By Stephanie Cohen, Chief Strategy Officer, Goldman Sachs. New. She is the daughter of Helayne and Jerry Cohen of Manhasset, N.Y. 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. It was Mass who, with Friedman in 2017, first came up with the idea of holding an annual 12-person networking dinner for senior women at Goldman, Nasdaq and Carlyle, where Friedman was CFO when Mass was the coverage banker. In a sign of her rising stature, Cohen was selected to lead the creation of a new unit to service a critical client base for Goldman Sachs the private-equity firms, family offices and other strategic investors who are a force of their own in the deal-making world. That includes the consumer bank Marcus, which has 8-million-plus users. 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. This year, her fourth on our list of 100 Influential Women in Finance,. (Cohen declined to comment for this story, but Goldman provided a list of seven people it said were willing to speak on her behalf. By Stephanie Cohen, Chief Strategy Officer, Goldman Sachs June 19, 2018. Shes about 10 years younger than the average man already on the committee, after becoming a partner just four years ago. ), Read more: 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. She graduated cum laude from New York University and received an M.B.A. in May from Indiana University. 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. Here are her five best pieces of advice on work and personal finance for professional women. Certain aspects of that experience were actually helpful: for one thing, people . 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. She recalls how she conformed to the dress code of her male peers by chance, because she preferred muted colours anyway. In January 2021, she was appointed global co-head of consumer and wealth management. "She deeply understands that tech is going to be a key driver of competitive advantage for Goldman in the future," a former employee said. She is one of seven women named on the committee and is 10 years younger than the average man on the team. 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. Stephanie is now the Global Co-Head of the Consumer and Wealth Management Division at Goldman Sachs. You are now subscribed to our newsletters. 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).. 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. Cohen and Mass talk several times daily, one person who knows them both said. Providing a refined and sumptuous experience for any wedding day, this. While wealth management services have been a mainstay for the 153-year-old investment bank, the shift to offering consumer banking happened less than six years ago. She joined Goldman Sachs as an Analyst in 1999, was named Managing Director in 2008 and Partner in 2014. When she helps out at their schools, it is when the children are also involved. 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. Stephen deFalco ran Crane & Co., the US paper-production company, when Cohen brokered its sale. Cohen and her team began to read Ben Thompson's website, Stratechery. And, while it was more usual then to be a lone female voice on a call, that was not always a bad outcome. Cohen is now a formidable Wall Street figure in her own right. 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. Cohen, Haber and others at Goldman former CFO Marty Chavez, most notably saw a way to apply that model to financial services. Her primary job is finding acquisition prospects and partnerships for Goldman. Before that, she was Global Head of Financial Sponsor M&A in the Investment Banking Division (IBD). 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Your role model doesnt have to be someone who is similar to you in every way. personalising content and ads, providing social media features and to This idea of working from failure came a little more naturally to me because of that.". As a subscriber, you have 10 gift articles to give each month. Well send you a myFT Daily Digest email rounding up the latest Women in business news every morning. Ms. Cohen serves on the National Board of Directors of CollegeSpring and as a member of the Board of Quill.org. She is a key architect of the bank's ambitious consumer. As Cohen's career led her to work with private-equity clients, it also placed her in the orbit of Alison Mass, a Goldman partner who has long led Goldman's financial sponsors practice. Certain aspects of that experience were actually helpful: for one thing, people usually remembered what I had to say. 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. By years end, 40% of its employees were working in those locations, the company said. Entertain guests or clients on one of our ranges, or take advantage of our flexible space options, including moder. While wealth management services have been a mainstay for the 153-year-old investment . Patrick O'Shaughnessy, who interviewed Cohen for his podcast, "Invest Like the Best," said her method of learning as much as she could, even if it meant acknowledging a degree of vulnerability, is a rare quality. "So it's just a lot of fun.". Rabbi Jodie L. Siff officiated at Studio Square, an events space. We use 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. But the opportunities continued to come. Anyone can read what you share. The idea is now central to how the firm is looking to reinvent itself. 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. You have to believe you have a skillset thats going to be transferable [to that job]. Dec. 2, 2012 Anita Gutwein and Stephanie Meredith Cohen were married Saturday in Long Island City, Queens. That streamlining created the consumer banking group, which contains Goldmans fledgling Marcus savings account business and AppleCard businesses. It already lends to Amazon and Walmart merchants. Terms & Conditions. 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. Cohens route into banking was Goldmans mergers and acquisitions (M&A) team in New York, where she started as an analyst in 1999. And again, she underscores the importance of actively seeking feedback. 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. 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. 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. (Insiders said that Cohen's cohead, the 35-year Goldman veteran York, will be more focused on the wealth-management side of the business. She dug into the bones of the deal and was very compelling.". Jun 22 Stephanie Cohen: Chief Strategy Officer at Goldman Sachs. The regions tech workforce is projected to expand 17% over the next decade. People tend to proactively solve for a problem thats not actually there, she argues. We discuss lessons learned from her career in M&A and the many initiatives she now leads at the firm. She is also a Global Executive sponsor of the Women's Network. "She does not use politics as a way to advance herself," he said. 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. She is also a member of the Partnership Committee, Global Diversity Committee, Firmwide Enterprise Risk Committee and Firmwide Finance Committee. Goldman Sachs. Ms. Gutwein (left), 32, is taking Ms. Cohens surname. 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. 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. "I learned a lot about the power of perseverance from figure skating," Cohen said in the Q&A. "That was a mistake," she told herstorycreated.net. 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. Shell be among seven women on the 33-person panel. 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 has not done her own laundry since I was an analyst. She was named managing director in 2008 and partner in 2014. 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. . I would have really been stuck if Id fixated on finding the senior woman in M&A to emulate, she says. Changing those opinions will be a huge mark of success for Cohen, who fancies herself something of a change agent, and York, a 35-year Goldman lifer less inclined to rock the boat. The high . 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. Insiders told us what's at stake for her growing group, and what it could mean for Cohen's future. The bank built a credit card with Apple, and it recently signed an agreement to partner with General Motors on the automaker's credit card. 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. I've worked my whole career in an industry dominated by men. 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. 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. . At that time, the bank was struggling with falling and volatile revenues from its traditional businesses. Some there have earmarked her as a candidate to become the first woman to lead the investment banking division, the banks most profitable arm. We have the ability to have access to our clients in Texas but also more broadly across the United States and internationally. You should spendmoney on things that truly make you happy. 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. 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. She is in the eye of the storm now, as Goldman tries to convince Wall Street it can get its mojo back. There werent a lot ofinvestment bankers that looked like me. Some inside the bank wonder whether shes destined to rise even higher. We get it: you like to have control of your own internet experience. Dallas led all metropolitan areas in 2021 in net tech job growth, adding 5,321 positions, according to a new report by CompTIA, the nonprofit association for the information technology industry. Liked by Stephanie Cohen Fourteen years ago I. Anita Gutwein and Stephanie Meredith Cohen were married Saturday in Long Island City, Queens. Cohen brought the same approach to forging a closer relationship to Silicon Valley. Stephanie Cohen is Global Head of Platform Solutions and a member of the Management Committee. That puts her in the eye of the storm now, as Goldman tries to convince Wall Street it can get its mojo back. (One former CFO kept a toaster in his office to warn against retail-banking gimmicks.). You are just one step away from creating your watchlist! Cohen, 41, joined Goldman Sachs in 1999 as an analyst and worked her way up in the investment banking division to managing director in 2008 and partner six years later. Plan A was to be a figure skater, Plan B was to join a bank on the way to becoming a lawyer. 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. More on Stephanie. Looks like you have exceeded the limit to bookmark the image. 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. In January 2021, she was appointed global co-head of consumer and wealth management. 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. 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. 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. Ashburn, VA. Capacity: 200. But Ive also noticed that when women start talking to friends about business ideas, they actually want to help each other.. no, no, no, Cohen says. 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. And she does not have the most exciting social life, prioritising athletic weekends with her kids over evenings at fancy restaurants. Stephanie Cohen is joining Goldman's most elite tier, as its youngest banker | Mint Get Mint Premium at just 2949 Gainers & Losers Thu Apr 13 2023 15:55:36 Top Gainers Top Losers Indusind Bank. She has also led the firm's Launch with GS, a $500 million commitment to invest in companies and investment managers with diverse leadership. What do you think about how strategy ought to be done to be most effective in an organization?' Prior to her current role, Stephanie drove strategy, M&A, strategic investing, and partnerships as the firm's chief strategy officer. 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. In 2011, she found herself as the lead banker selling a private-equity stake in AlixPartners LLP, the consulting firm that rose to prominence in the 1980s for advising on the bankruptcy of DeLorean Motor Co. Fred Crawford, AlixPartners' CEO at the time, said Cohen stood out for coming up with a cohesive and easy-to-understand message for prospective acquirers, and persuading the consulting firm's management to rally around it. At the end of the day, you have to have good judgment, and be able to adapt to different situations, she says. Dallas is now Goldmans second-biggest U.S. office outside of New York, surpassing Salt Lake City. "We always talked about who the 'Q1s' were, as we'd call the high-trajectory women. But advertising revenue helps support our journalism. The program is self-sustaining in that schools pay for it with money set aside for a literacy specialist. 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. He has since left Goldman to run his own fund. I didnt say yes all the time, she says, reflecting on her career decisions. Why is one of us going to quit?, In her own case, she says, I decided to be at Goldman Sachs many, many, many times.. We believe our investment in these strategic locations enables us to build centers of excellence around specific capabilities that support our business initiatives, the company said. All rights reserved. Nonetheless, Cohen was tapped the following year to build a team to focus on M&A for private-equity firms. While she realizes that the financial services industry has fewer female role models, she has found it largely irrelevant in her career. Instead, I found it really helpful to look at a, people and look for things that I like or relate to. Stephanie Cohen, EVP Wealth at Goldman Sachs,. Diversity in the ranks at Goldman and at the companies it invests in is a priority for Cohen. and that youre going to enjoy it. You know, the egos can run very hot and whatnot, and she doesn't. Goldman also announced Tuesday that Harit Talwar will step aside from his day-to-day management of Marcus after five years, making way for Goldman partner Omer Ismail to take charge of the banks biggest consumer product. By putting Cohen in this new role, he also is boosting her profile in Goldmans line of succession. 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. Others say he should have named names. Goldman also will provide six student scholarships for $10,000 each at UTD over the next three years. Stephanie was always on those lists," Mass told The Cut in 2018. It is an unlikely situation for the Chicago native. An organic farm to table wedding at Clyde's Willow Creek Farm in Ashburn, VA was captured by Kelly Ewell Photography for Laura and Chris. 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. Correction: A previous version of this article mistakenly stated that Cohen became a managing partner at Goldman Sachs in 2008. By 2015, she headed the global financial sponsor M&A group. Instead, she settled in Goldman's mergers department, where she gained an expertise in working with clients in industrials. For example, theres a bunch of statistics showing that if you give people the option toinvest in a 401(k) plan, many people wont do it. The Federal Reserve's long-awaited real-time payment system is at the finish line. 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. Prior to her current role, she spent the majority of her career in the investment banking and M&A divisions at Goldman. Here are her five best pieces of advice on work and personal finance for professional women. 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. 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. This is good-return investing.". But for the bankers and credit union lenders who participated, PPP remains a high point of their careers. 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. 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. Her elevation was the most noticeable in the group of four tapped to join the management committee, and not just because its comprised mostly of men. You can use that as something that bothers you, or you can use that as a point of differentiation. There are not that many of us, and we can help each other in ways that are very impactful.. "She's very self-aware, and so it's almost a little disarming, because sometimes you're at a negotiation table. 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. Offers may be subject to change without notice. First Republic Bank was shuttered by regulators early Monday, and all its deposits and most of its assets were acquired by JPMorgan. "They are like-minded brands that are meeting people where they are," Cohen said. She also set a time limit of two-and-a-half years. . Cohens elevation to the committee followed just days later strong evidence she has the incoming CEOs confidence. Oops! Detractors question the depth of her record to date, and acknowledge that this will be her biggest test yet. As a lifer at Goldman Sachs, Cohen is quick to point out that even though the firm has been her only full-time employer, she hadnt necessarily intended to stay this long when she joined. And she's what I call a three-dimensional thinker," Friedman told Insider. 2 exec, president and operating chief John Waldron, is only 50 and is viewed as his de facto successor. A checking account is currently in beta, according to Cohen. Cohen is pragmatic about the dynamics of combining career and family life. Her first position was as an analyst in Mergers & Acquisitions in 1999, and she was then promoted to associate in the Industrials group, where she has spent the majority of her career. Cohen and York have started shaping the division in their vision, naming Wolfe and Stephan Lambert to a newly formed strategy team and tapping six executives to run product in the division. "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. The day before Stephanie Cohen one of Goldman Sachss most senior executives speaks to the Financial Times, her boss, David Solomon, hangs a for sale sign over part of the business she runs. Natalie is an award-winning reporter who covers banks, crypto, fraud, deals and other money topics for The Dallas Morning News. Closing the Gender Investing Gap. 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. In mid-July, the company announced it will promote David Solomon to succeed Lloyd Blankfein as chief executive officer. She found they were split 50/50. "You can't do it without all three," the person added. 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 how much will banks have to pay? 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. Stephanie Cohen is Global Head of Platform Solutions and a member of the Management Committee. She persuaded her husband that they could both keep their careers. Banks react to Fed report. To read our full stories, please turn off your ad blocker.We'd really appreciate it. The goal is to create relationships between those who are involved in the broad M&A infrastructure. Ms. Cohen serves on the National Board of Directors of College Spring and as a member of the Board of Quill.org. 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. Nearly two years after its last loan, the Paycheck Protection Program is still making headlines for all the wrong reasons, unfortunately. Solomon has long touted the consumer division as playing a key part in Goldmans future. 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.. 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. Bank groups say the focus on capital rules in Federal Reserve Vice Chair for Supervision Michael Barr's report on Silicon Valley Bank are misguided. Dallas is quite central, Cohen said. Insurance is also likely coming, people with knowledge of the strategy said. In less than a year, Goldman Sachs has grown its North Texas presence from more than 2,000 employees to nearly 4,000. New York: The venue was the Gotham Club an exclusive den inside the San Francisco Giants home stadium. Thinking that a single mentor will help you to achieve success in all aspects of your career is not practical, she says. 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. Internal politics won't help. 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. ), 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. "But she is savvy enough not to let it be something that holds her career back.".
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