That includes . Cohen a bubbly 45-year-old who wears trainers and tilts back on her chair during an interview as though she is about to bounce right out of it was appointed to lead Platform Solutions last year. 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. 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. How big the Dallas operation will get is a source of regular speculation in the North Texas real estate community. 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. By doing that, you can actually, authentically be the person you want without assuming that you have to be someone else.. Her husbands question was one many people ask when it comes to families and work, she says. The delicate transaction was a milestone in the carmakers comeback after the financial crisis. Goldman also will provide six student scholarships for $10,000 each at UTD over the next three years. Women might get less feedback because they dont ask for it, but it took me a while to fully appreciate that men tend to get more direct feedback on areas of improvement which allows them to know what to work on., Cohen believes that women should support other women. Ms. Cohen was Sector Captain for General Industrials in the Global Industrials Group and a member of the M&A Group in IBD. "But without her it fails and falls apart.". 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.. . Goldman Sachs. Lansdowne Resort and Spa is a wedding venue based in Leesburg, Virginia. And she's what I call a three-dimensional thinker," Friedman told Insider. and other data for a number of reasons, such as keeping FT Sites reliable and secure, 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. And she reports, it has done exactly what she hoped it would. If you were doing a good job, you were memorable, she says. "We have 500 corporate clients, and we have the ability to provide financial wellness to all levels of employees," she said. Cohen and her team began to read Ben Thompson's website, Stratechery. The Federal Reserve's long-awaited real-time payment system is at the finish line. At the end of the day, you have to have good judgment, and be able to adapt to different situations, she says. 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. 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. The appointment made her the lone woman running one of Goldman's business divisions and only the second to ever do so and entered her into the discussion as a CEO candidate. She'll have competition from other Goldman elites like John Waldron, the firm's president, widely considered to be first in line when Solomon ends his tenure. We've received your submission. and that youre going to enjoy 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. Rabbi Jodie L. Siff officiated at Studio Square, an events space. The strategy allows Goldman to acquire millions of customers more quickly than if it did it alone, and spreads out the cost of developing and running Marcus, the digital consumer bank run by Omer Ismail. 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. Stephanie Cohen, then a chief strategy officer at Goldman Sachs, impressed Friedman with her penchant for bringing multiple perspectives to bear on a conversation. SEG is the ideal venue for meetings, sales events, bachelor parties, fundraisers, cocktail mixers, birthday parties and more. With the exception of a yearlong assignment in 2008 to a division that handles conflicts of interest, Cohen spent most of her career in M&A. While you might expect the relationship to go on, the reality is that it takes effort to maintain those relationships but its worth it, she says. Few strategies loom as large on Wall Street as Goldman's early efforts at retail banking and its plans to expand them into a technology offering that spans the globe by acting as the back-end for companies that want to offer banking products under their own brand. A checking account is currently in beta, according to Cohen. 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. I've worked my whole career in an industry dominated by men. She is absolutely cool, fact-based, thoughtful at every word, and I think it creates a sense of firmness that looks like it's kind of an unbreakable resolve.". Reservations cannot be made online. ONeill will step back into the banks executive office as senior counselor, a role that appears very similar to the one he held under three of Solomons CEO predecessors. The organization does great work very efficiently. Some there have earmarked her as a candidate to become the first woman to lead the investment banking division, the banks most profitable arm. What do you think about how strategy ought to be done to be most effective in an organization?' Cohen and Mass talk several times daily, one person who knows them both said. She persuaded her husband that they could both keep their careers. 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. One former partner said there were questions about whether Cohen had brought in the kind of money typically required of new partners. Stephanie Cohen, EVP Wealth at Goldman Sachs,. By Stephanie Cohen, Chief Strategy Officer, Goldman Sachs June 19, 2018. But the opportunities continued to come. Money is power, Go with the gut or start a spreadsheet? She dug into the bones of the deal and was very compelling.". She then became sector captain for General Industrials in the Global Industrials Group and a member of the Merger Leadership Group in the Investment Banking Division. That streamlining created the consumer banking group, which contains Goldmans fledgling Marcus savings account business and AppleCard businesses. 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. 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). All Rights Reserved. Terms & Conditions. And yet Cohen is no slouch when it comes to navigating the firm, people said. Offers may be subject to change without notice. Arlington taco shops mural of infamous Texas Rangers fight can stay, for now, Hostile takeover: West Dallas homeowners battle new developments, rising taxes, Man who lost his wife, son in Cleveland, Texas mass shooting tells story, How a man is working to preserve the West Dallas neighborhood named after his grandparents, Cowboys 2023 undrafted free agent tracker: See which players Dallas added after NFL draft, Stanley Cup playoff central: Stars-Kraken schedule, stories Dallas fans need to know, How Dallas video game icon Randy Pitchford became the new owner of Hollywoods Magic Castle, 2023 NFL draft grades: See what national experts thought of Cowboys selections. She started as an analyst in 1999 and has held a series of leadership positions in mergers and acquisitions. Shes about 10 years younger than the average man already on the committee, after becoming a partner just four years ago. 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 megabanks consumer banking and wealth management group. In January Cohen became the sole woman leading a major revenue division of the storied Wall Street bank, coleading Goldman's growing consumer and wealth management business. Its hard to be great at things that you dont enjoy., That is why she argues that people should regularly ask themselves whether they like the job, or are learning something new: If you decide to be here, and decide to do what youre doing, you own it., Which one of us is going to quit?. Marcus. But it also presents new risks to manage. 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. She graduated magna cum laude from the State University of New York at Binghamton, and received an M.B.A. from Northwestern. Some inside the bank wonder whether shes destined to rise even higher. Cohen was a competitive figure skater who dreamed of making it to the Olympics. . Cohen has in turn taken to helping shape the careers of other Goldman women: Jemma Wolfe, the head of Launch with GS, who just took a job on the CWM strategy team; Tanya Baker, leader of the internal idea incubator; CEO David Solomon's chief of staff, Ida Hoghooghi; and Heather Miner, Goldman's investor relations chief, are all close associates. 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. Rabbi Jodie L. Siff officiated at Studio Square, an events space. Roger Martin, the former dean of the Rotman School of Business at the University of Toronto, met her in 2018 after the two had been connected by Adam Grant, an eminent Wharton professor. She recalls how she conformed to the dress code of her male peers by chance, because she preferred muted colours anyway. FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. "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. 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. . Correction: A previous version of this article mistakenly stated that Cohen became a managing partner at Goldman Sachs in 2008. She was previously based in New York where she reported for The Motley Fool, TheStreet and Business Insider. There are not that many of us, and we can help each other in ways that are very impactful.. Certain aspects of that experience were actually helpful: for one thing, people usually remembered what I had to say. She has also led the firm's Launch with GS, a $500 million commitment to invest in companies and investment managers with diverse leadership. Others say he should have named names. 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. People tend to proactively solve for a problem thats not actually there, she argues. She later moved to San Francisco to work on nontech mergers and acquisitions and earned a series of high-profile promotions. Powered and implemented by Interactive Data Managed Solutions. She is a key architect of the bank's ambitious consumer strategy, which involves partnerships with high-profile consumer brands. San Francisco-based First Republic was undone by low-rate mortgages it made to its wealthy customers as well as by the fallout from last month's banking crisis. His No. Nestled by the wooden banks of the Potomac River, this unique wedding venue offers you plentiful space for a ceremony and reception. 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. 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. If Argenti is the engineer and Moorthy the product manager, Cohen is the institutional player who brings both banking expertise and the knowledge of how to get things done within the politics of Goldman, one former employee said. The group, typically considered the killjoys within investment banking, have to tell senior bankers about the deals they cant pursue a tricky task in the best of times. Anyone can read what you share. The fact that we are working on literacy lends itself well to testing, so we are able to ensure the efforts are successful, she says. Cindy Ord/Getty Images for Girlboss Rally NYC 2018. She is also on the national board of the nonprofit group Reading Partners, which focuses on literacy in grammar schools, helping underprivileged kids who are behind in reading. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice| Do Not Sell/Share My Personal Information| Ad Choices Click the AdBlock Plus button on your browser and select Disable on Observer.com. Meanwhile, Wall Street banks are increasingly looking for female CEOs. Stephanie Cohen is Global Head of Platform Solutions and a member of the Management Committee. Cohen, Haber and others at Goldman former CFO Marty Chavez, most notably saw a way to apply that model to financial services. Prior to assuming her current role, Ms. Cohen was Co-Head of the Consumer and Wealth Management Division. That advice has been crucial to Cohens success throughout her career. Bloomberg Markets TV Shows February 22nd, 2022, 1:08 PM PST Consumer confidence beat expectations but fell from the month prior. Our people find Dallas a really, really great place to live and raise a family.. Cohen is now the committees youngest, with the rare label of ex officio" member. Detractors question the depth of her record to date, and acknowledge that this will be her biggest test yet.
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