Goldman Sachs banker's wife to get millions after divorce Im not certified to be helpful, but we do get a lot of questions and it helps you to understand just how many people have these questions and how many people could really use help in managing their finances. The banking industry appears to be stuck when it comes to diversifying the leadership ranks. Youre just one more inch and I would have landed that jump. Most Powerful Women in Finance: No. 17, Goldman's Stephanie Cohen And it sounds like you had to do a lot of learning because your time at Goldman, which is long, had largely been in a variety of M and A roles. In the latest in a rapid career of. Key Takeaways From Goldman Sachs' Investor Day 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? 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. Female banker emerges as possible successor to Goldman Sachs CEO And the reason why we decided now was the right time for Goldman Sachs is because one, technology. One, we want to be the bank on your phone. Hier kommt Frau Goldman Sachs. 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. 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.. Welcome to EMERGE Everywhere. And by the way, that portfolio is different for different people. Jennifer Tescher: You can connect with me on Twitter @JenTescher. She is a key architect of the bank's . 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. And how do you feel about essentially being a change agent in this way? Its not a one size fits all product and solution. Goldman Sachs CEO David Solomon Is Shaking Things Up at Wall Street's She also serves as trustee for the Board of The Economic Club of New York. And then we did savings. 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. As an investment banker for close to 20 years, my presence in board rooms was often an anomaly. But advertising revenue helps support our journalism. 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. In her new role overseeing consumer and wealth management for the organization, she shepherds a vision for diversity and inclusion that prioritizes broad consumer access to high-quality financial solutions. Flagstar Bank launches its next mortgage-tech accelerator while Walmart and Citi partner on a supplier loan program. We're getting to the moment where we can help someone holistically manage their financial lives," Stephanie Cohen,. 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. 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. Stephanie Cohen: . Im actually a former journalist. 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. 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. The second thing is this kind of get stuff done attitude. And so what were really saying is were really proud advocates for inclusive capitalism and theres no better way to do that than to serve millions of consumers. Shell be among seven women on the 33-person panel. And so I did that. Goldman Sachs mulls deal options after consumer flop Ms. Cohen serves on the National Board of Directors of CollegeSpring and as a member of the Board of Quill.org. The bank will aim to grow fees from asset and wealth management and drive better performance in its fintech unit, while taking more market share in its traditional powerhouses of trading and investment banking. And I talked to you about three things that I think have helped me and the teams around me be successful. And what were doing in our division is we do it a couple of different ways. But instead of it being about how if elected, she will be the first woman to be CEO, but instead they chose to call her 'female banker.' Goldman Sachs Changes 60 Slightly Less White, Less Male - Dealbreaker Goldman Sachs Group wants to be your digital banker, and it has assigned the job to Stephanie Cohen, marking her second year on the Barron's list. 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. "We have savings, lending, investing, and we're close to launching checking. Jennifer Tescher: Its complicated. 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 of course, people want access to an advisor. And how can we serve them where they are with the capabilities of Goldman Sachs? The 43-year-old. 117-14 _____ Printed for the use of the Committee on Natural . Goldman Sachs' Youngest Banker's Top 5 Career & Money - Observer I really enjoyed hearing about how you go about listening. Ms. Cohen serves on the National Board of Directors of College Spring and as a member of the Board of Quill.org. Click the AdBlock Plus button on your browser and select Enabled on this site. 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. And I love learning. Things like auto pay. Prior to her current role, Stephanie drove strategy, M&A, strategic investing, and partnerships as the firm's chief strategy officer. Theres just so many things that you learn from the richness of those individual conversations. Goldman's Stephanie Cohen rises to management committee, as youngest "We have 500 corporate clients, and we have the ability to provide financial wellness to all levels of employees," she said. I love it and its the advice I give people all the time. Stephanie Cohen Authors/Speakers Financial Health Network So much. Cohen declined to give projections for growth in Dallas or say whether Goldman is considering such a move. The sale of that company, which has been making parts of the US currency bill going back to the 19th century, was among the last deals she worked on before moving to the executive suite. Im realizing through this conversation that youre really a culture builder. She dug into the bones of the deal and was very compelling.". Marcus is Goldman's digital-first consumer bank, offers customers saving accounts, personal loans and investment advisory services. And weve turned that into a lot of different financial products, but the reality is were just trying to solve those problems for consumers. Is the idea here that Marcus customers eventually become Goldman Sachs customers, if you will? 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. And when I was in my role as chief strategy officer, we created this thing called Accelerate, which we call our internal innovation engine. Bloomberg on Twitter: "First, Goldman Sachs CEO David Solomon said it because investing and helping companies grow is our business," Stephanie Cohen, Goldman Sachs' chief strategy officer . Sign In. She also serves as trustee for the Board of The Economic Club of New York. Stephanie Cohen: <p><img src="https://static1.businessinsider.com/image/5c40b6cbb492cb3ebd48300a-2400/gettyimages-1048898186.jpg" border="0" alt="Goldman Sachs CEO David Solomon" data . I went on a listening tour. 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. Goldman chief executive David Solomon announced Tuesday that he has shuffled the executive ranks once again, this time making Stephanie Cohen co-head of the $2 trillion megabank's consumer. Upon arriving, her trajectory changed, and she has remained at the firm for over two decades in a variety of roles. And so what are we? Dallas is now Goldmans second-biggest U.S. office outside of New York, surpassing Salt Lake City. And this kind of idea of people wanting to experience financial services deeply embedded into ecosystems rather than being this separate action. Goldman also will provide six student scholarships for $10,000 each at UTD over the next three years. Stephanie Cohen: STEPHANIE COHEN, GLOBAL HEAD OF PLATFORM SOLUTIONS, 45. But she is quick to point out that this is no PR ploy on behalf of the bank: "This is not philanthropy. 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. 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. Abby Joseph Cohen - Wikipedia And you asked me about the focus. Before that, she was Global Head of Financial Sponsor M&A in the Investment Banking Division (IBD). The bureaucratic asterisk is likely meant to avoid upsetting senior executives whove spent much longer trying to get on the panel, without luck. And then as you mentioned, we have a digital consumer bank. Goldman's $2.2 billion acquisition of GreenSky allows the bank to beef up its customer base and gives it access to the fintech's network of more than 10,000 merchants. Stephanie Cohen: 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 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. 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? 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. LEADERS Interview with Stephanie E. Cohen, Global Co-Head of Consumer 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. Im glad youre drilling in on it. Stephanie Cohen is Global Head of Platform Solutions and a member of the Management Committee. In brief remarks about the Federal Reserve's handling of COVID-19 crises, the governor said the central bank's asset-buying program is taking longer to unwind than its emergency lending facilities. It celebrated the repayment by handing employees buttons that said Paid.". And then the last thing was what weve already talked about, which is being super curious and kind of asking a million questions and really want to learn things from the base level. And what we are and what were trying to become is we have these two self reinforcing strategies. Change is underway in the financial services industry and it's disrupt or be disrupted. Our goal in our vision, in our people, is to empower our clients and customers to achieve their financial goals and we think help them live better lives. And its been so fascinating to watch the frankly, explosive growth of the business. Yeah. Prior to assuming her current role, Ms. Cohen was Co-Head of the Consumer and Wealth Management Division. 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. And what were hoping with Marcus Invest is through the content and through the ease with which people can go through the signup process and then the investment process, people are going to be able to interact with an investing in a way thats understandable, but also is going to help them achieve whatever financial goals that they have. 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 besides those numbers being kind of horrific, they are a misallocation of capital. And thats really the most exciting thing about being able to run this division. But in July of this year, she scored a seat on the banks most elite decision-making team, a 33-person management committee appointed by new CEODavid Solomon.
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