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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. After, it was the bank's Stephanie Cohen who reiterated that Goldman is considering strategic alternatives for its consumer lending business. This is a subscriber only feature Subscribe Now to get daily updates on WhatsApp. Talk a little bit about how you do that as a leader. "They are like-minded brands that are meeting people where they are," Cohen said. 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. We have businesses that do that and were really excited to do that as well. Today, the consumer business at Goldman has more than 14 million customers and over $100 billion in deposits and $16 billion in cards and loans. Jung, weiblich, Bankerin: Stephanie Cohen macht bei Goldman Sachs Karriere. We get it: you like to have control of your own internet experience. Im realizing through this conversation that youre really a culture builder. 1 Executive Summary Primary drivers Key focus areas INVESTOR DAY 2023 PLATFORM SOLUTIONS . Stephanie earned an AB in Biology, summa cum laude, from Harvard . But by the way, you cant do that always at scale. Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. 01 Mar 2023 02:08:06 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. Marcus. And its been so fascinating to watch the frankly, explosive growth of the business. Prior to assuming her current role, Ms. Cohen was Co-Head of the Consumer and Wealth Management Division. Im Jennifer Tescher, journalist turned financial health champion. Goldman Sachs has chosen Stephanie Cohen as co-head of its consumer and wealth management . Mr Solomon teased a sale, saying Goldman was exploring "strategic alternatives". And so in skating you fall all the time. She is one of seven women named on the committee and is 10 years younger than the average man on the team. The business is not yet profitable but is expected to hit revenue of $4 billion by 2024, she said. And if you look at those businesses, the thing that we have focused on in those businesses is providing holistic advice to individuals and to families and to helping them get the right diversified portfolio for them. Jennifer Tescher: What it really was, was it was where people went when they had really great ideas and they just wanted to get it done. Which is that theres a specific type of customer thats the Marcus customer. In January 2021, she was appointed global co-head of consumer and wealth management. 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. Remove some to bookmark this image. How you recruit, you retain and you develop your own people and there are many things that were doing around that, but it also gets to the way of how you serve your clients. By years end, 40% of its employees were working in those locations, the company said. Voice of Experience: Stephanie Cohen, Managing Director, Goldman Sachs Women. 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. 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. 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. 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. Stephanie Hui, Head of Merchant Banking [], Goldman Sachs Goldman Sachs Group Inc will pump $500 million into companies led, founded or owned by women, as it steps up efforts to close the gender investing gap, the Wall Street bank said on Tuesday. Jennifer Tescher: And so I would really, I would kind of exclamation point on that point. How has that influenced you? and You are now subscribed to our newsletters. Stephanie, welcome to Emerge Everywhere. Certainly youre gifted and talented. Some inside the bank wonder whether shes destined to rise even higher. How does this all fit together? No question. 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. Stephanie Cohen is Global Head of Platform Solutions and a member of the Management Committee. Cohens elevation to the committee followed just days later strong evidence she has the incoming CEOs confidence. She is also a Global Executive Sponsor of the Women's Network and a member of the Management Committee, the most senior governing leadership body at the firm. NY Post Receives Flak for Calling Potential Successor to Goldman Sachs When I started as chief strategy officer, I had, of course that realization that you said exactly, which is okay, Ive been at Goldman Sachs 17, 18 years and Ive been sitting in the investment bank and Ive learned a lot, but there is a lot about what we even do at Goldman Sachs that I dont understand. 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. Im excited to see how that develops. Global Financial Health Launch Decision: Send Em! Build a resilient workforce by prioritizing finhealth for employees. Solomon, who recently laid off more than 3,200 workers in what was dubbed "David's Demolition Day," was pounded with questions from Wall Street analysts about the bank's . Got it. And so what are we? And the question, which is kind of an obvious question is why now? Goldman Sachs executives to rally investors in New York | Reuters 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. And then we have this great program where we work with companies on financial wellness for their employees and we call that Ayco. Correction: A previous version of this article mistakenly stated that Cohen became a managing partner at Goldman Sachs in 2008. Jennifer, it is great to be here. Cohen joined Goldman Sachs as an Analyst in 1999, was named Managing Director in 2008 and Partner in 2014. 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. The Guys From 'Government Sachs' - The New York Times Our people find Dallas a really, really great place to live and raise a family.. We'll send you a myFT Daily Digest email rounding up the latest Goldman Sachs Group news every morning. Stephanie Cohen: And weve turned that into a lot of different financial products, but the reality is were just trying to solve those problems for consumers. And so were doing that with Apple, but also well do it with General Motors. Financial Health Pulse 2022 Chicago Report, Jennifer Tescher | Leaning Forward for FinHealth. Looks like you have exceeded the limit to bookmark the image. 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. Its great for a woman to be achieving this level of success at Goldman and shes certainly capable of going further," Nugent said. You should spendmoney on things that truly make you happy. Since the start of this year, Cohen has held the weighty title of chief strategy officer leading a team that helps decide where the bank should pursue new lines of business or acquisitions of its own. We do it externally. Stephanie is head of Private Equity in Asia and global co-head of Growth Equity within Goldman Sachs Asset Management. Im Jennifer Tescher, and Id love to hear your ideas for future guests and your reactions to the show. Text. It could be meal delivery services, paying for working out, or makeup and clothes. And one of the things that we kind of put out there in the wild was this idea of being able to pay your credit card bill multiple times a month in the Apple cart. Stephanie Cohen is Goldman Sachs' Chief Strategy Officer and an Ex Officio member of the Management Committee. Stephanie Cohen: Hier kommt Frau Goldman Sachs. DuringStephanie Cohens first 15 years at Goldman Sachs, her career ladder didnt look much different than that of a typical investment banker. I was a big bank diversity hire. We want to be your primary bank. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. Jennifer Tescher: Prior to her current role, Stephanie drove strategy, M&A, strategic investing, and partnerships as the firm's chief strategy officer. Chief Strategy Officer, Goldman Sachs Much has been made over the past few months about Stephanie Cohen's age. This copy is for your personal, non-commercial use only. 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.