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By the way, a lot of people who spend their careers in financial services. 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. And at least I believe and I think its fair to say that theyre amazing. Jennifer Tescher: We could have a whole conversation you and me, just on this topic so lets do that another time. And since then, youve begun offering all kinds of things. Instead, I found it really helpful to look at a, people and look for things that I like or relate to. Goldman Sachs has tapped a former Uber executive to lead its fledgling consumer banking division, . Goldman Sachs Group Inc's Chief Executive David Solomon and top executives will give investors an update on their strategy on Tuesday. Well, this is one of the most exciting versions of quote unquote embedded finance that Ive heard about in a long time. In this article that I had written, I talked about how originally, the mob was after Wall Street, if you will. What it really was, was it was where people went when they had really great ideas and they just wanted to get it done. But then there are customers that are General Motors customers and that are Apple customers and that thats much broader and what do they need? Prior to her current role, Stephanie drove strategy, M&A, strategic investing, and partnerships as the firms chief strategy officer. Become a business insider with the latest news. 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. 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 now has credit-card deals with By the way, thats only been sped up over the last year or so, given everything thats gone on. 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. "We have savings, lending, investing, and we're close to launching checking. And so reading The Unbanking of America was kind of an emotional journey for me, which was that I cant believe I dont know this. 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. On September 29, 2020, Stephanie Cohen, Goldman Sachs' Chief Strategy. Jennifer Tescher: Build a resilient workforce by prioritizing finhealth for employees. Jennifer Tescher: 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. 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. Im realizing through this conversation that youre really a culture builder. Because for us, this is a business and a strategic imperative. 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. 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. Im going to start by saying that Ive gotten to where I am today because there are amazing people inside of Goldman Sachs and outside of Goldman Sachs who have been tremendously helpful to me. I think Goldman has a growing number of excellent women at the firm. And what were doing in our division is we do it a couple of different ways. 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. Prior to her current role, Stephanie drove strategy, M&A, strategic investing, and partnerships as the firm's chief strategy officer. The news, which . Copyright 2022 HT Digital Streams Ltd All Right Reserved. The company had previously partnered on its credit cards with Barclays. Jennifer Tescher: Upon arriving, her trajectory changed, and she has remained at the firm for over two decades in a variety of roles. That theres sort of a graduation approach and that if I engage folks early with more basic financial products and services, theyll ultimately become the wealth management customers of tomorrow? She also serves as trustee for the Board of The Economic Club of New York. Tell me more about that choice and sort of what youve learned from it. And the reason why we decided now was the right time for Goldman Sachs is because one, technology. 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 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. Banker Stephanie Cohen was appointed to lead the consumer and wealth management division at Goldman Sachs, a New York-based investment bank and financial services company. See our career opportunities. And by the way, that portfolio is different for different people. 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. Financial Health Pulse 2022 Chicago Report, Jennifer Tescher | Leaning Forward for FinHealth. 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. More on Stephanie. 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 . Jennifer Tescher: To order presentation-ready copies for distribution to your colleagues, clients or customers visit http://www.djreprints.com. Earlier in her career, Ms. Cohen worked in New York in the M&A department. We get it: you like to have control of your own internet experience. 2021, ``ENVIRONMENTAL JUSTICE FOR ALL ACT'' ===== LEGISLATIVE HEARING before the COMMITTEE ON NATURAL RESOURCES U.S. HOUSE OF REPRESENTATIVES ONE HUNDRED SEVENTEENTH CONGRESS SECOND SESSION _____ Tuesday, February 15, 2022 _____ Serial No. How has that influenced you? You mentioned the Apple card. I was a big bank diversity hire. It was in some respects kind of an embarrassing realization to have worked in financial services for almost two decades and to realize that I didnt understand how the financial system operated and there were really complicated parts of the financial system that I understood from a capital markets perspective, but from a day to day, how does an average American experience the financial services system? Youve mentioned the fact that soon youre going to be launching a new set of investment options and opportunities. By years end, 40% of its employees were working in those locations, the company said. 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 so I think its embedded in your question, but I think its a fair question. But she really got it. Goldman Sachs Group Inc's Chief Executive David Solomon and top executives will give investors an update on their strategy on Tuesday. Shell be among seven women on the 33-person panel. This has been EMERGE Everywhere, a Financial Health Network production. ", 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. As an investment banker for close to 20 years, my presence in board rooms was often an anomaly. Looks like you have exceeded the limit to bookmark the image. Talk to me a little bit about how thats happened. Goldman Sachs Group Inc will pump $500 million into companies led, . Your session has expired, please login again. Learn about the important intersection of healthcare and financial heath. Dallas led all metropolitan areas in 2021 in net tech job growth, adding 5,321 positions, according to a new report by CompTIA, the nonprofit association for the information technology industry. Prior to assuming her current role, Ms. Cohen was Co-Head of the Consumer and Wealth Management Division. How big the Dallas operation will get is a source of regular speculation in the North Texas real estate community. So much. Young, female, banker: Stephanie Cohen has made a career at Goldman Sachs. 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. And what we are and what were trying to become is we have these two self reinforcing strategies. Stephanie Cohen, Goldman's co-head of consumer and wealth management, is working on setting up a second base for herself in Dallas. 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. Stephanie Cohen: It could be meal delivery services, paying for working out, or makeup and clothes. Click the AdBlock Plus button on your browser and select Disable on Observer.com. And how can we serve them? Marcus. Again, in my role as chief strategy officer, the way that we talk about it then, and certainly the way were talking about it now is that inclusion and diversity are absolutely strategic imperatives. 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. 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. Someone get Stephanie Cohen a set of hair clippers. And then, I think the most important thing is this idea of being willing to try and realize in the act of trying its not going to be perfect right away. Goldman Sachs Group Its funny because as chief strategy officer, people do this, Do you sit around and just have really big thoughts? No, ideas are really nice, but its about execution. And thats really the most exciting thing about being able to run this division. And in order to do that, youve got to do a couple of things. And that means that we need to go from being about a product, to really having solutions and building holistic relationships with our customers and by building that entire product suite and making it something thats simple and transparent, easy for millions of people to access, we think were going to do that. Stephanie Cohen: 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. Youve got to figure out whats important to you and what you really want to spendmoney on. We do it externally. And its interesting though, because when we think about it and we talk about it and what we focus on every day, the mission is still the same. And so, one of the things we certainly talk about is the board initiative, which was that we werent going to take companies public unless they had at least one diverse board member. Learn more about Marcus by Goldman Sachs and check out additional episodes of EMERGE Everywhere. 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. Were looking for mission-driven people to join our team. This $90 million Liked by Stephanie. Im Jennifer Tescher, and Id love to hear your ideas for future guests and your reactions to the show. 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. Thank you for inviting me. Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. 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. 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. . We're getting to the moment where we can help someone holistically manage their financial lives," Stephanie Cohen,. But I would sit in meetings and just be like, Im sorry, Im just going to ask this from the most basic level. And to this point of financial services being really complicated, I think lots of people sit in a lot of meetings and everyone else thinks that everyone else understands something and they actually dont. Here are her five best pieces of advice on work and personal finance for professional women. We have businesses that do that and were really excited to do that as well. We think technology is in a place where you can really have a bank on your phone. And then how do you take that into your next role? They most recently attended, or will attend, Money 20/20 USA 2021 on Oct 24, 2021 . This is a subscriber only feature Subscribe Now to get daily updates on WhatsApp. Chief Strategy Officer, Goldman Sachs Much has been made over the past few months about Stephanie Cohen's age. 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. . I love it and its the advice I give people all the time. 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. Jennifer Tescher: Stephanie joined Goldman Sachs as an analyst in 1999, was named managing director in 2008, and became a partner in 2014. Stephanie Cohen: Stephanie Cohen: 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. She is also a Global Executive sponsor of the Women's Network. We call those businesses, private wealth management and personal financial management. And we think that this is a great way for people to think about investing. Ive run, as you said, the consumer and wealth management business with my partner, Tucker York. That thats clearly a very important part of your role and has been. In January 2021, she was appointed global co-head of consumer and wealth management. Not much is scary after that. 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. Remove some to bookmark this image. 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. After, it was the bank's Stephanie Cohen who reiterated that Goldman is considering strategic alternatives for its consumer lending business. Cohen is now the committees youngest, with the rare label of ex officio" member. And how can we serve them where they are with the capabilities of Goldman Sachs? Jennifer Tescher: She went on to a more traditional M&A role in the industrials team. If you liked this episode, please review the show and subscribe wherever you get your podcasts. And just to go back to your very specific question on are we trying to take these customers and turn them into Goldman Sachs customers? And by the way, how it made them actually better customers over time, because we got them through a really tough period. Unfortunately, weve been getting to know most of them over Zoom, which is not nearly as much fun as getting to know people in person, but we get to visit peoples homes through Zoom and see their kids and their pets. And so I did that and I mirrored that with my people. 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 . 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. You are just one step away from creating your watchlist! How we set it up made it easier for them and then how it affected their lives going forward. And so, while theres a lot of sadness in that, were hopefully, the idea is turning that into opportunity. to talk about career, money and life. Explore how to make financial services a force for good. I suspect that theres only so far a brand like Marcus can go in terms of meeting the needs of underserved consumers. 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Second, in kind of a funny way, theres not much things that are hard and scary after youve lived with the you alone center of the ice, audience in front of you, judges behind you, couple of minutes to do something that youve practiced for hours upon hours.

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