stephanie cohen goldman sachs husband

How does this all fit together? And so the next question is, how do you listen to the data? 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. Yeah. Yeah. 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. By the way, thats only been sped up over the last year or so, given everything thats gone on. And this year were going to launch Marcus Invest and checking and a credit card partnership with General Motors. She graduated cum laude from New York University and received an M.B.A. in May from Indiana University. 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. And so we think this idea of really starting with a clean sheet of paper and building financial services that puts the customer at the center, is something that we can do directly through Marcus and we can do through our partners. And that we were going to build an ecosystem around it. Theyre sitting there every day and theyre trying to figure out how they can do things in a really complex financial world that are simple and transparent and valuable. And so were doing that with Apple, but also well do it with General Motors. On September 29, 2020 . Carter Johnson and Hayley Cuccinello. 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. Certainly youre gifted and talented. Jennifer Tescher: Kristin Broughton Reprint For reprint and licensing requests for this article, click here. https://www.barrons.com/articles/barrons-100-most-influential-women-in-u-s-finance-stephanie-cohen-51615543200. 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. Stephanie is head of Private Equity in Asia and global co-head of Growth Equity within Goldman Sachs Asset Management. "We have savings, lending, investing, and we're close to launching checking. Stephanie Cohen: 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. Because consumer banking has been around for a really long time. Goldman named 60 new partners on Thursday. Im Jennifer Tescher, journalist turned financial health champion. 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The regions tech workforce is projected to expand 17% over the next decade. Youre one of the few women whos risen to that level. Stephanie Cohen has been at Goldman Sachs for more than 23 years. She also spearheaded . Stephanie, welcome to Emerge Everywhere. "We have 500 corporate clients, and we have the ability to provide financial wellness to all levels of employees," she said. Ihr wird inzwischen sogar der Platz an der Bank-Spitze zugetraut. Prior to that, Ms. Cohen was a Vice President in the Industrials and Merger Leadership Groups in San Francisco. Stephanie Cohen: In this episode, Jennifer and Stephanie discuss how the bank is leveraging fintech and personalized solutions to meet diverse consumer needs, while empowering clients and customers to reach their financial goals. 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. The 9 biggest takeaways from Goldman Sachs' investor day, from a tense Q&A with CEO David Solomon to the tater tots for breakfast. 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. 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 August, The Dallas Morning News reported that Goldman is eyeing a new skyscraper project on the edge of downtown Dallas as a location for up to 6,000 workers. The reality is that investing can be intimidating for a lot of people. The . New York: The venue was the Gotham Club an exclusive den inside the San Francisco Giants home stadium. Jennifer Tescher: You have to talk about all that in one place, because its the only way to win, but its also the only way to serve customers and ultimately help them achieve their goals. Im actually a former journalist. 01 Mar 2023 02:08:06 Over 99% goes to all white teams. See our career opportunities. Stephanie Cohen: 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. Internet Explorer not supported . It was here on an evening last December when roughly 100 women from the investment banking world gathered at an event billed as a leadership dinner. She joined Goldman Sachs as an Analyst in 1999, was named Managing Director in 2008 and Partner in 2014. . wants to be your digital banker, and it has assigned the job to Stephanie Cohen, marking her second year on the Barrons list. She is also a Global Executive sponsor of the Women's Network. During Stephanie Cohen's first 15 years at Goldman Sachs, her career ladder didn't look much different than that of a typical investment banker. Stephanie Cohen: This $90 million Liked by Stephanie. Theres just so many things that you learn from the richness of those individual conversations. And so the main thing Im focused on is people internally and externally. 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 . Her appointment this summer to Goldman Sachs' management committee made her its youngest member. And just a few weeks ago, she was asked to jointly lead the banks global consumer and wealth management division. One, it affects how you manage your own people. And the question, which is kind of an obvious question is why now? Goldman Sachs Group Inc's Chief Executive David Solomon and top executives will give investors an update on their strategy on Tuesday. 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. Were really excited about our Marcus Invest launch and were really excited internally because it brings together the best of our wealth management business with the best of our consumer business. Thank you for inviting me. We want to use simple, transparent and valuable products to help people manage their financial lives. Feb 2, 2021, 8:42 AM. Tell us a little bit about where you expect to focus most of your time and attention this year. Stephanie joined Goldman Sachs as an analyst in 1999, was named managing director in 2008, and became a partner in 2014. And in this new role in particular, but I was doing some of this as chief strategy officer, but now doing much more of it, I think you really have to figure out how you can listen to customers directly. And so I found the book and it was incredibly interesting, but also devastating in so many different ways, because it was very clear that the financial system was not working for most people. 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 /. She is also a member of the Firmwide Asset Liability Committee and the Global Inclusion and Diversity Committee, serving as a Global Executive sponsor of the Women's Network. For example, when I am 60 and look back, what might I need the most? She is also a Global Executive sponsor of the Women's Network. 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. 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. And the question is, how do you do that at scale? 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. Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. You can use that as something that bothers you, or you can use that as a point of differentiation. 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. In case you cant find any email from our side, please check the spam folder. Stephanie Cohen, cohead of Goldman's consumer and wealth group, is the only woman heading one of the bank's primary business divisions. Listening is the most important thing that I do. "LeaseQuery has found a way to deliver easy-to-use solutions to their clients' complex problems," said Stephanie Cohen, Goldman Sachs' chief strategy officer who founded Launch With GS, an . Stephanie Cohen is Goldman Sachs' Chief Strategy Officer and an Ex Officio member of the Management Committee. Stephanie Cohen quickly rose through the ranks at Goldman Sachs to become one of the youngest members of the banks senior leadership, joining just a small handful of women at that level. Im a big question asker too. And so now one of the things, weve tried and a new skill actually inside of Goldman, which is this experimentation. Its going to be two this year. And so this real focus on execution, which I no doubt learned by being a mergers and acquisitions banker inside of Goldman Sachs. And the reality is that is the right advice for our clients. . I think I learned that at a really young age. 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. General Motors In January 2021, she was appointed global co-head of consumer and wealth management. Sign In. Stephanie Cohen, the 'female banker' is surely one to shatter the glass ceiling, all the CEOs of Goldman Sachs so far have been old white men. And then how do you take that into your next role? Marcus. 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. Where does the bank and the Fed go from here? 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. I know many of them, but it says something entirely different to have someone at the operating committee level. Do you have any ideas or things youve thought about in terms of how to leverage your capabilities in this regard? 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. Yeah. Cohen declined to give projections for growth in Dallas or say whether Goldman is considering such a move. One of the first people that called me after the announcement that I was going to be the co-head of this division, was a friend and they wanted help managing their financial lives, but not just theirs, but their family. [House Hearing, 117 Congress] [From the U.S. Government Publishing Office] H.R. Jennifer Tescher: 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. A great question. And I have to say, I was a little bit surprised that that was the book you chose. The banking industry appears to be stuck when it comes to diversifying the leadership ranks. See you next time. 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. Log in to our website to save your bookmarks. And by the way, if you take all of that and everything else were doing, weve now found that two out of three of our Marcus loans customers, after they take out a Marcus loan, their overall debt does decline. Stephanie Cohen, global co-head of consumer and wealth management at Goldman Sachs, speaks during a dedication ceremony of the company's branded terrace at the University of Texas at Dallas. 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. And so 85% of all venture capital dollars goes to all male founded teams. . Ms. 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. For example, one of the things I learned early on was that when I was on big conference calls with lots of people, everyone would know when I spoke because I was the only woman., If you work in a company and you want to become the CEO or the CFO, when you look at the person who has the role, and you might think, Im nothing like that person, so I can never do that., Instead, I found it really helpful to look at abroadgroup ofpeople and look for things that I like or relate to. We have businesses that do that and were really excited to do that as well. One Goldman Sachs go-to-market strategy combined with products developers love and can easily adopt 2 Business-to-business with innovative, client- and 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. I suspect theres also something to it about the moment were living in, the era were living in. 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. We want to be the bank on your phone, she says. to talk about career, money and life. Things like auto pay. 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. It had revenue of $1.5 billion in 2021. Theres the customer calls, which I love listening to. 1 Executive Summary Primary drivers Key focus areas INVESTOR DAY 2023 PLATFORM SOLUTIONS . But by the way, you cant do that always at scale. Stephanie Cohen is Global Head of Platform Solutions and a member of the Management Committee. 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. Jennifer Tescher: By years end, 40% of its employees were working in those locations, the company said. 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. Tiger Trump and nothing to ex-husband Donald Trump. My husband and I were talking about it last night, we all still need a lot of help. 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. For the best Barrons.com experience, please update to a modern browser. Its a great point. 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 . She dug into the bones of the deal and was very compelling.". But advertising revenue helps support our journalism. You are now subscribed to our newsletters. Jennifer Tescher: And I think theres a lot to learn about how culture builders do that, because I think a lot about the importance of stepping outside of our silos, that thats where, and that relates to the comments that you made about diversity. And that has definitely been sped up by whats gone on with COVID. Financial Health Pulse 2022 Chicago Report, Jennifer Tescher | Leaning Forward for FinHealth. And that really created an environment where no ones afraid to ask kind of the dumb question, because Stephanies always asking the dumb question because I really wanted to learn. I used to get off the ice from practices and be soaking wet because you just are cleaning up the ice falling because its the only way to learn a new skill. 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. We get it: you like to have control of your own internet experience. Global Financial Health Launch Decision: Send Em! Mr Solomon teased a sale, saying Goldman was exploring "strategic alternatives". And so were having a great time, really engaging with our team. Oops! First, Goldman Sachs CEO David Solomon said it. She is a key architect of the bank's . And so you didnt get into this chief strategy officer role with a real clear job description. Stephanie Cohen is global co-head of Consumer and Wealth Management at Goldman Sachs, a member of the firms Management Committee, and global executive sponsor of the Womens Network. Goldman Sachs (GS-0.84%) CEO David Solomon has promoted Stephanie Cohen to co-head its consumer banking and wealth management division as part of an executive shuffle at the bank.. I did that internally and I also did it externally. And how do you feel about essentially being a change agent in this way? 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. Mr . Some of my favorite ones have been, we created a customer assistance program right as COVID was starting to help people so that they could defer loan payments and credit card payments and just listening to why it mattered to them. Already a member? And it will be interesting to think about how you leverage your vast capabilities and capital. Flagstar Bank launches its next mortgage-tech accelerator while Walmart and Citi partner on a supplier loan program. Prior to assuming her current role, Ms. Cohen was Co-Head of the Consumer and Wealth Management Division. Goldman Sachs CEO shuffles consumer banking, wealth management leaders [CNBC] Tags. Alan Cohen, Goldman Sachs Group Inc.'s head of compliance and the longest-serving internal cop on Wall Street, is vacating his seat after 13 years. 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. A checking account is currently in beta, according to Cohen. Goldman now has credit-card deals with