Dive Brief: Goldman Sachs on Tuesday named Stephanie Cohen co-head of the bank's consumer and wealth management business, making the 43-year-old arguably the most powerful woman at the company, and the first woman to lead a Goldman division since trading co-chief Isabelle Ealet left the bank in 2018, Bloomberg and the Financial Times reported . She was named managing director in 2008 and partner in 2014. Located only 30 miles from Washington, DC on 500 acres of Virginia's stunning wine country, this resort combines vineyard charm with country-club luxury. She found they were split 50/50. Offers may be subject to change without notice. But the opportunities continued to come. New. Stephanie Cohen is Global Head of Platform Solutions and a member of the Management Committee. And she's what I call a three-dimensional thinker," Friedman told Insider. By Stephanie Cohen Feb 3, 2020 Activity I enjoyed sitting down with LSE Focal Point and sharing thoughts about my career at Goldman Sachs. Powered and implemented by Interactive Data Managed Solutions. Here are her five best pieces of advice on work and personal finance for professional women. She helped the organization to secure financing for a local chapter, and the group has since spread nationwide. 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. 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 did what I advise lots of people to do, which is get all the information you can possibly get, [and] write out the pros and cons, she says. Even if you are just a little bit off at a certain point in your career, its that much harder to get back on track, so its vital that women actively ask for, and receive feedback.. She has worked onhistoric large corporate deals, including Chryslers repayment of a U.S. government loan, which marked the automakers comeback after the 2008 Financial Crisis. Stephanie Cohen is the chief strategy officer for Goldman Sachs and a member of their management committee. As she has ascended the ladder, Cohen says that an important lesson she learned is to understand the longevity of your career, and how the relationships you build will help you along the way. 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. But there's still some wrinkles that need to be ironed out so it can work with its cousin from The Clearing House. It celebrated the repayment by handing employees buttons that said Paid.". If you were doing a good job, you were memorable, she says. For reprint and licensing requests for this article, https://www.linkedin.com/in/mary-ellen-egan-97506b5/, Swift works to bridge 'digital islands' of CBDCs, 20 bank holding companies with the largest consumer loan portfolios, Bank runs, fraud and faster payments: FedNow's impact on regulation, JPMorgan Chase, FDIC put an end to First Republic's slow bleed, Conflating issues or missing the point? 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. Plan A was to be a figure skater, Plan B was to join a bank on the way to becoming a lawyer. Natalie is an award-winning reporter who covers banks, crypto, fraud, deals and other money topics for The Dallas Morning News. She is a key architect of the bank's ambitious consumer. 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. People tend to proactively solve for a problem thats not actually there, she argues. We've received your submission. What makes the difference between people who are good, great and world class at their job are small things, and you only find those out if someone points them out to you, says Stephanie Cohen. How big the Dallas operation will get is a source of regular speculation in the North Texas real estate community. She is also a Global Executive sponsor of the Women's Network. But she took the job anyway, at least in part because she was allowed a blank sheet to define the role. 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By living and breathing the deal, she came away highly impressed with how much the employees cared about the company, and the resulting turnaround and pride in the positive strides they made in relation to the quality of their cars. Complimentary access to top ideas and insights curated by our editors. There werent a lot ofinvestment bankers that looked like me. 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. Net revenues for the consumer business in the second quarter were $608 million, 67% higher than the second quarter of 2021, primarily reflecting significantly higher balances on both credit card balances and higher deposit balances. Wall Street can stop wondering who the most powerful woman at Goldman Sachs might be. Goldman Sachs. 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. At the beginning of 2020, Solomon made the bold statement that Goldman will no longer handle IPOs for companies with all-male boards, but progress inside Goldman to promote women has appeared slow. 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. Cohen, Haber and others at Goldman former CFO Marty Chavez, most notably saw a way to apply that model to financial services. Rabbi Jodie L. Siff officiated at Studio Square, an events space. Upon arriving, her trajectory changed, and she has remained at the firm for over two decades in a variety of roles. Marcus. Adam said you advise lots of CEOs on strategy you write about strategy. Stephanie Cohen heads strategy, innovation, and mergers-and-acquisitions for Goldman Sachs. His was a niche business not well understood by bankers until she came along. The Federal Reserve's long-awaited real-time payment system is at the finish line. FORTUNE may receive compensation for some links to products and services on this website. Platform Solutions, home to Goldmans credit card, transaction banking and fintech businesses, was born of a desire to wean Goldman off the volatile trading and investment banking revenues it is best known for. 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's incredibly smart. 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 2018. "They are like-minded brands that are meeting people where they are," Cohen said. 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. Global Cohead of Consumer and Wealth Management, CA Notice at Collection and Privacy Notice, Do Not Sell/Share My Personal Information. 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. Cohen is now a formidable Wall Street figure in her own right. She grew up in Augusta, Ga., and holds an MA in Investigative Journalism from The Cronkite School. Remove some to bookmark this image. 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. 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That includes the consumer bank Marcus, which has 8-million-plus users. Ashburn, VA. Capacity: 200. But she is quick to point out that this is no PR ploy on behalf of the bank: "This is not philanthropy. 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. Looks like you have exceeded the limit to bookmark the image. It had revenue of $1.5 billion in 2021. Cohen and her team began to read Ben Thompson's website, Stratechery. Money is power, Go with the gut or start a spreadsheet? Cohens route into banking was Goldmans mergers and acquisitions (M&A) team in New York, where she started as an analyst in 1999. A year later, joins Goldmans executive committee as an ex officio member, Becomes co-head of the consumer and wealth management division and a full member of the group management committee, Switches to head platform solutions division, following a significant reshuffle, One of the most powerful executives at Goldman Sachs on how she made her career choices, Stephanie Cohen: zigzag steps to the top on Wall Street, How mothers shape their daughters careers, The first lesson for female financial education? ", Cohen led "Launch with GS," the bank's $1 billion commitment to increase access to capital for women, Black, Latino and other diverse entrepreneurs and investors. 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. It is an unlikely situation for the Chicago native. 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. While she realizes that the financial services industry has fewer female role models, she has found it largely irrelevant in her career. Executive coaching, leadership development coaching and career navigation coaching for women looking to develop, advance and lead in top roles. She graduated magna cum laude from the State University of New York at Binghamton, and received an M.B.A. from Northwestern. 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. 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. Oops! 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 idea is to use Goldman's banking infrastructure, compliance regime, balance sheet, and relationships with the biggest companies to give those clients the ability to offer branded banking products. 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. Six weeks after meeting Friedman, Cohen became the youngest person to join Goldman's management committee. 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. Ms. Cohen serves on the National Board of Directors of CollegeSpring and as a member of the Board of Quill.org. . Since then, the 41-year-old has charted a rapid rise inside Goldman Sachs, landing a seat last week on its most coveted decision-making body. 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. 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 . I didnt say yes all the time, she says, reflecting on her career decisions. 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. 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. Insiders told us what's at stake for her growing group, and what it could mean for Cohen's future. Contact the Facilities Manager or the Events Coordinator today to discuss hosting your . There are not that many of us, and we can help each other in ways that are very impactful.. Her first big career pivot was nine years in (see milestone dates, below), when a job came up in the division that scrutinises bankers facing potential legal and ethical issues with their deals. Ms. Gutwein (left),. And yet Cohen is no slouch when it comes to navigating the firm, people said. Cohen brought the same approach to forging a closer relationship to Silicon Valley. Its the ultimate man-cave. "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. Lansdowne Resort and Spa is a wedding venue based in Leesburg, Virginia. The goal is to create relationships between those who are involved in the broad M&A infrastructure. For example, when I am 60 and look back, what might I need the most? 448 views 1 year ago Girls With Impact called on America's business leaders to share their advice with the next generation of women leaders. Solomon has long touted the consumer division as playing a key part in Goldmans future. Two others who take a similar approach are John Collison at Stripe and Daniel Ek at Spotify, he said, adding that both "do an unbelievable beginner's mind immersion and emerge two months later knowing more about it than anybody else because they're willing to take a backseat." Prior to her current role, Stephanie drove strategy, M&A, strategic investing, and partnerships as the firm's chief strategy officer. "She deeply understands that tech is going to be a key driver of competitive advantage for Goldman in the future," a former employee said. Stephanie Cohens first 15 years at Goldman Sachs, her career ladder didnt look much different than that of a typical investment banker. It also put her right in the middle of a historical pivot for Goldman Sachs, which has ignored retail customers in favor of institutional clients for much of its 150-year history. You can use that as something that bothers you, or you can use that as a point of differentiation. 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. "I learned a lot about the power of perseverance from figure skating," Cohen said in the Q&A. 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. Keeping top-quality women is vital, she says. That includes . "So it's just a lot of fun.". When Goldmans board gathered on the West Coast in late June, she gave a presentation on that groups work. The central bank's instant payment system could bring enormous benefits to banks and their customers. ), Read more: 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. This account of Cohen's past and near future is based on interviews with more than a dozen colleagues, former colleagues, clients, and friends. A lot of investment bankers have the attention span of a gnat," said Stephen DeFalco, who was the CEO of Crane & Co. before Goldman Sachs helped sell the company. Thinking that a single mentor will help you to achieve success in all aspects of your career is not practical, she says. 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. Her mother is the director of the early childhood center at Temple Beth Sholom in Roslyn Heights, N.Y. https://www.nytimes.com/2012/12/02/fashion/weddings/anita-gutwein-stephanie-cohen-weddings.html. Cohen decided to take the job, and returned to M&A a year later, as a managing director. Ms. Cohen serves on the National Board of Directors of College Spring and as a member of the Board of Quill.org. Liked by Stephanie Cohen Fourteen years ago I. Still, Gary Cohn held the No. Ms. Cohen, also 32, is an independent marketing consultant in Chicago. . Cohen credits Goldmans early female partners, including Alison Mass and Gwen Libstag, as blazing the trail for women like her, and says she has felt very responsible for helping other women to advance. 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. Cohen began to pepper Martin with questions. The best way to do this is to have a long-term view. The role showcased Cohen's approach to learning something new, and she set out to learn more about strategy and emerging technology, already convinced it would be a critical driver of Goldman's future. He has since left Goldman to run his own fund. The messaging organization is providing a sandbox for developers to enable cross-border transactions for central bank digital currencies, an elusive goal as most central banks focus on domestic use. DuringStephanie Cohens first 15 years at Goldman Sachs, her career ladder didnt look much different than that of a typical investment banker. Stephanie Cohen is Global Head of Platform Solutions and a member of the Management Committee. Correction: A previous version of this article mistakenly stated that Cohen became a managing partner at Goldman Sachs in 2008. Anyone can read what you share. We discuss lessons learned from her career in M&A and the many initiatives she now leads at the firm. In January Cohen became the sole woman leading a major revenue division of the storied Wall Street bank, coleading Goldmans growing consumer and wealth management business. https://theglasshammer.com/wp-content/uploads/2015/07/Stephanie-Cohen.png, https://theglasshammer.com/wp-content/uploads/2020/04/logo-the-glass-hammer-white-640@2x-300x138.png, Voice of Experience: Stephanie Cohen, Managing Director, Goldman Sachs. She is in the eye of the storm now, as Goldman tries to convince Wall Street it can get its mojo back. Stephanie Cohen, cohead of Goldman's consumer and wealth group, is the only woman heading one of the bank's primary business divisions. His No. Some of that could be due to the fact that there are fewer women in venture capital and fewer women founders. In addition, Cohen acts as a mentor to junior women as they think about their careers, and she stays involved in recruiting and retaining a core group of female analysts. Instead, I found it really helpful to look at a, people and look for things that I like or relate to. When Barron's profiled Stephanie Cohen in 2022, she was co-head of consumer wealth and management at Goldman Sachs . By signing up you agree to ourTerms of ServiceandPrivacy Policy. "'OK, Roger. The two have stayed in touch, and Cohen invited Crawford to join the board at CollegeSpring, which gives low-income students equal access to resources for taking college-prep exams. Leading the strategy is a triumvirate of Goldman executives, insiders said. Become a business insider with the latest news. When I walked into a board room, theyd expect a very tall man, but instead theyd get a relatively shortwoman. And she reports, it has done exactly what she hoped it would. Instead, she has hopped around almost every corner of Goldman and repeatedly taken on roles that at least some of her mentors advised her against. All rights reserved. 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).. 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, then a chief strategy officer at Goldman Sachs, impressed Friedman with her penchant for bringing multiple perspectives to bear on a conversation. Natalie Walters, Business reporter. I've worked my whole career in an industry dominated by men. Before that, she was Global Head of Financial Sponsor M&A in the Investment Banking Division (IBD).

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