By the way, a lot of people who spend their careers in financial services. For example, when I am 60 and look back, what might I need the most? Its pretty amazing feat that youve managed to essentially build a homegrown digital business from inside this storied institution. "LeaseQuery has found a way to deliver easy-to-use solutions to their clients' complex problems," said Stephanie Cohen, Goldman Sachs' chief strategy officer who founded Launch With GS, an . Jennifer Tescher: Global Financial Health Launch Decision: Send Em! We've detected you are on Internet Explorer. I love it and its the advice I give people all the time. She went on to a more traditional M&A role in the industrials team. Theres a savings portion of Marcus. The business is not yet profitable but is expected to hit revenue of $4 billion by 2024, she said. Meet the forward thinking leaders challenging the status quo and unleashing creative new ways of improving financial health by seeing their customers, employees, and communities in 3D. Goldman also will provide six student scholarships for $10,000 each at UTD over the next three years. . And so I would really, I would kind of exclamation point on that point. 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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. 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. Thank you for inviting me. Jennifer Tescher: We want to be your primary bank. And the thing I say all the time is that you cant talk about these things in two different places. Im actually a former journalist. Dallas is now Goldmans second-biggest U.S. office outside of New York, surpassing Salt Lake City. 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. Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. Goldman Sachs has created a new consumer and wealth management division co-led by Stephanie Cohen. Its a great point. Im Jennifer Tescher, and Id love to hear your ideas for future guests and your reactions to the show. Consequently, they can be prickly customers. Its not a one size fits all product and solution. You went there right out of graduating from the University of Illinois and youve experienced a tremendous amount of success. You are just one step away from creating your watchlist! Become a business insider with the latest news. And the reason why we decided now was the right time for Goldman Sachs is because one, technology. 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. Figuring out how what youre doing is affecting people. Tell me more about that choice and sort of what youve learned from it. Or what lessons have you taken from that and in your leadership roles at Goldman? I talked a little bit about all the businesses that Tucker and I are managing and they include these advisor led wealth management businesses that we have been in for decades. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. How we set it up made it easier for them and then how it affected their lives going forward. 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. 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. Because consumer banking has been around for a really long time. 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 I found the book and it was incredibly interesting, but also devastating in so many different ways, because it was very clear that the financial system was not working for most people. Feb 2, 2021, 8:42 AM. Youre one of the few women whos risen to that level. A great question. That thats clearly a very important part of your role and has been. Dallas is quite central, Cohen said. 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. 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. NEW YORK (Reuters) -Goldman Sachs Group Inc's Chief Executive David Solomon told investors on Tuesday the bank is considering "strategic alternatives" for its consumer arm, raising prospects for a . The company had previously partnered on its credit cards with Barclays. When I walked into a board room, theyd expect a very tall man, but instead theyd get a relatively shortwoman. In mid-July, the company announced it will promote David Solomon to succeed Lloyd Blankfein as chief executive officer. Yeah, I think its this idea of being a learner. 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. 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. Prior to assuming her current role, Ms. Cohen was Co-Head of the Consumer and Wealth Management Division. 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. Goldman Sachs Group Inc's Chief Executive David Solomon and top executives will give investors an update on their strategy on Tuesday. 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. Net revenues for the consumer business in the second quarter were $608 million, 67% higher than the second quarter of 2021, primarily reflecting significantly higher balances on both credit card balances and higher deposit balances. Your session has expired, please login again. As an investment banker for close to 20 years, my presence in board rooms was often an anomaly. 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. And so I did that and I mirrored that with my people. Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. 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. 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. More than 90% of appraisers are white, and researchers have found that bias leads to lower valuations for homeowners of color. The consumer and wealth management team in Dallas is close to 1,200 now, which is about how many are on the same team in New York, said Cohen, who also noted that employees are back in the office in the U.S. Cohens division, consumer and wealth management, includes the consumer banking platform Marcus, which launched in 2016 followed by an app in January 2020 that allows consumers to do everyday banking. 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. And then we have another part of that business where we embed our capabilities into the ecosystems of our partners and thats basically what were doing with the Apple 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, 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. She is the daughter . After getting an offer to work at Goldman Sachs in investment banking out of school, she thought she would work there for two years and then attend law school. [1] [2] Prior to March 2008, she was the firm's Chief Investment Strategist. Prior to her current role, Stephanie drove strategy, M&A, strategic investing, and partnerships as the firms chief strategy officer. In a sign of her rising stature, Cohen was selected to lead the creation of a new unit to service a critical client base for Goldman Sachs the private-equity firms, family offices and other strategic investors who are a force of their own in the deal-making world. One, we want to be the bank on your phone. 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. 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? and expects to roll out digital checking accounts in the next few months. 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 we think that this is a great way for people to think about investing. Stephanie Cohen Global Head of Platform Solutions February 2023. Goldman Sachs has tapped a former Uber executive to lead its fledgling consumer banking division, . Goldman Sachs has chosen Stephanie Cohen as co-head of its consumer and wealth management . And that we were going to build an ecosystem around it. Youve mentioned the fact that soon youre going to be launching a new set of investment options and opportunities. Explore how to make financial services a force for good. And how do you feel about essentially being a change agent in this way? And you talked about that mission, and I want to come back to it because it really is there every day when our people design our products. And so, while theres a lot of sadness in that, were hopefully, the idea is turning that into opportunity. She also spearheaded . 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. She is one of seven women named on the committee and is 10 years younger than the average man on the team.
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