didnt look much different than that of a typical investment banker. Tell me more about that choice and sort of what youve learned from it. 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. Women. By the way, thats only been sped up over the last year or so, given everything thats gone on. Some of that could be due to the fact that there are fewer women in venture capital and fewer women founders. 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. It celebrated the repayment by handing employees buttons that said Paid.". And so what were trying to do is no different, we were just doing it with one product and now were going to try to do it with a holistic product suite. Looks like you have exceeded the limit to bookmark the image. I think Goldman has a growing number of excellent women at the firm.
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