Ive run, as you said, the consumer and wealth management business with my partner, Tucker York. By years end, 40% of its employees were working in those locations, the company said. Stephanie Cohen: Hier kommt Frau Goldman Sachs - FAZ.NET Money 20/20 USA 2021 Speaker Oct 24, 2021 And I raise all of that because its really important that this idea of inclusion and diversity gets to every level of the organization and people realize how deeply embedded it is in your business and your strategy and Launch with GS is an example of, the board initiative is an example, but there are many others. But in Marcus and in consumer, we want to bring the best of Goldman Sachs capability to them directly on their phone, wherever they are and however they want to be served. And as youve mentioned, weve been through an evolution and the reality is we had to start somewhere so we started with loans as you talked about and we really felt like we were doing that in a different way and were proud of what we launched. H.r. 2021, ``Environmental Justice for All Act'' Stephanie Cohen is joining Goldman's most elite tier, as its - mint Were looking for mission-driven people to join our team. 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? And we are lucky because we get to spend our entire days focusing on people. Financial Health Pulse 2022 Chicago Report, Jennifer Tescher | Leaning Forward for FinHealth. It doesnt have to be one thing or the other; its about making spending decisions consciously rather than scrolling on your phone and thinking about what youshould spend on., What Ive noticed at Goldman Sachs isthat men tend to talk about investment opportunities amongst each other. 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. But I would sit in meetings and just be like, Im sorry, Im just going to ask this from the most basic level. And to this point of financial services being really complicated, I think lots of people sit in a lot of meetings and everyone else thinks that everyone else understands something and they actually dont. And in this new role in particular, but I was doing some of this as chief strategy officer, but now doing much more of it, I think you really have to figure out how you can listen to customers directly. And the idea really brings together the reason by the way, why we have our consumer and wealth management businesses all together. Marcus. I really enjoyed hearing about how you go about listening. And in doing that, we want to fundamentally change the way people experience financial services and in doing that improve their lives. Jung, weiblich, Bankerin: Stephanie Cohen macht bei Goldman Sachs Karriere. Prior to her current role, Stephanie drove strategy, M&A, strategic investing, and partnerships as the firm's chief strategy officer. When Goldmans board gathered on the West Coast in late June, she gave a presentation on that groups work. Stephanie Cohen has participated in 2 events. One, it affects how you manage your own people. Download the Mint app and read premium stories. Shes about 10 years younger than the average man already on the committee, after becoming a partner just four years ago. And weve turned that into a lot of different financial products, but the reality is were just trying to solve those problems for consumers. Unfortunately, weve been getting to know most of them over Zoom, which is not nearly as much fun as getting to know people in person, but we get to visit peoples homes through Zoom and see their kids and their pets. And of course, people want access to an advisor. 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. Stephanie Cohens first 15 years at Goldman Sachs, her career ladder didnt look much different than that of a typical investment banker. 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. Stephanie Cohen, culture builder, lifelong learner, thanks so much for joining me on Emerge Everywhere. The regions tech workforce is projected to expand 17% over the next decade. Talk a little bit about how Marcus has evolved and where you see that business heading now that youve reached, say adolescence. Because consumer banking has been around for a really long time. Well, I think Im biased, but I think I have the best job at Goldman Sachs. See you next time. 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. Since the start of this year, Cohen has also transitioned from investment banking to serve as the bankschief strategy officer,leading a team that decides where the bank should pursue new lines of business. Cohen, 41, joined Goldman Sachs in. The 9 biggest takeaways from Goldman Sachs' investor day, from a tense Q&A with CEO David Solomon to the tater tots for breakfast. Great. She also spearheaded . Click the AdBlock Plus button on your browser and select Enabled on this site. Some of that could be due to the fact that there are fewer women in venture capital and fewer women founders. Goldman taps former Uber executive to lead its consumer bank See our career opportunities. Apple Stephanie Cohen, head of platform solutions, said scale would help the business reach profitability by 2025. One, we want to be the bank on your phone. Where does the bank and the Fed go from here? She is also a Global Executive sponsor of the Women's Network. Tiger Trump and nothing to ex-husband Donald Trump. And so I did that. Mr . Things like auto pay. Goldman Sachs | In The News - Closing the Gender Investing Gap Stephanie Cohen is Global Head of Platform Solutions and a member of the Management Committee. 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. Not much is scary after that. 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 Continues to Simplify With Personnel Moves We do it internally. I suspect that theres only so far a brand like Marcus can go in terms of meeting the needs of underserved consumers. Theres the customer calls, which I love listening to. And so the next question is, how do you listen to the data? Youve begun offering credit beyond debt consolidation. She also serves as trustee for the Board of The Economic Club of New York. Ms. Cohen serves on the National Board of Directors of College Spring and as a member of the Board of Quill.org. And so what were really saying is were really proud advocates for inclusive capitalism and theres no better way to do that than to serve millions of consumers. 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. 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 earned an AB in Biology, summa cum laude, from Harvard . Stephanie Cohen: On Monday, the company unveiled a branded terrace at the University of Texas at Dallas in Richardson that it hopes will inspire students to want to learn more about Goldman Sachs, she said. Goldman Sachs picks first woman to run large division in years Already, Steven Mnuchin has been tapped as Treasury secretary, Stephen K. Bannon was named senior adviser and Gary D. Cohn, Goldman's president, is expected to direct the National Economic Council. Goldman plans to add checking to Marcus later this year but doesnt have a set date, Cohen said. But by the way, you cant do that always at scale. I suspect theres also something to it about the moment were living in, the era were living in. The company had previously partnered on its credit cards with Barclays. And since then, youve begun offering all kinds of things. David Solomon says Goldman Sachs is exploring 'strategic alternatives Cohen declined to give projections for growth in Dallas or say whether Goldman is considering such a move. 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. Jennifer, it is great to be here. You are now subscribed to our newsletters. Im Jennifer Tescher, journalist turned financial health champion. We recommend using Google Chrome, Mozilla Firefox, Apple Safari, or . Stephanie Cohen, the 'female banker' is surely one to shatter the glass ceiling, all the CEOs of Goldman Sachs so far have been old white men. Its really complex. "They are like-minded brands that are meeting people where they are," Cohen said. And in order to do that, youve got to do a couple of things. Jennifer Tescher: You can use that as something that bothers you, or you can use that as a point of differentiation. The strategy document identifies potential avenues for cutting cybercriminals off from financing, as well as other actions banks can take. And the question, which is kind of an obvious question is why now? DuringStephanie Cohens first 15 years at Goldman Sachs, her career ladder didnt look much different than that of a typical investment banker. She graduated cum laude from New York University and received an M.B.A. in May from Indiana University. Stephanie Cohen, a 41-year-old grad of the University of Illinois at Urbana-Champaign, has charted a rapid rise inside Goldman Sachs, landing a seat on its most-coveted decision-making. 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. If you liked this episode, please review the show and subscribe wherever you get your podcasts. Jennifer Tescher: 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. Goldman Sachs Group Inc's Chief Executive David Solomon and top executives will give investors an update on their strategy on Tuesday. Jennifer Tescher: Bill Goldman, 38, historian, philanthropist and Levi Strauss heir Goldman Sachs CEO David Solomon Is Shaking Things Up at Wall Street's Goldman also will provide six student scholarships for $10,000 each at UTD over the next three years. We have businesses that do that and were really excited to do that as well. Voice of Experience: Stephanie Cohen, Managing Director, Goldman Sachs Goldman Sachs Group Inc's Chief Executive David Solomon and top executives will give investors an update on their strategy on Tuesday. 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. 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. A Flagstar executive said the mortgage-focused bank is "not just going to sit on the sidelines and watch this happen.". Stephanie Cohen: Goldman Sachs mulls 'strategic alternatives' for consumer business Jennifer Tescher: Certainly youre gifted and talented. 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. <p><img src="https://static1.businessinsider.com/image/5c40b6cbb492cb3ebd48300a-2400/gettyimages-1048898186.jpg" border="0" alt="Goldman Sachs CEO David Solomon" data . Im Jennifer Tescher, and Id love to hear your ideas for future guests and your reactions to the show. 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. For Members Only Federal Credit Union in Chicago, which was founded by the African American sorority Alpha Kappa Alpha, is focused on helping members build generational wealth. 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. 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. Most Powerful Women 2019: Stephanie Cohen | Crain's New York Business 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. 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. In 2019, Goldman launched an Apple credit card, and last January it rolled out a GM credit card. Instead, I found it really helpful to look at a, people and look for things that I like or relate to. Sign In. And by the way, that portfolio is different for different people. I do think were in this moment where thats this really perfect combination for the type of world that were in. Diversity in the ranks at Goldman and at the companies it invests in is a priority for Cohen. Prior to her current role, Stephanie drove strategy, M&A, strategic investing, and partnerships as the firms chief strategy officer. And it sounds like you had to do a lot of learning because your time at Goldman, which is long, had largely been in a variety of M and A roles. Explore how to make financial services a force for good. Goldman's Stephanie Cohen rises to management committee, as youngest But advertising revenue helps support our journalism. Stephanie Hui - Partner - Goldman Sachs | LinkedIn In less than a year, Goldman Sachs has grown its North Texas presence from more than 2,000 employees to nearly 4,000. We do it externally. And so I think its embedded in your question, but I think its a fair question. How does this all fit together? Yeah, were really excited about the Marcus Invest product, which will launch this quarter. Jennifer Tescher: Close. STEPHANIE COHEN, GLOBAL HEAD OF PLATFORM SOLUTIONS, 45. Women. Do you have any ideas or things youve thought about in terms of how to leverage your capabilities in this regard? Goldman named 60 new partners on Thursday. Its going to be two this year. Stephanie, welcome to Emerge Everywhere. Goldman Shakes Up Units in Fresh Push to Win Over Investors 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. Yeah, I think that is, as we think about these two self reinforcing strategies that were pursuing consumer, thats one of the I think the really hopefully great ideas we have around it.
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