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? And that has definitely been sped up by whats gone on with COVID. Were really excited about our Marcus Invest launch and were really excited internally because it brings together the best of our wealth management business with the best of our consumer business. Earlier in her career, Ms. Cohen worked in New York in the M&A department. Money 20/20 USA 2021 Speaker Oct 24, 2021 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. Stephanie Cohen to co-head consumer and wealth management at Goldman 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. You can use that as something that bothers you, or you can use that as a point of differentiation. 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. And the reason why we decided now was the right time for Goldman Sachs is because one, technology. Build a resilient workforce by prioritizing finhealth for employees. And so this real focus on execution, which I no doubt learned by being a mergers and acquisitions banker inside of Goldman Sachs. Stephanie Cohen: Voice of Experience: Stephanie Cohen, Managing Director, Goldman Sachs 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. And so hopefully people see when they go on our app or go on our website, that our language is easy to read and clear. 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? 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. Stephanie Hui - Partner - Goldman Sachs | LinkedIn My husband and I were talking about it last night, we all still need a lot of help. My Doctor Online | Stephanie Cohen - Kaiser Permanente Prior to her current role, Stephanie drove strategy, M&A, strategic investing, and partnerships as the firm's chief strategy officer. Sign In. Speaker Bio: Stephanie Cohen is Goldman Sachs' Chief Strategy Officer and a member of the Management Committee. She serves on the Partnership Committee, and is also on the Board of Advisors of Launch With GS, Goldman Sachs' $1 billion investment strategy grounded in the belief that diverse teams drive strong returns. I went on a listening tour. In mid-July, the company announced it will promote David Solomon to succeed Lloyd Blankfein as chief executive officer. To order presentation-ready copies for distribution to your colleagues, clients or customers visit http://www.djreprints.com. Goldman Sachs is exploring "strategic alternatives" for its nascent consumer banking business. And so I did that and I mirrored that with my people. Ms. On September 29, 2020, Stephanie Cohen, Goldman Sachs' Chief Strategy. Why Goldman's Marcus project failed and what it means for CEO Solomon Prior to her current role, Stephanie drove strategy, M&A, strategic investing, and partnerships as the firms chief strategy officer. Stephanie Cohen is one the bank's highest-ranking female . The activist investor is crying foul, claiming the Dallas-based bank harassed one of his board candidates into withdrawing and rejected the nomination of another. We have the ability to have access to our clients in Texas but also more broadly across the United States and internationally. to talk about career, money and life. And then we did savings. . Stephanie Cohen is now the management committee's youngest, with the rare label of 'ex officio' member. Stephanie Cohen: Stephanie joined Goldman Sachs as an analyst in 1999, was named managing director in 2008, and became a partner in 2014. My moms a teacher and its just something. 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. We recommend using Google Chrome, Mozilla Firefox, Apple Safari, or . And then to your point, the clients and the customers in those businesses that were ultimately serving. Stephanie Cohen is Global Head of Platform Solutions and a member of the Management Committee. 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. 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. Im wondering how youre viewing that experience in light of the coming launch of these new products for Marcus customers? That thats clearly a very important part of your role and has been. 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. Is the idea here that Marcus customers eventually become Goldman Sachs customers, if you will? <p><img src="https://static1.businessinsider.com/image/5c40b6cbb492cb3ebd48300a-2400/gettyimages-1048898186.jpg" border="0" alt="Goldman Sachs CEO David Solomon" data . How big the Dallas operation will get is a source of regular speculation in the North Texas real estate community. A Goldman Sachs lifer who rose through the ranks of mergers and acquisitions after starting as an analyst fresh out of college, Stephanie Cohen, 42, became chief strategy officer in January. 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. And so, one of the things we certainly talk about is the board initiative, which was that we werent going to take companies public unless they had at least one diverse board member. 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. Most Powerful Women in Banking: No. 12, Stephanie Cohen, Goldman Sachs 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. Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. 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. Yeah, I think its this idea of being a learner. 1 Executive Summary Primary drivers Key focus areas INVESTOR DAY 2023 PLATFORM SOLUTIONS . The Guys From 'Government Sachs' - The New York Times He will report to Stephanie Cohen, Goldman's global co-head of consumer and wealth management. Certainly youre gifted and talented. Goldman Sachs Continues to Simplify With Personnel Moves And how can we serve them? Goldman Sachs to invest $500 mln in women-run companies This is a subscriber only feature Subscribe Now to get daily updates on WhatsApp. Best of Both Worlds: Goldman Sachs' Stephanie Cohen Jo Ann Barefoot Secondly, culturally. Yeah, were really excited about the Marcus Invest product, which will launch this quarter. We want to be your primary bank. 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. In the latest in a rapid career of. 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. And I talked to you about three things that I think have helped me and the teams around me be successful. "We have savings, lending, investing, and we're close to launching checking. We're getting to the moment where we can help someone holistically manage their financial lives," Stephanie Cohen,. When Goldmans board gathered on the West Coast in late June, she gave a presentation on that groups work. Stephanie Cohen Authors/Speakers Financial Health Network Goldman plans to add checking to Marcus later this year but doesnt have a set date, Cohen said. Prior to assuming her current role, Ms. Cohen was Co-Head of the Consumer and Wealth Management Division. 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. We call those businesses, private wealth management and personal financial management. Jennifer Tescher: This copy is for your personal, non-commercial use only. On September 29, 2020 .