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. Secondly, culturally. Earlier in her career, Ms. Cohen worked in New York in the M&A department. How big the Dallas operation will get is a source of regular speculation in the North Texas real estate community. Particularly consumers in Marcus, youve talked a lot about the role youre in now is really about people. 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. 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. We want to be your primary bank. As of February 2017, she continues to serve as an advisory director at Goldman Sachs, after retiring from leadership of its Global Markets Institute. And so I did that and I mirrored that with my people. You should spendmoney on things that truly make you happy. The world is awash in capital and you never see that. Im excited to see how that develops. 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. Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. Because maybe the content, or for example, we have something called Marcus Insights, which helps people aggregate their accounts and really provide insights into how theyre spending their money and better budget. Stephanie Cohen, Goldman's co-head of consumer and wealth management, is working on setting up a second base for herself in Dallas. We've detected you are on Internet Explorer. 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. Stephanie Cohens first 15 years at Goldman Sachs, her career ladder didnt look much different than that of a typical investment banker. 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. Goldman Sachs Group Stephanie Cohen: 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. Yeah. She joined Goldman Sachs as an Analyst in 1999, was named Managing Director in 2008 and Partner in 2014. She also spearheaded . 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. 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. 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. Shared by Stephanie Cohen At a critical moment for women's and family health, I am proud to share news of Maven Clinic's Series E, led by General Catalyst. I think Goldman has a growing number of excellent women at the firm. But advertising revenue helps support our journalism. Prior to her current role, Stephanie drove strategy, M&A, strategic investing, and partnerships as the firm's chief strategy officer. Stephanie Cohen: My moms a teacher and its just something. Getting out of our silos, hearing from other people, other perspectives we might not hear from otherwise and finding the interconnections. Goldman plans to add checking to Marcus later this year but doesnt have a set date, Cohen said. Measurement made easy for your organization. Im Jennifer Tescher, and Id love to hear your ideas for future guests and your reactions to the show. Jung, weiblich, Bankerin: Stephanie Cohen macht bei Goldman Sachs Karriere. ", 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 the question, which is kind of an obvious question is why now? Its going to be two this year. It was a pre-COVID time period. Apple Is the idea here that Marcus customers eventually become Goldman Sachs customers, if you will? Hier kommt Frau Goldman Sachs. Learn about the important intersection of healthcare and financial heath. Looks like you have exceeded the limit to bookmark the image. 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. 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? Talk a little bit about how Marcus has evolved and where you see that business heading now that youve reached, say adolescence. And there are so many different organizations and Jen, your organization is one of them where, how can we all work together to try to fix this? Bringing in young talent and training those people will benefit not just Goldman but other companies around the city looking for engineering talent, she said. 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. Some of that could be due to the fact that there are fewer women in venture capital and fewer women founders. Ive run, as you said, the consumer and wealth management business with my partner, Tucker York. One, its this kind of practical thing, which is that if youre a competitive figure skater and youre going to school and youre trying to do other things, youre waking up for the 5:45 AM skating, skating before school, going to school, skating after school, getting homework done. I often say that feedback is a gift and I had a lot of people who gave me a lot of feedback along the way. Financial Health Pulse 2022 Chicago Report, Jennifer Tescher | Leaning Forward for FinHealth. Youve got to figure out whats important to you and what you really want to spendmoney on. Ms. Cohen also led Launch With GS, Goldman Sachs $1 billion commitment to invest in companies and investment managers with diverse leadership, as well as GS Accelerate, the firms in-house innovation engine. That makes a lot of sense. 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. Welcome to EMERGE Everywhere. It'll just take a moment. 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. First, Goldman Sachs CEO David Solomon said it. Cohen is now the committees youngest, with the rare label of ex officio" member. The San Francisco bank entered into a multiyear partnership with Choice Hotels, which operates brands such as Radisson, Comfort and Econo Lodge. On September 29, 2020, Stephanie Cohen, Goldman Sachs' Chief Strategy. 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. And in that business, we have two different pieces, one, which is Marcus, which you mentioned, which helps customers save, borrow, and soon invest and spend. Here are her five best pieces of advice on work and personal finance for professional women. 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. The . The Wall Street heavyweight, which had about 44,000 global employees at the end of 2021, is particularly focused on engineering talent in Dallas-Fort Worth, said Stephanie Cohen, who co-leads the consumer and wealth management division at Goldman. More than 90% of appraisers are white, and researchers have found that bias leads to lower valuations for homeowners of color. Stephanie Cohen is one the bank's highest-ranking female . 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. The 9 biggest takeaways from Goldman Sachs' investor day, from a tense Q&A with CEO David Solomon to the tater tots for breakfast. Jennifer Tescher: Diversity, equity and inclusion are core to our mission, see why. By continuing to use our site you agree to our. Where does the bank and the Fed go from here? Goldman Sachs. Someone get Stephanie Cohen a set of hair clippers. 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. And also, we didnt really know exactly what that was going to look and feel like, but what we figured out is actually people really do like it. And how can we serve them? And it will be interesting to think about how you leverage your vast capabilities and capital. Money 20/20 USA 2021 Speaker Oct 24, 2021 Ms. Cohen was Sector Captain for General Industrials in the Global Industrials Group and a member of the M&A Group in IBD. 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. And you asked me about the focus. And I have to say, I was a little bit surprised that that was the book you chose. Goldman Sachs has created a new consumer and wealth management division co-led by Stephanie Cohen. 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. Stephanie Cohen has been at Goldman Sachs for more than 23 years. Its not a one size fits all product and solution. Feb 2, 2021, 8:42 AM. And since then, youve begun offering all kinds of things. The bank says the candidates failed to make full disclosures. The High. 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. Im glad youre drilling in on it. And were going to be better if we do that. It could be meal delivery services, paying for working out, or makeup and clothes. General Motors Now I have to turn the conversation a little bit back to you for a minute, because youre a lifer at Goldman Sachs. Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. Wow. 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. Cohen joined Goldman Sachs as an Analyst in 1999, was named Managing Director in 2008 and Partner in 2014. Abby Joseph Cohen (born February 29, 1952) is an American economist and financial analyst on Wall Street. 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. Its great for a woman to be achieving this level of success at Goldman and shes certainly capable of going further," Nugent said. In 2019, Goldman launched an Apple credit card, and last January it rolled out a GM credit card. 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. Wells Fargo's asset cap has been in place for fi ve years, and there's no end in sight. Not much is scary after that. And that we were going to build an ecosystem around it. They are Goldman Sachs customers. She also serves as trustee for the Board of The Economic Club of New York. 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. In less than a year, Goldman Sachs has grown its North Texas presence from more than 2,000 employees to nearly 4,000. She is one of seven women named on the committee and is 10 years younger than the average man on the team. 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. 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. 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. Youve only been in this new role for just a few months and weve talked a fair bit about the great work you did when you were chief strategy officer starting in 2018. Click the AdBlock Plus button on your browser and select Disable on Observer.com. 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. And my mom who is a history teacher at some point and really cares about history and I love history and read it. Yeah, were really excited about the Marcus Invest product, which will launch this quarter. How has that influenced you? Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. and 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. This is good-return investing.". Goldman Sachs Group Inc's Chief Executive David Solomon and top executives will give investors an update on their strategy on Tuesday. But Ive also noticed that when women start talking to friends about business ideas, they actually want to help each other.. Stephanie Cohen: I think I learned that at a really young age. Jennifer Tescher: Now weve put a bunch of features into our products to help people make better decisions. By continuing to use our site you agree to our Terms of Use and Privacy Policy. So much. They most recently attended, or will attend, Money 20/20 USA 2021 on Oct 24, 2021 . How we set it up made it easier for them and then how it affected their lives going forward. I suspect theres also something to it about the moment were living in, the era were living in. Stephanie Cohen has been at Goldman Sachs for more than 23 years. And the reality is that is the right advice for our clients. Here are her five best pieces of advice on work and personal finance for professional women. Goldman Sachs mulls deal options after consumer flop. [1] [2] Prior to March 2008, she was the firm's Chief Investment Strategist. Her appointment this summer to Goldman Sachs' management committee made her its youngest member. Cohen declined to give projections for growth in Dallas or say whether Goldman is considering such a move. Cohens elevation to the committee followed just days later strong evidence she has the incoming CEOs confidence. 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. Yeah. We do it externally. She is a key architect of the bank's . Got it. This account of her ascent is based on interviews with people whove worked with Cohen, who asked not to be named discussing their interactions. They are part of Goldman Sachs and we are really excited to serve them with the best of Goldman Sachs digitally. And the great thing about what were going to do with Marcus Invest and kind of in contrast to some of whats been going on over the last couple of weeks, is were going to take that capability, the capability to provide this diversified portfolio from our advisor led business into our digitally led business and really bring the best of Goldman Sachs capabilities and products to hopefully millions of consumers. And so, while theres a lot of sadness in that, were hopefully, the idea is turning that into opportunity. And I talked to you about three things that I think have helped me and the teams around me be successful. Jennifer Tescher: Correction: A previous version of this article mistakenly stated that Cohen became a managing partner at Goldman Sachs in 2008. Marcus is Goldman's digital-first consumer bank, offers customers saving accounts, personal loans and investment advisory services. And hopefully again, thats millions of customers that we will speak to and we can be helpful to. She is now even given the place at the top of the bank. Youve begun offering credit beyond debt consolidation. Goldman Sachs CEO shuffles consumer banking, wealth management leaders [CNBC] Tags. Prior to her current role, Stephanie drove strategy, M&A, strategic investing, and partnerships as the firms chief strategy officer. And then on the other side of the people equation is our clients and our customers. You can learn more about how we use cookies by reviewing our Privacy Policy.Dismiss, Global Co-Head of Consumer and Wealth Management. 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. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. 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.. . She was previously based in New York where she reported for The Motley Fool, TheStreet and Business Insider. 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. 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. And so I would expect that some of this will end up being, as you said, not necessarily directly, but through partners. 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. Marcus. These stories and more in banking news this week. Tell us a little bit about where you expect to focus most of your time and attention this year. Certainly youre gifted and talented. And so I did that. We get it: you like to have control of your own internet experience. "We have savings, lending, investing, and we're close to launching checking. Stephanie Cohen: Ms. When Goldmans board gathered on the West Coast in late June, she gave a presentation on that groups work. 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. The bureaucratic asterisk is likely meant to avoid upsetting senior executives whove spent much longer trying to get on the panel, without luck. Outside of work, Cohen spends time with her husband and young son, who "helps me hone my negotiation skills," she laughs. 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, cohead of Goldman's consumer and wealth group, is the only woman heading one of the bank's primary business divisions. Cindy Ord/Getty Images for Girlboss Rally NYC 2018. There werent a lot ofinvestment bankers that looked like me. Stephanie, welcome to Emerge Everywhere. And by the way, how it made them actually better customers over time, because we got them through a really tough period. Jennifer Tescher: 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. Youve mentioned the fact that soon youre going to be launching a new set of investment options and opportunities. 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 . CompTIA expects that to grow to nearly 7,700 net new positions this year, the fifth-highest total nationally. 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. Its complicated. Cohen, 41, joined Goldman Sachs in. DuringStephanie Cohens first 15 years at Goldman Sachs, her career ladder didnt look much different than that of a typical investment banker. Im glad that you talked about inclusive capitalism because one of the more notable pronouncements from your boss, Goldman chair and CEO David Solomon, was that Goldman was only going to be willing to take companies public if they had at least one woman on their board. For the best Barrons.com experience, please update to a modern browser. For example, when I am 60 and look back, what might I need the most? Mr . 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. She graduated cum laude from New York University and received an M.B.A. in May from Indiana University. 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Diversity in the ranks at Goldman and at the companies it invests in is a priority for Cohen. She went on to a more traditional M&A role in the industrials team. Goldman Sachs has chosen Stephanie Cohen as co-head of its consumer and wealth management . And this year were going to launch Marcus Invest and checking and a credit card partnership with General Motors. 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. 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. You mentioned the Apple card. 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 Jennifer Tescher, journalist turned financial health champion. And I really got to know them on a totally new level because they were talking to me about their lives and their goals and their dreams and how we could be helpful. 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. When I walked into a board room, theyd expect a very tall man, but instead theyd get a relatively shortwoman. In so many ways. And we think that this is a great way for people to think about investing. 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 . 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. Stephanie Cohen: 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. But she is quick to point out that this is no PR ploy on behalf of the bank: "This is not philanthropy. And then it turned on Robinhood and Goldman is in such an interesting place because youre both Wall Street and youre a FinTech in a way. 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. 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. How do you look at the data in a way that really helps you? In this article that I had written, I talked about how originally, the mob was after Wall Street, if you will. And then because while we can access millions of customers, the way that we can really have impact is by taking those capabilities and embedding it into the ecosystems of our partners. You mentioned Marcus, I think its fair to say that four plus years ago when Goldman Sachs launched Marcus, it wasnt exactly what anyone was expecting to have a titan of Wall Street, all of a sudden building a business to focus on the financial needs of everyday people. 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. 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.

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