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. 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. And this kind of idea of people wanting to experience financial services deeply embedded into ecosystems rather than being this separate action. Today, the consumer business at Goldman has more than 14 million customers and over $100 billion in deposits and $16 billion in cards and loans. terms: Goldman Sachs Banks Stephanie Cohen Succession. 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. You mentioned Marcus, I think its fair to say that four plus years ago when Goldman Sachs launched Marcus, it wasnt exactly what anyone was expecting to have a titan of Wall Street, all of a sudden building a business to focus on the financial needs of everyday people. 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. 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. Cindy Ord/Getty Images for Girlboss Rally NYC 2018. Ms. Cohen serves on the National Board of Directors of CollegeSpring and as a member of the Board of Quill.org. In 2008, she managed Conflicts and Business Selection for IBD in the Americas. And so kind of being happy with that rather than it being a negative, it being a positive I think its one of the most important life lessons and figure skating teaches you that in spades. And then we have another part of that business where we embed our capabilities into the ecosystems of our partners and thats basically what were doing with the Apple card. A Goldman Sachs lifer who rose through the ranks of mergers and acquisitions after starting as an analyst fresh out of college, Stephanie Cohen, 42, became chief strategy officer in January. Cohen is a Goldman Sachs lifer who started at the bank as an analyst back in 1999, spending time in New York and San Francisco. And then weve also done that with Walmart and Amazon in terms of providing credit to their merchants. She also serves as trustee for the Board of The Economic Club of New York. 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. These stories and more in banking news this week. It celebrated the repayment by handing employees buttons that said Paid.". Its really complex. Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. And its been so fascinating to watch the frankly, explosive growth of the business. Prior to her current role, Stephanie drove strategy, M&A, strategic investing, and partnerships as the firm's chief strategy officer. 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. Jung, weiblich, Bankerin: Stephanie Cohen macht bei Goldman Sachs Karriere. Jennifer Tescher: Stephanie Hui, Head of the Merchant Banking Division in Asia Pacific Ex-Japan, Goldman Sachs Voices of Experience "Earlier in my career, I was more reserved about expressing my views," said Stephanie Hui, head of the Merchant Banking Division in Asia Pacific Ex-Japan at Goldman Sachs. 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. Become a business insider with the latest news. This copy is for your personal, non-commercial use only. E ine Stunde mit . Goldman also will provide six student scholarships for $10,000 each at UTD over the next three years. I think people have gotten to a place, and theres some good and theres some bad here where the phone is kind of really the center of everything that they do and how they interact with so many parts of their lives. And when I was in my role as chief strategy officer, we created this thing called Accelerate, which we call our internal innovation engine. She started as an analyst in 1999 and has held a series of leadership positions in mergers and acquisitions. How big the Dallas operation will get is a source of regular speculation in the North Texas real estate community. And I remember these moments of falling really hard and your parents, your coach is like, Oh my. Stephanie Cohen: My guest today is one of the most powerful women on Wall Street. In the latest in a rapid career of. She graduated cum laude from New York University and received an M.B.A. in May from Indiana University. Close. It had revenue of $1.5 billion in 2021. 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. And the question, which is kind of an obvious question is why now? 01 Mar 2023 02:08:06 Stephanie Cohen: Goldman Sachs has created a new consumer and wealth management division co-led by Stephanie Cohen. 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).. Yeah. By continuing to use our site you agree to our. In mid-July, the company announced it will promote David Solomon to succeed Lloyd Blankfein as chief executive officer. Welcome to EMERGE Everywhere. Global Financial Health Launch Decision: Send Em! The second thing is this kind of get stuff done attitude. Outside of work, Cohen spends time with her husband and young son, who "helps me hone my negotiation skills," she laughs. My team, I talk about this all this time, its getting to yes way, which is you see a problem and instead of showing up with a problem, you show up with a solution and you work your way through the solution. And in order to do that, youve got to do a couple of things. Well, I think Im biased, but I think I have the best job at Goldman Sachs. The delicate transaction was a milestone in the carmakers comeback after the financial crisis. Cohen, 41, joined Goldman Sachs in. And one of the things that we kind of put out there in the wild was this idea of being able to pay your credit card bill multiple times a month in the Apple cart. And weve turned that into a lot of different financial products, but the reality is were just trying to solve those problems for consumers. Thank you for inviting me. Stephanie Cohen, head of platform solutions, said scale would help the business reach profitability by 2025. Consequently, they can be prickly customers. Ms. Cohen serves on the National Board of Directors of College Spring and as a member of the Board of Quill.org. New York: The venue was the Gotham Club an exclusive den inside the San Francisco Giants home stadium. Well, this is one of the most exciting versions of quote unquote embedded finance that Ive heard about in a long time. 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. In January 2021, she was appointed global co-head of consumer and wealth management. To read our full stories, please turn off your ad blocker.We'd really appreciate it. And the question is, how do you do that at scale? Youve mentioned the fact that soon youre going to be launching a new set of investment options and opportunities. 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. Stephanie Cohen Global Head of Platform Solutions February 2023. And then, were going to be part of fixing this and were going to have to work with a lot of people to fix it because the financial system is this intertwined organism. March 02, 2023, 14:16 IST. I did that internally and I also did it externally. I suspect that theres only so far a brand like Marcus can go in terms of meeting the needs of underserved consumers. And so this real focus on execution, which I no doubt learned by being a mergers and acquisitions banker inside of Goldman Sachs. And I think in some ways, this podcast is an outgrowth of my curious nature. 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. Cohen is now the committees youngest, with the rare label of ex officio" member. Dallas is now Goldmans second-biggest U.S. office outside of New York, surpassing Salt Lake City. This is a subscriber only feature Subscribe Now to get daily updates on WhatsApp. Ultimately, I think thats, to your point on this moment in time, I think were in a place where the world is changing so fast that knowing every single about history is important. One, we want to be the bank on your phone. See you next time. 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. Prior to that, Ms. Cohen was a Vice President in the Industrials and Merger Leadership Groups in San Francisco. Diversity, equity and inclusion are core to our mission, see why. Its been really fun getting to know all of them. Stephanie is head of Private Equity in Asia and global co-head of Growth Equity within Goldman Sachs Asset Management. 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. Things like auto pay. 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. More on Stephanie. I really enjoyed hearing about how you go about listening. Company president John Waldron and Stephanie Cohen, global head of the Platform Solutions unit, echoed Solomon's comments about the bank's consumer business, signalling a further retreat from its . "They are like-minded brands that are meeting people where they are," Cohen said. The world is awash in capital and you never see that. Theres the customer calls, which I love listening to. Natalie is an award-winning reporter who covers banks, crypto, fraud, deals and other money topics for The Dallas Morning News. Her appointment this summer to Goldman Sachs' management committee made her its youngest member. Shell be among seven women on the 33-person panel. 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. Where does the bank and the Fed go from here? And at least I believe and I think its fair to say that theyre amazing. 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. Young, female, banker: Stephanie Cohen has made a career at Goldman Sachs. 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. They are Goldman Sachs customers. Stephanie Cohen has been at Goldman Sachs for more than 23 years. Carter Johnson and Hayley Cuccinello. An error has occurred, please try again later. And so in skating you fall all the time. My moms a teacher and its just something. 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. STEPHANIE COHEN, GLOBAL HEAD OF PLATFORM SOLUTIONS, 45. Whether thats direct disbursements in our loans, meaning when you sign up for a Marcus loan, we can directly pay off your other debts. Already a member? In so many ways. And so what are we? You can use that as something that bothers you, or you can use that as a point of differentiation. The strategy document identifies potential avenues for cutting cybercriminals off from financing, as well as other actions banks can take. Stephanie earned an AB in Biology, summa cum laude, from Harvard . And how do you feel about essentially being a change agent in this way? What it really was, was it was where people went when they had really great ideas and they just wanted to get it done. Stephanie Cohen quickly rose through the ranks at Goldman Sachs to become one of the youngest members and one of only a few women on its management committee. In a letter to Federal Reserve Chair Jerome Powell, Republican members of the Senate Banking Committee urge the central bank to be mindful of tailoring rules in its ongoing "holistic" capital review. On September 29, 2020 . 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 . And hopefully again, thats millions of customers that we will speak to and we can be helpful to. . Stephanie Cohen: Goldman Sachs Group wants to be your digital banker, and it has assigned the job to Stephanie Cohen, marking her second year on the Barrons list. 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. So I heard you mention that youre getting ready to add a set of investment tools for Marcus customers and that makes me think about what weve been witnessing over the last couple of weeks with the GameStop frenzy.