Jennifer Tescher: Stephanie Cohen - Global Head, Goldman Sachs Platform Solutions And when I was in my role as chief strategy officer, we created this thing called Accelerate, which we call our internal innovation engine. Its not a one size fits all product and solution. Goldman Shakes Up Units in Fresh Push to Win Over Investors LEADERS Interview with Stephanie E. Cohen, Global Co-Head of Consumer Goldman Sachs to invest $500 million in women-run companies My Doctor Online | Stephanie Cohen - Kaiser Permanente Dallas is quite central, Cohen said. And were going to be better if we do that. 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. A great question. Stephanie Cohen: 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. Stephanie Cohen to co-head consumer and wealth management at Goldman In the latest in a rapid career of promotions, Cohen, 43, took over as co-head of consumer and wealth management in January, overseeing consumer bank Marcus, which has racked up $97 billion in deposits. [House Hearing, 117 Congress] [From the U.S. Government Publishing Office] H.R. The news, which . I really felt like I hadnt learned it. Collage of David Solomon . The reality is that investing can be intimidating for a lot of people. By continuing to use our site you agree to our. 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. Goldman Sachs is exploring "strategic alternatives" for its nascent consumer banking business. She is also on the national board of the nonprofit group Reading Partners, which focuses on literacy in grammar schools, helping underprivileged kids who are behind in reading. Our 150 years of financial services experience and things like risk and compliance, our scale, which is our ability to invest, but also the balance sheet, which provides the ability to provide things like credit and great relationships with people like Apple and GM. And so in skating you fall all the time. Figuring out how what youre doing is affecting people. Consequently, they can be prickly customers. Some of that could be due to the fact that there are fewer women in venture capital and fewer women founders. "They are like-minded brands that are meeting people where they are," Cohen said. How do you look at the data in a way that really helps you? Build a resilient workforce by prioritizing finhealth for employees. 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. General Motors 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. Goldman Sachs banker's wife to get millions after divorce And so now one of the things, weve tried and a new skill actually inside of Goldman, which is this experimentation. Wells Fargo's asset cap has been in place for fi ve years, and there's no end in sight. Diversity, equity and inclusion are core to our mission, see why. How has that influenced you? 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. he 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, Last weekend, Cohen joined a panel at this years. The bank says the candidates failed to make full disclosures. D-FW is now Goldman Sachs' second-largest U.S. hub after nearly I love that you had that visceral experience from the book and particularly given the role youre in now. Become a business insider with the latest news. Two former Goldman Sachs executives have been indicted for conspiring in a multibillion-dollar theft from the Malaysian investment fund known as 1MDB, a scandal that could cost Goldman as. And since then, youve begun offering all kinds of things. Goldman Sachs CEO David Solomon fends off attacks over Marcus flop We could have a whole conversation you and me, just on this topic so lets do that another time. 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. And I have to say, I was a little bit surprised that that was the book you chose. 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. Goldman's Compliance Chief Moves On - WSJ 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. 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. She is also a Global Executive sponsor of the Women's Network. I suspect that theres only so far a brand like Marcus can go in terms of meeting the needs of underserved consumers. 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. And then as you mentioned, we have a digital consumer bank. They are not only of course the right thing to do, but it is the only way to run the business. Stephanie Cohen, Chief Strategy Officer, Goldman Sachs - Topio Networks And the reason why we decided now was the right time for Goldman Sachs is because one, technology. Bloomberg on Twitter: "First, Goldman Sachs CEO David Solomon said it She is a key architect of the bank's . Goldman Sachs Group Kristin Broughton Reprint For reprint and licensing requests for this article, click here. 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. 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. 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. 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. 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. Goldman Sachs Group Inc's Chief Executive David Solomon and top executives will give investors an update on their strategy on Tuesday. It was during a stint in the conflict and business selection group that her work stood out, according to a person who worked with her at the time. It didn't go well. Goldman Sachs has created a new consumer and wealth management division co-led by Stephanie Cohen. She dug into the bones of the deal and was very compelling.". Im actually a former journalist. Flagstar Bank launches its next mortgage-tech accelerator while Walmart and Citi partner on a supplier loan program. Jennifer Tescher: Then President John Waldron repeated it. Goldman Sachs Group Inc will pump $500 million into companies led, . Ms. Cohen serves on the National Board of Directors of CollegeSpring and as a member of the Board of Quill.org. Now weve put a bunch of features into our products to help people make better decisions. <p><img src="https://static1.businessinsider.com/image/5c40b6cbb492cb3ebd48300a-2400/gettyimages-1048898186.jpg" border="0" alt="Goldman Sachs CEO David Solomon" data . The activist investor is crying foul, claiming the Dallas-based bank harassed one of his board candidates into withdrawing and rejected the nomination of another. And this kind of idea of people wanting to experience financial services deeply embedded into ecosystems rather than being this separate action. I think I learned that at a really young age. 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. Goldman Sachs to invest $500 mln in women-run companies Voice of Experience: Stephanie Cohen, Managing Director, Goldman Sachs 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. The strategy document identifies potential avenues for cutting cybercriminals off from financing, as well as other actions banks can take. And weve turned that into a lot of different financial products, but the reality is were just trying to solve those problems for consumers. 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. Why Goldman's Marcus project failed and what it means for CEO Solomon Cohen said she expected Platform Solutions to break even on a pre-tax basis by 2025 after it lost $3 billion in nearly three years. 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. She is now even given the place at the top of the bank. The best way to do this is to have a long-term view. Some inside the bank wonder whether shes destined to rise even higher. In January 2021, she was appointed global co-head of consumer and wealth management. I think Goldman has a growing number of excellent women at the firm. Stephanie Cohen, Goldman's co-head of consumer and wealth management, is working on setting up a second base for herself in Dallas. As of February 2017, she continues to serve as an advisory director at Goldman Sachs, after retiring from leadership of its Global Markets Institute. If you liked this episode, please review the show and subscribe wherever you get your podcasts. H.r. 2021, ``Environmental Justice for All Act'' Shared by Stephanie Cohen At a critical moment for women's and family health, I am proud to share news of Maven Clinic's Series E, led by General Catalyst. And the reality is that is the right advice for our clients. Stephanie Cohen, head of platform solutions, said scale would help the business reach profitability by 2025. And that has definitely been sped up by whats gone on with COVID. 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