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. We call those businesses, private wealth management and personal financial management. Youve begun offering credit beyond debt consolidation. Stephanie Cohen, head of platform solutions, said scale would help the business reach profitability by 2025. 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. Well, I guess were not going to be on the human schedule because were in our fifth year, not quite adolescence, but as you said, time really does fly. Goldman Sachs' embattled full-time boss and part-time deejay David Solomon tried to put a positive spin Tuesday on the company's failed foray into consumer banking. And by the way, how it made them actually better customers over time, because we got them through a really tough period. More on Stephanie. Goldman Sachs 209K subscribers Subscribe 4.6K views 5 years ago Despite China's macro headwinds, Stephanie Hui, head of the Merchant Banking Division in Asia Pacific Ex-Japan, identifies the. And so 85% of all venture capital dollars goes to all male founded teams. After, it was the bank's Stephanie Cohen who reiterated that Goldman is considering strategic alternatives for its consumer lending business. The company had previously partnered on its credit cards with Barclays. Were looking for mission-driven people to join our team. Certainly youre gifted and talented. Where does the bank and the Fed go from here? And then we have this great program where we work with companies on financial wellness for their employees and we call that Ayco. 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. "We believe that there is a real need for consumers to better manage their financial lives, and we have the capabilities to serve them," Cohen said. ", 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. And since then, youve begun offering all kinds of things. And how can we serve them where they are with the capabilities of Goldman Sachs? We obviously have a lot going on and were excited about so many things and hopefully we get to talk about them, but what Im most looking forward to and where were spending most of our time is of course on people because were the division that focuses on people. Yeah. 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. Goldman Sachs managers say one takeaway of the pandemic. Before that, she was the firm's Chief Strategy Officer, where she drove strategy, Mergers & Acquisitions (M&A), strategic investing and partnerships for the firm. I love it and its the advice I give people all the time. You are just one step away from creating your watchlist! 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. 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. Not much is scary after that. Stephanie Cohen: Stephanie earned an AB in Biology, summa cum laude, from Harvard . You also have mentioned to me before that when you became the chief strategy officer, the very first book you read was The Unbanking of America. And in order to do that, youve got to do a couple of things. 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. Im glad youre drilling in on it. There are places where theyre ahead and there are places where theyre behind and actually seeing that in a different environment, I think is another really interesting way to listen to what the world may become and to listen to ways that we can do things differently and better. Goldman Sachs is exploring "strategic alternatives" for its nascent consumer banking business. CompTIA expects that to grow to nearly 7,700 net new positions this year, the fifth-highest total nationally. Talk a little bit about how Marcus has evolved and where you see that business heading now that youve reached, say adolescence. terms: Goldman Sachs Banks Stephanie Cohen Succession. Upon arriving, her trajectory changed, and she has remained at the firm for over two decades in a variety of roles. Natalie Walters, Business reporter. And weve turned that into a lot of different financial products, but the reality is were just trying to solve those problems for consumers. You, it turns out I learned, were once a competitive figure skater growing up. And it kind of reminds you of how important getting on a plane and seeing people in person and experiencing them in their environment really is. And that we were going to build an ecosystem around it. What it really was, was it was where people went when they had really great ideas and they just wanted to get it done. Then President John Waldron repeated it. The best way to do this is to have a long-term view. In case you cant find any email from our side, please check the spam folder. Tell me more about that choice and sort of what youve learned from it. Theres the customer calls, which I love listening to. Wells Fargo, eyeing growth in credit cards, lands hotel chain as partner, First Foundation row with Abbott Cooper moves closer to court, Senate Banking Republicans warn Fed not to go too far in capital review, Fed's Bowman: Regulators should monitor Treasuries market function, Flagstar gives $1 million to fix appraisal industry's lack of diversity, What banks need to know about the White House's cybersecurity strategy. Im a lifelong learner. You started out with a very simple proposition, which was, lets help you refinance the credit card debt you have and really make sure that were doing that in a high quality way that really puts the customer at the center. We want to be the bank on your phone, she says. Stephanie Cohen has been at Goldman Sachs for more than 23 years. 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 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. 2021-11-30T13:05:49.103Z. "They are like-minded brands that are meeting people where they are," Cohen said. Jennifer Tescher: Youve got to figure out whats important to you and what you really want to spendmoney on. And hopefully again, thats millions of customers that we will speak to and we can be helpful to. Some inside the bank wonder whether shes destined to rise even higher. Prior to her current role, Stephanie drove strategy, M&A, strategic investing, and partnerships as the firm's chief strategy officer. Talk a little bit about how you do that as a leader. Shes about 10 years younger than the average man already on the committee, after becoming a partner just four years ago. Yeah. And you asked me about the focus. And its also, I think, no accident that youve also been anointed to the operating committee. This $90 million Liked by Stephanie. Prior to that, Ms. Cohen was a Vice President in the Industrials and Merger Leadership Groups in San Francisco. And I thought a lot about this because as you change into a new role, you have to think about what are the things that have helped you to be successful? 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. Were hopeful that well create this self-enforcing ecosystem where people will say if they want to work in financial services and do cool things in fintech, this is one of the great places to go to do that, Cohen said. 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 . She started as an analyst in 1999 and has held a series of leadership positions in mergers and acquisitions. Jennifer Tescher: One, it affects how you manage your own people. Your session has expired, please login again. One, we want to be the bank on your phone. Its pretty amazing feat that youve managed to essentially build a homegrown digital business from inside this storied institution. The reality is, theres basically two different states where people have some money and they either want to figure out a way to invest it or save it or spend it or they want to do something and they need to figure out how to pay for that. She also serves as trustee for the Board of The Economic Club of New York. 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. She graduated cum laude from New York University and received an M.B.A. in May from Indiana University. to talk about career, money and life. By the way, thats only been sped up over the last year or so, given everything thats gone on. I talked a little bit about all the businesses that Tucker and I are managing and they include these advisor led wealth management businesses that we have been in for decades. 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 . Internet Explorer not supported . Prior to her current role, Stephanie drove strategy, M&A, strategic investing, and partnerships as the firm's chief strategy officer. Natalie is an award-winning reporter who covers banks, crypto, fraud, deals and other money topics for The Dallas Morning News. Learn about the important intersection of healthcare and financial heath. Stephanie Cohen, culture builder, lifelong learner, thanks so much for joining me on Emerge Everywhere. Our vision for this is that in the same way that we have developed a really good talent base in places like London and Hong Kong and New York, where people come to Goldman Sachs in order to work in finance and investment banking, I think there will be people who come to Dallas who want to work in fintech and want to do that at Goldman Sachs, said Cohen, who moved to Dallas from New York in August to lead the companys growth. And so were not going to do that on our own. Secondly, culturally. This account of her ascent is based on interviews with people whove worked with Cohen, who asked not to be named discussing their interactions. Jennifer Tescher: She is now even given the place at the top of the bank. Here are her five best pieces of advice on work and personal finance for professional women. Dallas is quite central, Cohen said. STEPHANIE COHEN, GLOBAL HEAD OF PLATFORM SOLUTIONS, 45. And so I did that. The . Yeah, I think its this idea of being a learner. 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.
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