What it really was, was it was where people went when they had really great ideas and they just wanted to get it done. Now weve put a bunch of features into our products to help people make better decisions. Cohen, whos worked with large corporate clients including 3M Co. a relationship previously fostered by Solomon was named to the strategy post after Stephen Scherr, the previous mantle-holder, was tapped to build out the consumer-banking unit. Stephanie Cohen is Goldman Sachs' Chief Strategy Officer and an Ex Officio member of the Management Committee. Talk to me a little bit about how thats happened. And what we are and what were trying to become is we have these two self reinforcing strategies. Stephanie, welcome to Emerge Everywhere. Stephanie Cohen: Its pretty amazing feat that youve managed to essentially build a homegrown digital business from inside this storied institution. It was in some respects kind of an embarrassing realization to have worked in financial services for almost two decades and to realize that I didnt understand how the financial system operated and there were really complicated parts of the financial system that I understood from a capital markets perspective, but from a day to day, how does an average American experience the financial services system? 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. To read our full stories, please turn off your ad blocker.We'd really appreciate it. How we set it up made it easier for them and then how it affected their lives going forward. 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. On September 29, 2020, Stephanie Cohen, Goldman Sachs' Chief Strategy. 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. https://www.barrons.com/articles/barrons-100-most-influential-women-in-u-s-finance-stephanie-cohen-51615543200. And of course, people want access to an advisor. 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. Im actually a former journalist. . 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. But advertising revenue helps support our journalism. And then we did savings. Jennifer Tescher: Ultimately, I think thats, to your point on this moment in time, I think were in a place where the world is changing so fast that knowing every single about history is important. And by the way, that portfolio is different for different people. Stephanie earned an AB in Biology, summa cum laude, from Harvard . 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. Great. Secondly, culturally. This copy is for your personal, non-commercial use only. Because you cant do things exactly the same way. This has been EMERGE Everywhere, a Financial Health Network production. Stephanie Cohen, cohead of Goldman's consumer and wealth group, is the only woman heading one of the bank's primary business divisions. Yeah. The business is not yet profitable but is expected to hit revenue of $4 billion by 2024, she said. 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. 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. And it will be interesting to think about how you leverage your vast capabilities and capital. Im realizing through this conversation that youre really a culture builder. Sign In. Goldman now has credit-card deals with and expects to roll out digital checking accounts in the next few months. 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. And so now one of the things, weve tried and a new skill actually inside of Goldman, which is this experimentation. Over 99% goes to all white teams. They are not only of course the right thing to do, but it is the only way to run the business. She is one of seven women named on the committee and is 10 years younger than the average man on the team. Internet Explorer is no longer supported on our website. Goldman Sachs managers say one takeaway of the pandemic. Earlier in her career, Ms. Cohen worked in New York in the M&A department. By doing that, you can actually, authentically be the person you want without assuming that you have to be someone else., Sam Bankman-Frieds Deceptions Allegedly Include Millions in Illegal Campaign Contributions, The Fed Raises Rates as Expected, But Spooks Investors With a Gloomy Forecast, Meta Is Sued for Allegedly Profiting From Hateful Content on Facebook in Ethiopia, Twitter Suspends @ElonJet, the Account Tracking Musks Private Flights. You can use that as something that bothers you, or you can use that as a point of differentiation. In 2008, she managed Conflicts and Business Selection for IBD in the Americas. Youre one of the few women whos risen to that level. Talk a little bit about how you do that as a leader. 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. Goldman Sachs Group Inc will pump $500 million into companies led, . An error has occurred, please try again later. And hopefully again, thats millions of customers that we will speak to and we can be helpful to. Jennifer, it is great to be here. 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. Chief Strategy Officer, Goldman Sachs Much has been made over the past few months about Stephanie Cohen's age. "We believe that there is a real need for consumers to better manage their financial lives, and we have the capabilities to serve them," Cohen said. 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. And then on the other side of the people equation is our clients and our customers. Here are her five best pieces of advice on work and personal finance for professional women. And theres a way to do that for a Marcus customer, but maybe theres over time a different way to do that for a General Motors customer or others that we partner with. Financial Health Pulse 2022 Chicago Report, Jennifer Tescher | Leaning Forward for FinHealth. Stephanie Cohen: A Goldman Sachs banker will have to pay his ex-wife more cash after she appealed her 2 million divorce settlement despite being set to inherit 100 million from her Saudi father. Whether thats direct disbursements in our loans, meaning when you sign up for a Marcus loan, we can directly pay off your other debts. Goldman plans to add checking to Marcus later this year but doesnt have a set date, Cohen said. As the banks chief strategy officer, she brought clarity and focus, including a new commitment to diversity and inclusion. 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 when I was in my role as chief strategy officer, we created this thing called Accelerate, which we call our internal innovation engine. Speaker Bio: Stephanie Cohen is Goldman Sachs' Chief Strategy Officer and a member of the Management Committee. 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. So, youre just moving into this new role as global co-head of consumer and wealth management and this puts you in charge of the consumer bank and Marcus by Goldman Sachs. 117-14 _____ Printed for the use of the Committee on Natural . There werent a lot ofinvestment bankers that looked like me. How do you look at the data in a way that really helps you? Some there have earmarked her as a candidate to become the first woman to lead the investment banking division, the banks most profitable arm. And that has definitely been sped up by whats gone on with COVID. Then President John Waldron repeated it. 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. These stories and more in banking news this week. I didnt have that term before, but as a giver. I suspect theres also something to it about the moment were living in, the era were living in. And we think that this is a great way for people to think about investing. Sometimes you have to tell people what they dont want to hear, and shes among the best Ive seen when she gives advice," said Eileen Nugent, a senior M&A lawyer who has advised on buyouts. 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. I suspect that theres only so far a brand like Marcus can go in terms of meeting the needs of underserved consumers. Oops! Jennifer Tescher: Her appointment this summer to Goldman Sachs' management committee made her its youngest member. Im a lifelong learner. Abby Joseph Cohen (born February 29, 1952) is an American economist and financial analyst on Wall Street. She is also a Global Executive sponsor of the Women's Network. Do you have any ideas or things youve thought about in terms of how to leverage your capabilities in this regard? She also serves as trustee for the Board of The Economic Club of New York. A step-by-step guide for HR professionals. Outside of work, Cohen spends time with her husband and young son, who "helps me hone my negotiation skills," she laughs. Theres the customer calls, which I love listening to. 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. Are you okay? And being really happy because you could tell that you were almost there. Im doing it every day. Our people find Dallas a really, really great place to live and raise a family.. And I talked to you about three things that I think have helped me and the teams around me be successful. And so we created Launch with GS, which was our commitment to closing the diversity investing gap, where we said we were going to invest in companies founded, owned and led by diverse founders and diverse management. When Goldmans board gathered on the West Coast in late June, she gave a presentation on that groups work. Shell be among seven women on the 33-person panel. "They are like-minded brands that are meeting people where they are," Cohen said. "We have 500 corporate clients, and we have the ability to provide financial wellness to all levels of employees," she said. 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. And besides those numbers being kind of horrific, they are a misallocation of capital. And so were having a great time, really engaging with our team. Tell us a little bit about where you expect to focus most of your time and attention this year. And the thing I say all the time is that you cant talk about these things in two different places. Im a big question asker too. She started as an analyst in 1999 and has held a series of leadership positions in mergers and acquisitions. Global Financial Health Launch Decision: Send Em! In so many ways. Im Jennifer Tescher, journalist turned financial health champion. And we think it does help people better manage their finances. And how can we serve them where they are with the capabilities of Goldman Sachs? Stephanie Cohen, MFT is a specialist in Psychiatry: Child/Adolescent who has an office at 710 S Broadway Street, Walnut Creek, CA 94596 and can be reached at 1-925-295-4145. Stephanie Cohen: Im wondering how youre viewing that experience in light of the coming launch of these new products for Marcus customers? Jennifer Tescher: 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. This account of her ascent is based on interviews with people whove worked with Cohen, who asked not to be named discussing their interactions.