Click the AdBlock Plus button on your browser and select Disable on Observer.com. Goldman Sachs consumer exec Stephanie Cohen explains why the Wall Street bank just inked a $2.2 billion home-improvement lending deal Shannen Balogh and Carter Johnson Sep 15, 2021, 3:07 PM. Stephanie Cohen has been at Goldman Sachs for more than 23 years. It was here on an evening last December when roughly 100 women from the investment banking world gathered at an event billed as a leadership dinner. "So it's just a lot of fun.". Stephanie Cohen is Global Head of Platform Solutions and a member of the Management Committee. Just a week after his IPO pronouncement at the Davos conference in January, Solomon held Goldmans first-ever Investor Day featuring speeches and presentations from top Goldman execs. Key deals there included Chryslers repayment of a loan from the US government, people familiar with the matter said, asking not to be identified discussing private information. 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 body. 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. She helped the organization to secure financing for a local chapter, and the group has since spread nationwide. But Ive also noticed that when women start talking to friends about business ideas, they actually want to help each other.. Stephanie Cohen. 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. By doing that, you can actually, authentically be the person you want without assuming that you have to be someone else., Make it easier to make the right decisions. While she realizes that the financial services industry has fewer female role models, she has found it largely irrelevant in her career. Stephanie Cohen is the chief strategy officer for Goldman Sachs and a member of their management committee. Cohen, who oversees 11,000 employees in her division, said that the business is divided along three lines: ultra-high- wealth households; companies and their employees; and consumers. "The intellect her ability to carry a lot of things in her head and be processing against all of them simultaneously it's a real skill," he said. She has not done her own laundry since I was an analyst. Goldman has long held a reputation as being a brutally meritocratic place where bringing in business, or being "commercial" in company jargon, is more important than anything else. Goldman will soon add checking and wealth-management accounts to Marcus' savings and lending products. Stephanie Cohen, cohead of Goldman's consumer and wealth group, is the only woman heading one of the bank's primary business divisions. Cohen will ostensibly replace longtime Goldman partner Timothy ONeill, who is currently head of Consumer & Investment Management, a division that will be obsolete in 2021 thanks to the reorganization. When Adena Friedman, the CEO of Nasdaq, hosted a dozen executives for dinner at her home in June 2018, it marked the first encounter for one of Wall Street's most senior women and another up-and-comer. S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. New York: The venue was the Gotham Club an exclusive den inside the San Francisco Giants home stadium. NOW WATCH: Here's why this Goldman Sachs investment chief isn't worried about two of the market's biggest fears, Visit Business Insider's homepage for more stories, Goldman Sachs has named 6 people to lead product development in its consumer and wealth management group a sign of big innovations to come from the growing division, A new Goldman Sachs tech exec hired from Amazon is taking a page from the Jeff Bezos playbook by urging engineers to ditch PowerPoint and write memos. "You try and you fall, but you always pick yourself up. But there's still some wrinkles that need to be ironed out so it can work with its cousin from The Clearing House. 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. Assisted by David Haber, a member of her team and a former startup founder with deep relationships in the technology industry, she embarked on a "listening tour," meeting more than 50 of venture capitalists and entrepreneurs in conversations she began by asking questions and soliciting advice about what Goldman could do better. She is a consultant in Chicago for Bain & Company. She was a managing director when her son was born in 2012, and a partner when she had her daughter, who is now six. "'OK, Roger. Building a network of different people whom you can go to for advice and feedback means that when you make big career decisions, you have a lot of people whose input you value. "We call her a mergers black belt.". During Stephanie Cohen's first 15 years at Goldman Sachs, her career ladder didn't look much different than that of a typical investment banker. Instead, she recommends creating a personal board of directors, and incorporating aspects of individual people that will help you in your career. Upon arriving, her trajectory changed, and she has remained at the firm for over two decades in a variety of roles. We discuss lessons learned from her career in M&A and the many initiatives she now leads at the firm. How big the Dallas operation will get is a source of regular speculation in the North Texas real estate community. Anita Gutwein and Stephanie Meredith Cohen were married Saturday in Long Island City, Queens. Some there have earmarked her as a candidate to become the first woman to lead the investment banking division, the banks most profitable arm. As The Post reported at the time, the first 11 speakers that day were men, making it more than five hours until a woman took the stage. Still, Gary Cohn held the No. 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. Cohen, 41, joined Goldman Sachs in. Stephanie is now the Global Co-Head of the Consumer and Wealth Management Division at Goldman Sachs. Switches from M&A to conflicts and business selection, Returns to M&A as a newly minted managing director, Appointed global head of general industries and global co-head of industrials M&A, Becomes head of global financial sponsor M&A, appointed to build a new business, Appointed to chief strategy officer, at a critical time for the investment bank. Goldman Sachs Group Inc.'s Stephanie Cohen said firms like Walmart Inc. that are planning to offer financial services represent an opportunity for the Wall Street giant which can work with some . She graduated magna cum laude from the State University of New York at Binghamton, and received an M.B.A. from Northwestern. At the end of the day, you have to have good judgment, and be able to adapt to different situations, she says. Below are steps you can take in order to whitelist Observer.com on your browser: Click the AdBlock button on your browser and select Don't run on pages on this domain. That includes . Instead, she settled in Goldman's mergers department, where she gained an expertise in working with clients in industrials. Certain aspects of that experience were actually helpful: for one thing, people usually remembered what I had to say. . Ashburn, VA. Capacity: 200. Social networks like LinkedIn give the illusion that its easier to stay in touch, but that isnt a substitute for actively managing your network in todays transitory professional environment. And again, she underscores the importance of actively seeking feedback. And she does not have the most exciting social life, prioritising athletic weekends with her kids over evenings at fancy restaurants. 2 job for more than a decade before he left to join the Trump White House in January 2017 after it became clear he wouldnt succeed former CEO Lloyd Blankfein. At the junior level, you might be immersed in a project where you are working with someone constantly, and then the project ends and everyone moves on. In 2019, Goldman launched an Apple credit card, and last January it rolled out a GM credit card. His No. Detractors question the depth of her record to date, and acknowledge that this will be her biggest test yet. 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. Subscribe to The Broadsheet, our newsletter on the worlds most powerful women. You know, the egos can run very hot and whatnot, and she doesn't. Plan A was to be a figure skater, Plan B was to join a bank on the way to becoming a lawyer. 2023 Fortune Media IP Limited. "She's witty and funny. She is a daughter of Cornelia Gutwein of Albertson, N.Y., who retired as the principal from Flushing High School in Queens. "I learned a lot about the power of perseverance from figure skating," Cohen said in the Q&A. She believes that it doesnt have to overwhelm your personal life, but it makes the networking easier and more fun when you can build and create personal connections at the same time. 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. In May, Cohen was named global head of M&A for financial sponsors at Goldman Sachs, which usually leads all of Wall Street in the category (essentially, M&A done by private equity firms). 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Cohen was a competitive figure skater who dreamed of making it to the Olympics. It was very exploratory in that way," he said. Ms. Gutwein (left), 32, is taking Ms. Cohens surname. The regions tech workforce is projected to expand 17% over the next decade. Goldman chief executive David Solomon announced Tuesday that he has shuffled the executive ranks once again, this time making Stephanie Cohen co-head of the $2 trillion megabank's consumer. Six weeks after meeting Friedman, Cohen became the youngest person to join Goldman's management committee. Bloomberg Markets TV Shows February 22nd, 2022, 1:08 PM PST Consumer confidence beat expectations but fell from the month prior. She persuaded her husband that they could both keep their careers. "They are like-minded brands that are meeting people where they are," Cohen said. (Cohen declined to comment for this story, but Goldman provided a list of seven people it said were willing to speak on her behalf. She later moved to San Francisco to work on nontech mergers and acquisitions and earned a series of high-profile promotions. Stephanie Cohen Courtesy of Goldman Sachs Group Text size When Stephanie Cohen appeared on Barron's list for a second time in 2021, she had already overseen impressive growth as global. And she's what I call a three-dimensional thinker," Friedman told Insider. Cohen and her team began to read Ben Thompson's website, Stratechery. Cohen is joined by the chief information officer, Marco Argenti, a former Amazon exec, and Hari Moorthy, formerly of JPMorgan, who heads a new transaction-banking effort. And furthermore, trying to figure out exactly what got someone to a particular seat isnt extremely helpful either, since that exact seat likely wont exist in its current form by the time you get there.. By the time Cohen was named a Goldman partner, in 2014, she was already on the fast track, helped by her stature in an investment-banking division then being run by Solomon and his chief lieutenant, John Waldron, a former partner said. To further the bank's efforts to become a Main Street lender, Goldman now offers credit cards and buy now/pay later options for consumers. and other data for a number of reasons, such as keeping FT Sites reliable and secure, While wealth management services have been a mainstay for the 153-year-old investment . She also set a time limit of two-and-a-half years. The goal is to create relationships between those who are involved in the broad M&A infrastructure. Today, the consumer business at Goldman has more than 14 million customers and over $100 billion in deposits and $16 billion in cards and loans. From a deal perspective, Cohen is proud of her work on the team that helped Chrysler negotiate with the United States government in paying off its debt in May 2011. This account of Cohen's past and near future is based on interviews with more than a dozen colleagues, former colleagues, clients, and friends. And, while it was more usual then to be a lone female voice on a call, that was not always a bad outcome. There are not that many of us, and we can help each other in ways that are very impactful.. Natalie is an award-winning reporter who covers banks, crypto, fraud, deals and other money topics for The Dallas Morning News. for a couple of days in a row, the minute you wake up in the morning, [ask yourself] what is your first thought on whether or not you should do it?. 2023 NYP Holdings, Inc. 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Well send you a myFT Daily Digest email rounding up the latest Women in business news every morning. 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. When Goldmans board gathered on the West Coast in late June, she gave a presentation on that groups work. Cohen joined Goldman in the late 1990s as an analyst after college. Marcus is Goldman's digital-first consumer bank, offers customers saving accounts, personal loans and investment advisory services. Oops! The business is not yet profitable but is expected to hit revenue of $4 billion by 2024, she said. Cohens route into banking was Goldmans mergers and acquisitions (M&A) team in New York, where she started as an analyst in 1999. 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. "She deeply understands that tech is going to be a key driver of competitive advantage for Goldman in the future," a former employee said. But the diversification play has lost $3bn in the past three years, making it an obvious target for refinement when Solomon unveiled his plans for Goldmans next era at the 154-year-old banks second-ever investor day. And there's Julian Salisbury, the global cohead of Goldman's asset-management unit who's known internally as a political executive who has fostered a close relationship with Solomon. CompTIA expects that to grow to nearly 7,700 net new positions this year, the fifth-highest total nationally. 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"I learned about the importance of building and scaling a team, focusing my time on making the people around me better, and hiring people with diverse skill sets and ways of thinking.". Here are her five best pieces of advice on work and personal finance for professional women. Shell be among seven women on the 33-person panel. This account of her ascent is based on interviews with people whove worked with Cohen, who asked not to be named discussing their interactions. But she is quick to point out that this is no PR ploy on behalf of the bank: "This is not philanthropy. Contact the Facilities Manager or the Events Coordinator today to discuss hosting your . In January 2021, she was appointed global co-head of consumer and wealth management. She is also a member of the Partnership Committee, Global Diversity Committee, Firmwide Enterprise Risk Committee and Firmwide Finance Committee. Ms. Cohen serves on the National Board of Directors of CollegeSpring and as a member of the Board of Quill.org. For women starting out, Cohen recommends building a base of expertise and advises younger people to avoid pigeon holing themselves. Consequently, they can be prickly customers. Stephanie Cohen has been at Goldman Sachs for more than 23 years. Without her, the person said, Argenti would likely leave in frustration and Moorthy would be confined to a narrower role. In strategy, she says, we made it clear that diversity was a strategic imperative that should be talked about in the same room as revenue and market share and growth. For a health check on consumers, Kriti Gupta and Tom Mackenzie spoke. The roles of community workers are diverse, and they allow individuals from many walks of life and different skills to contribute to their communities. For example, one of the things I learned early on was that when I was on big conference calls with lots of people, everyone would know when I spoke because I was the only woman., If you work in a company and you want to become the CEO or the CFO, when you look at the person who has the role, and you might think, Im nothing like that person, so I can never do that., Instead, I found it really helpful to look at abroadgroup ofpeople and look for things that I like or relate to. But she wasn't without detractors. Running the division alongside her new co-head Tucker York also transforms Cohen immediately into one of the most powerful women on Wall Street and the latest female contender to lead a major bank. Cohen is a member of Goldman Sachs' Global Inclusion and Diversity Committee, serving as global executive of the Women's Network. 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. Insurance is also likely coming, people with knowledge of the strategy said. Insiders told us what's at stake for her growing group, and what it could mean for Cohen's future. Jun 22 Stephanie Cohen: Chief Strategy Officer at Goldman Sachs. . Ms. Cohen, also 32, is an independent marketing consultant in Chicago. Some inside the bank wonder whether shes destined to rise even higher. Ms. Cohen also led Launch With GS, Goldman Sachs $1 billion commitment to invest in companies and investment managers with diverse leadership, as well as GS Accelerate, the firms in-house innovation engine. Stephanie Cohen, co-head of consumer banking and wealth management at Goldman Sachs Group Inc., discusses increasing access to capital for women and minority entrepreneurs on "Bloomberg Markets . And how much will banks have to pay? . Cohen said Goldman has been focused on fortifying its relationships with universities to help attract engineering talent to D-FW. She started as an analyst in 1999 and has held a series of leadership positions in mergers and acquisitions. Goldman plans to add checking to Marcus later this year but doesnt have a set date, Cohen said. We use Ms. Cohen was Sector Captain for General Industrials in the Global Industrials Group and a member of the M&A Group in IBD. Her father is a partner in the accounting branch of Deloitte in Manhattan. Unlike traders, who can shoot to prominence within Wall Street firms at a very young age, Cohens career tracked that of the typical banker, climbing to be managing director in the class of 2008. We've received your submission. Cohen says she is proud that her teams success in driving financial sponsor M&A for the Industrials Group was recognized such that she was given the opportunity to build this broader business across the company. It was only in college, at the University of Illinois at Urbana-Champaign where she finished in the top 3% of her class that she began to think about alternative careers, she told herstorycreated.net, a site run by Reva Jariwala, a high-school student in California who interviews trailblazing women. It celebrated the repayment by handing employees buttons that said Paid.". Internal politics won't help. But falling short may mean a depressed stock price and knocking Cohen off a course that's quickly propelled her into the rarified air of Goldman's executive suite. All Rights Reserved. And yet investors continue to discount the effort, assigning it little to no value in their calculation of the future share price. That streamlining created the consumer banking group, which contains Goldmans fledgling Marcus savings account business and AppleCard businesses. Cohen is now the committees youngest, with the rare label of ex officio" member. In January 2021, she was appointed global co-head of consumer and wealth management. Men Who Get It: Phil Porado, Content Director, Advisor and Financial Services Why How We Do Things Around Here Or Company Culture Will Make Or Break Reshma Saujani: Founder and CEO of Moms First, Different Methods of Personal Development in the Workplace, Kelley Conway: Head of Corporate & Digital Strategy, Northern Trust, Op-Ed: Breaking the Mold How to Become Your Own Boss, Genevive Pich: Head of Sustainable Finance and Advisory, Corporate & Investment Banking, Wells Fargo. Silver Eagle Group. By Stephanie Cohen, Chief Strategy Officer, Goldman Sachs. "We have 500 corporate clients, and we have the ability to provide financial wellness to all levels of employees," she said. 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. Dec. 2, 2012 Anita Gutwein and Stephanie Meredith Cohen were married Saturday in Long Island City, Queens. One former partner said there were questions about whether Cohen had brought in the kind of money typically required of new partners. A checking account is currently in beta, according to Cohen. His was a niche business not well understood by bankers until she came along. 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. You can use that as something that bothers you, or you can use that as a point of differentiation. But the opportunities continued to come. Providing a refined and sumptuous experience for any wedding day, this. Prior to assuming her current role, Ms. Cohen was Co-Head of the Consumer and Wealth Management Division. There werent a lot ofinvestment bankers that looked like me. Since the start of this year, Cohen has held the weighty title of chief strategy officer leading a team that helps decide where the bank should pursue new lines of business or acquisitions of its own.
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