We'll send you a myFT Daily Digest email rounding up the latest Goldman Sachs Group news every morning. STEPHANIE COHEN, GLOBAL HEAD OF PLATFORM SOLUTIONS, 45. You mentioned the Apple card. And its been so fascinating to watch the frankly, explosive growth of the business. And then we have this great program where we work with companies on financial wellness for their employees and we call that Ayco. Because for us, this is a business and a strategic imperative. Im realizing through this conversation that youre really a culture builder. As the banks chief strategy officer, she brought clarity and focus, including a new commitment to diversity and inclusion. I love that you had that visceral experience from the book and particularly given the role youre in now. I went on a listening tour. To learn more about the work and research we do, please visit emerge.finhealthnetwork.org. No question. She went on to a more traditional M&A role in the industrials team. And I think in some ways, this podcast is an outgrowth of my curious nature. The San Francisco bank entered into a multiyear partnership with Choice Hotels, which operates brands such as Radisson, Comfort and Econo Lodge. Yeah. Meaning I end a lot of conversations with, How can I be most helpful to you? And I do try to give people really direct feedback because I think its the way to make them better in their own careers. Youve got to figure out whats important to you and what you really want to spendmoney on. Is the idea here that Marcus customers eventually become Goldman Sachs customers, if you will? Im doing it every day. ", 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. You cant have two different meetings where you talk about market share and growth and margins and then you have another meeting where you talk about diversity. Predict the closing value of sensex and win free subscription. Talk a little bit about how Marcus has evolved and where you see that business heading now that youve reached, say adolescence. And so I did that and I mirrored that with my people. Stephanie Cohen has been at Goldman Sachs for more than 23 years. I really felt like I hadnt learned it. Stephanie Cohen is now the management committee's youngest, with the rare label of 'ex officio' member. Cohen, 41, joined Goldman Sachs in. Stephanie is head of Private Equity in Asia and global co-head of Growth Equity within Goldman Sachs Asset Management. And I have to say, I was a little bit surprised that that was the book you chose. Stephanie Cohen: The news, which . Prior to that, Ms. Cohen was a Vice President in the Industrials and Merger Leadership Groups in San Francisco. Stephanie Cohen, head of platform solutions, said scale would help the business reach profitability by 2025. General Motors Yeah. And so I think its this, how do you do that in a way where youre excelling at things and doing something that you really love, but combining it with all the other things that you have going on in your life and balancing it. Last weekend, Cohen joined a panel at this years Girlboss Rally in New York, a two-day event to foster networking and learning among women entrepreneurs,to talk about career, money and life. And how can we serve them? Stephanie Cohen: 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. And by the way, how it made them actually better customers over time, because we got them through a really tough period. She dug into the bones of the deal and was very compelling.". Which is that theres a specific type of customer thats the Marcus customer. And at least I believe and I think its fair to say that theyre amazing. 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. Here are her five best pieces of advice on work and personal finance for professional women. 1 Executive Summary Primary drivers Key focus areas INVESTOR DAY 2023 PLATFORM SOLUTIONS . 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. Her appointment this summer to Goldman Sachs' management committee made her its youngest member. 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. In 2008, she managed Conflicts and Business Selection for IBD in the Americas. I do think were in this moment where thats this really perfect combination for the type of world that were in. Measurement made easy for your organization. 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. I love it and its the advice I give people all the time. She started as an analyst in 1999 and has held a series of leadership positions in mergers and acquisitions. And the question is, how do you do that at scale? One, we have our advisor led businesses. Cindy Ord/Getty Images for Girlboss Rally NYC 2018. Wells Fargo, eyeing growth in credit cards, lands hotel chain as partner, First Foundation row with Abbott Cooper moves closer to court, Senate Banking Republicans warn Fed not to go too far in capital review, Fed's Bowman: Regulators should monitor Treasuries market function, Flagstar gives $1 million to fix appraisal industry's lack of diversity, What banks need to know about the White House's cybersecurity strategy. You can connect with me on Twitter @JenTescher. Its great for a woman to be achieving this level of success at Goldman and shes certainly capable of going further," Nugent said. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. If her tenure there is successful, it could pave the way for Cohen to make history at the firm. We want to use simple, transparent and valuable products to help people manage their financial lives. 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. Goldman Sachs Group Inc will pump $500 million into companies led, . Tell us a little bit about where you expect to focus most of your time and attention this year. For the best Barrons.com experience, please update to a modern browser. My husband and I were talking about it last night, we all still need a lot of help. Goldman Sachs Group 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. 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. 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. Jennifer Tescher: You are just one step away from creating your watchlist! And so we felt like now is the right time where we can then take our capabilities, which were you alluded to this, but our capabilities in technology, but we could do the consumer technology with a blank sheet of paper. Senior Editor, Women's Programs, American Banker. 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. "We have savings, lending, investing, and we're close to launching checking. Stephanie Cohen: Cohens elevation to the committee followed just days later strong evidence she has the incoming CEOs confidence. DuringStephanie Cohens first 15 years at Goldman Sachs, her career ladder didnt look much different than that of a typical investment banker. . 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. Im certain that I had it before, but its really deeply ingrained in the Goldman Sachs culture, but I happen to naturally be, I guess what Adam Grant would describe as a giver. In its 2021 annual report released in February, Goldman said it had established key strategic locations that included Dallas, Salt Lake City, Singapore, Warsaw and Bengaluru. And so this real focus on execution, which I no doubt learned by being a mergers and acquisitions banker inside of Goldman Sachs. Im glad youre drilling in on it. 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. Stephanie Cohen is Global Head of Platform Solutions and a member of the Management Committee. One, it affects how you manage your own people. Stephanie Cohen: 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 we think that this is a great way for people to think about investing. The reality is that investing can be intimidating for a lot of people. We do it internally. 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. 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. But Ive also noticed that when women start talking to friends about business ideas, they actually want to help each other.. Goldman now has credit-card deals with First, Goldman Sachs CEO David Solomon said it. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. It was a pre-COVID time period. "We have 500 corporate clients, and we have the ability to provide financial wellness to all levels of employees," she said. And we are lucky because we get to spend our entire days focusing on people. 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. Prior to assuming her current role, Ms. Cohen was Co-Head of the Consumer and Wealth Management Division. Wow, this is so devastating. Now I have to turn the conversation a little bit back to you for a minute, because youre a lifer at Goldman Sachs. Because consumer banking has been around for a really long time. You should spendmoney on things that truly make you happy.
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