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. Log in to our website to save your bookmarks. Stephanie Cohen: In The News Closing the Gender Investing Gap By Stephanie Cohen, Chief Strategy Officer, Goldman Sachs June 19, 2018 I've worked my whole career in an industry dominated by men. One, it affects how you manage your own people. Stephanie Cohen - Global Head, Goldman Sachs Platform Solutions Goldman Sachs executives to rally investors in New York | Reuters Most Powerful Women in Finance: No. 17, Goldman's Stephanie Cohen Jennifer Tescher: Yeah, I think its this idea of being a learner. And at least I believe and I think its fair to say that theyre amazing. They are part of Goldman Sachs and we are really excited to serve them with the best of Goldman Sachs digitally. Apple Cohen is now the committees youngest, with the rare label of ex officio" member. Someone get Stephanie Cohen a set of hair clippers. I mentioned at the top, youre the youngest member of the banks management committee. Goldman Sachs | In The News - Closing the Gender Investing Gap Stephanie is head of Private Equity in Asia and global co-head of Growth Equity within Goldman Sachs Asset Management. <p><img src="https://static1.businessinsider.com/image/5c40b6cbb492cb3ebd48300a-2400/gettyimages-1048898186.jpg" border="0" alt="Goldman Sachs CEO David Solomon" data . She dug into the bones of the deal and was very compelling.". Wow, this is so devastating. Stephanie Cohen is joining Goldman's most elite tier, as its youngest banker | Mint Get 60% off on Mint+The Economist Gainers & Losers Fri Feb 17 2023 15:29:29 Top Gainers Top Losers Home /. Her elevation was the most noticeable in the group of four tapped to join the management committee, and not just because its comprised mostly of men. Finding Growth in China - Goldman Sachs' Stephanie Hui More than 90% of appraisers are white, and researchers have found that bias leads to lower valuations for homeowners of color. 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. And the thing I say all the time is that you cant talk about these things in two different places. 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. Solomon, who recently laid off more than 3,200 workers in what was dubbed "David's Demolition Day," was pounded with questions from Wall Street analysts about the bank's . That meant Cohen had to work closely with the then-CEO of the Fiat-Chrysler group, Sergio Marchionne, sometimes camping out for talks in Detroit or paying visits to the U.S. Treasury Department. I really felt like I hadnt learned it. This is good-return investing.". Goldman plans to add checking to Marcus later this year but doesnt have a set date, Cohen said. Some there have earmarked her as a candidate to become the first woman to lead the investment banking division, the banks most profitable arm. Do you have any ideas or things youve thought about in terms of how to leverage your capabilities in this regard? Feb 2, 2021, 8:42 AM. Mr Solomon teased a sale, saying Goldman was exploring "strategic alternatives". 117-14 _____ Printed for the use of the Committee on Natural . And by the way, that portfolio is different for different people. And so I think its embedded in your question, but I think its a fair question. Jennifer, it is great to be here. When Goldmans board gathered on the West Coast in late June, she gave a presentation on that groups work. https://www.barrons.com/articles/barrons-100-most-influential-women-in-u-s-finance-stephanie-cohen-51615543200. Or what lessons have you taken from that and in your leadership roles at Goldman? They are not only of course the right thing to do, but it is the only way to run the business. 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. Cohen, 41, joined Goldman Sachs in. E ine Stunde mit . Remove some to bookmark this image. And what we are and what were trying to become is we have these two self reinforcing strategies. Youre just one more inch and I would have landed that jump. And the idea really brings together the reason by the way, why we have our consumer and wealth management businesses all together. They most recently attended, or will attend, Money 20/20 USA 2021 on Oct 24, 2021 . Change is underway in the financial services industry and it's disrupt or be disrupted. 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. She also serves as trustee for the Board of The Economic Club of New York. I really enjoyed hearing about how you go about listening. One, we have our advisor led businesses. But she is quick to point out that this is no PR ploy on behalf of the bank: "This is not philanthropy. Goldman Sachs is exploring "strategic alternatives" for its nascent consumer banking business. And I really got to know them on a totally new level because they were talking to me about their lives and their goals and their dreams and how we could be helpful. Jennifer Tescher: And then as you mentioned, we have a digital consumer bank. And weve turned that into a lot of different financial products, but the reality is were just trying to solve those problems for consumers. This account of her ascent is based on interviews with people whove worked with Cohen, who asked not to be named discussing their interactions. LeaseQuery Announces $40 Million in Series A Funding Global Financial Health Launch Decision: Send Em! Carter Johnson and Hayley Cuccinello. 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 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. And its also, I think, no accident that youve also been anointed to the operating committee. Jennifer Tescher: 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. I suspect that theres only so far a brand like Marcus can go in terms of meeting the needs of underserved consumers. 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. Goldman Sachs has created a new consumer and wealth management division co-led by Stephanie Cohen. . Jun 22 Stephanie Cohen: Chief Strategy Officer at Goldman Sachs. Key Takeaways From Goldman Sachs' Investor Day Well, I think Im biased, but I think I have the best job at Goldman Sachs. 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. But by the way, you cant do that always at scale. Most Powerful Women in Banking: No. 12, Stephanie Cohen, Goldman Sachs It was a pre-COVID time period. 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. Diversity in the ranks at Goldman and at the companies it invests in is a priority for Cohen. We do it externally. March 02, 2023, 14:16 IST. I wonder if you could talk a little bit about when you joined as chief strategy officer in that role, what you did to listen and learn about both the parts of the business that you might have been less familiar with, but also the end user, if you will, the consumer. That makes a lot of sense. And I do think were in this moment of have a lot of people around, have them continuously getting better, be focused on execution and kind of getting stuff done, but being constantly learning in the process. And how can we serve them? Predict the closing value of sensex and win free subscription. 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. In less than a year, Goldman Sachs has grown its North Texas presence from more than 2,000 employees to nearly 4,000. 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. Since the start of this year, Cohen has held the weighty title of chief strategy officer leading a team that helps decide where the bank should pursue new lines of business or acquisitions of its own. An error has occurred, please try again later. While wealth management services have been a mainstay for the 153-year-old investment bank, the shift to offering consumer banking happened less than six years ago. Female banker emerges as possible successor to Goldman Sachs CEO Kristin Broughton Reprint For reprint and licensing requests for this article, click here. 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 Group Inc. named John Mallory and Meena Flynn as co-heads of global private wealth management, a business that's key to the bank's aim to diversify revenue streams beyond its core. H.r. 2021, ``Environmental Justice for All Act'' Goldman Sachs has tapped a former Uber executive to lead its fledgling consumer banking division, . Its a great point.
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