Then President John Waldron repeated it. She also spearheaded Launch With GS, the organizations $500 million commitment to invest in diverse-led companies and investment managers, and GS Accelerate, the firms in-house innovation engine. 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. 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. My guest today is one of the most powerful women on Wall Street. 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. Some of that could be due to the fact that there are fewer women in venture capital and fewer women founders. You pack a lot into a day. In January 2021, she was appointed global co-head of consumer and wealth management. "We have 500 corporate clients, and we have the ability to provide financial wellness to all levels of employees," she said. Stephanie Cohen, a merger banker who has spent the past few years doing deals for private-equity firms and other big investors, will replace Stephen Scherr, who has held the role since 2014,. In 2021, Goldman Sachs announced the One Million Black Women initiative, a $10-billion investment initiative focused on investing in Black women to, ``drive investment in housing, health care, access to capital, education, job creation and workforce advancement, digital connectivity, and financial health.'' In 2020, JPMorgan Chase . Diversity, equity and inclusion are core to our mission, see why. <p><img src="https://static1.businessinsider.com/image/5c40b6cbb492cb3ebd48300a-2400/gettyimages-1048898186.jpg" border="0" alt="Goldman Sachs CEO David Solomon" data . The caucus started as a small gathering a decade ago organized by Stephanie Cohen then an up-and-coming banker at Goldman Sachs, who was vexed by the chummy boys network thats long dominated the business of guiding mergers and acquisitions. This is good-return investing.". E ine Stunde mit . Jennifer Tescher: When Goldmans board gathered on the West Coast in late June, she gave a presentation on that groups work. And so we think this idea of really starting with a clean sheet of paper and building financial services that puts the customer at the center, is something that we can do directly through Marcus and we can do through our partners. The delicate transaction was a milestone in the carmakers comeback after the financial crisis. Stephanie Cohen: Which is that theres a specific type of customer thats the Marcus customer. She is one of seven women named on the committee and is 10 years younger than the average man on the team. How we set it up made it easier for them and then how it affected their lives going forward. When I walked into a board room, theyd expect a very tall man, but instead theyd get a relatively shortwoman. Goldman Sachs banker's wife to get millions after divorce STEPHANIE COHEN, GLOBAL HEAD OF PLATFORM SOLUTIONS, 45. Marianne Lake Is Not Having A Good Month - Dealbreaker 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. To learn more about the work and research we do, please visit emerge.finhealthnetwork.org. 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. Stephanie earned an AB in Biology, summa cum laude, from Harvard . And we think it does help people better manage their finances. 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. And so thats really what were trying to do with what were doing in consumer and in Marcus. And then as you mentioned, we have a digital consumer bank. 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. Goldman Sachs Group Key Takeaways From Goldman Sachs' Investor Day The . And thats really the most exciting thing about being able to run this division. Our people find Dallas a really, really great place to live and raise a family.. Log in to our website to save your bookmarks. 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. And so were doing that with Apple, but also well do it with General Motors. Yeah. Now weve put a bunch of features into our products to help people make better decisions. Goldman Sachs has created a new consumer and wealth management division co-led by Stephanie Cohen. And if you look at those businesses, the thing that we have focused on in those businesses is providing holistic advice to individuals and to families and to helping them get the right diversified portfolio for them. I suspect that theres only so far a brand like Marcus can go in terms of meeting the needs of underserved consumers. Goldman Sachs Group Inc will pump $500 million into companies led, . 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. I wonder if you might reflect a little bit on how Goldman is really trying to make good on this idea of inclusive capitalism when it comes to forms of identity, gender identity, race and ethnicity, et cetera. PDF Investor Day: Platform Solutions And then because while we can access millions of customers, the way that we can really have impact is by taking those capabilities and embedding it into the ecosystems of our partners. Prior to that, Ms. Cohen was a Vice President in the Industrials and Merger Leadership Groups in San Francisco. 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. 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. How big the Dallas operation will get is a source of regular speculation in the North Texas real estate community. Youve begun offering credit beyond debt consolidation. CompTIA expects that to grow to nearly 7,700 net new positions this year, the fifth-highest total nationally. Cohen is now the committees youngest, with the rare label of ex officio" member. And so in skating you fall all the time. But, if you make the enrollment default and you have to opt out if you dont want to do it, more people end up investing in 401(k).. My husband and I were talking about it last night, we all still need a lot of help. Prior to her current role, Stephanie drove strategy, M&A, strategic investing, and partnerships as the firms chief strategy officer. 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. And how can we serve them? Goldman Sachs CEO David Solomon fends off attacks over consumer banking She is a key architect of the bank's . Its pretty amazing feat that youve managed to essentially build a homegrown digital business from inside this storied institution. Stephanie Cohen is one the bank's highest-ranking female . Outside of work, Cohen spends time with her husband and young son, who "helps me hone my negotiation skills," she laughs. Remove some to bookmark this image. . And I think in some ways, this podcast is an outgrowth of my curious nature. And so what were trying to do is no different, we were just doing it with one product and now were going to try to do it with a holistic product suite. 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. By continuing to use our site you agree to our. 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. And the idea really brings together the reason by the way, why we have our consumer and wealth management businesses all together. It was during a stint in the conflict and business selection group that her work stood out, according to a person who worked with her at the time. Is the idea here that Marcus customers eventually become Goldman Sachs customers, if you will? Young, female, banker: Stephanie Cohen has made a career at Goldman Sachs. 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. We'll send you a myFT Daily Digest email rounding up the latest Goldman Sachs Group news every morning. Certainly youre gifted and talented. Stephanie Cohen: Hier kommt Frau Goldman Sachs - FAZ.NET Stephanie Cohen is now the management committee's youngest, with the rare label of 'ex officio' member. First, Goldman Sachs CEO David Solomon said it. In the latest in a rapid career of. I went on a listening tour. In a letter to Federal Reserve Chair Jerome Powell, Republican members of the Senate Banking Committee urge the central bank to be mindful of tailoring rules in its ongoing "holistic" capital review. 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. Cohen said Goldman has been focused on fortifying its relationships with universities to help attract engineering talent to D-FW. And so I would really, I would kind of exclamation point on that point. To read our full stories, please turn off your ad blocker.We'd really appreciate it. She was previously based in New York where she reported for The Motley Fool, TheStreet and Business Insider. The company had previously partnered on its credit cards with Barclays. But she doesn't see what the fuss is about. And the question, which is kind of an obvious question is why now? Well, I think Im biased, but I think I have the best job at Goldman Sachs. As of February 2017, she continues to serve as an advisory director at Goldman Sachs, after retiring from leadership of its Global Markets Institute. And I talked to you about three things that I think have helped me and the teams around me be successful. Mr Solomon teased a sale, saying Goldman was exploring "strategic alternatives". Stephanie Hui - Partner - Goldman Sachs | LinkedIn And then, were going to be part of fixing this and were going to have to work with a lot of people to fix it because the financial system is this intertwined organism. Goldman Sachs managers say one takeaway of the pandemic. 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 Names Stephanie Cohen as Head of Strategy She grew up in Augusta, Ga., and holds an MA in Investigative Journalism from The Cronkite School. In August, The Dallas Morning News reported that Goldman is eyeing a new skyscraper project on the edge of downtown Dallas as a location for up to 6,000 workers. Youre just one more inch and I would have landed that jump. If they want to build companies that are going to succeed, having diverse voices around the table is one of the most important things that they can do. Where does the bank and the Fed go from here? 01 Mar 2023 02:08:06 Ms. Stephanie Cohen Global Head of Platform Solutions February 2023. And then to your point, the clients and the customers in those businesses that were ultimately serving. Carter Johnson and Hayley Cuccinello. 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. Some of my favorite ones have been, we created a customer assistance program right as COVID was starting to help people so that they could defer loan payments and credit card payments and just listening to why it mattered to them. Do you have any ideas or things youve thought about in terms of how to leverage your capabilities in this regard? Dallas is now Goldmans second-biggest U.S. office outside of New York, surpassing Salt Lake City. Theres just so many things that you learn from the richness of those individual conversations. . 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. Goldman Sachs executive who led consumer banking launch set to depart Jennifer Tescher: The reality is, theres basically two different states where people have some money and they either want to figure out a way to invest it or save it or spend it or they want to do something and they need to figure out how to pay for that. Our 150 years of financial services experience and things like risk and compliance, our scale, which is our ability to invest, but also the balance sheet, which provides the ability to provide things like credit and great relationships with people like Apple and GM. Were hopeful that well create this self-enforcing ecosystem where people will say if they want to work in financial services and do cool things in fintech, this is one of the great places to go to do that, Cohen said. Stephanie Cohen is joining Goldman's most elite tier, as its - mint Tell us a little bit about where you expect to focus most of your time and attention this year. We call those businesses, private wealth management and personal financial management. And so 85% of all venture capital dollars goes to all male founded teams. And so I think its embedded in your question, but I think its a fair question. As an investment banker for close to 20 years, my presence in board rooms was often an anomaly. Goldman Sachs picks first woman to run large division in years We could have a whole conversation you and me, just on this topic so lets do that another time. We're getting to the moment where we can help someone holistically manage their financial lives," Stephanie Cohen,. Collage of David Solomon . And this year were going to launch Marcus Invest and checking and a credit card partnership with General Motors. I suspect theres also something to it about the moment were living in, the era were living in. 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 I would expect that some of this will end up being, as you said, not necessarily directly, but through partners. Goldman Sachs (GS-0.84%) CEO David Solomon has promoted Stephanie Cohen to co-head its consumer banking and wealth management division as part of an executive shuffle at the bank.. Cohen joined Goldman Sachs as an Analyst in 1999, was named Managing Director in 2008 and Partner in 2014. Stephanie Cohen is Global Head of Platform Solutions and a member of the Management Committee. And then on the other side of the people equation is our clients and our customers. More on Stephanie. 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. 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. I know many of them, but it says something entirely different to have someone at the operating committee level. and expects to roll out digital checking accounts in the next few months. Its great for a woman to be achieving this level of success at Goldman and shes certainly capable of going further," Nugent said. You went there right out of graduating from the University of Illinois and youve experienced a tremendous amount of success. Its been really fun getting to know all of them. If her tenure there is successful, it could pave the way for Cohen to make history at the firm. Change is underway in the financial services industry and it's disrupt or be disrupted. 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. Im Jennifer Tescher, and Id love to hear your ideas for future guests and your reactions to the show. Thank you for inviting me. I was a big bank diversity hire. 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.

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