In January 2021, she was appointed global co-head of consumer and wealth management. She grew up in Augusta, Ga., and holds an MA in Investigative Journalism from The Cronkite School. Ms. Gutwein (left), 32, is taking Ms. Cohens surname. 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. 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.. Watch State of the Consumer: Goldman Sachs Stephanie Cohen - Bloomberg Leading the strategy is a triumvirate of Goldman executives, insiders said. Then, in 2017, happily running that business, she changed course again when she was asked to become chief strategy officer. Goldman Sachs' Youngest Banker's Top 5 Career & Money - Observer There are not that many of us, and we can help each other in ways that are very impactful.. It could be meal delivery services, paying for working out, or makeup and clothes. Cohen is now a formidable Wall Street figure in her own right. The top five bank holding companies have combined total consumer loan portfolios of more than $1.8 trillion as of December 31, 2022. The goal is to create relationships between those who are involved in the broad M&A infrastructure. Stephanie Cohen heads strategy, innovation, and mergers-and-acquisitions for Goldman Sachs. 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. But for the bankers and credit union lenders who participated, PPP remains a high point of their careers. The delicate transaction was a milestone in the carmakers comeback after the financial crisis. The sector is a favorite of the private-equity firms that throw lots of business to Wall Street banks like Goldman, and Cohen began to work with them more. And she reports, it has done exactly what she hoped it would. Cohen, Haber and others at Goldman former CFO Marty Chavez, most notably saw a way to apply that model to financial services. Lansdowne Resort and Spa is a wedding venue based in Leesburg, Virginia. Shell be among seven women on the 33-person panel. 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 joined Goldman in the late 1990s as an analyst after college. But the opportunities continued to come. Certain aspects of that experience were actually helpful: for one thing, people . 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. 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. We have the ability to have access to our clients in Texas but also more broadly across the United States and internationally. She is the daughter of Helayne and Jerry Cohen of Manhasset, N.Y. 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. Goldman's Stephanie Cohen Says Firm Can Work With Financial Newcomers 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. Cohen, a 43-year-old insider who has been Goldmans chief strategy officer since 2017, is the first woman to lead her own group under Solomon, who dramatically reorganized the banks operations in January. 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. 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?. Stephanie Cohen on LinkedIn: Goldman Sachs' Stephanie Cohen on How the But she wasn't without detractors. She persuaded her husband that they could both keep their careers. David Solomon, Stephanie Cohen, Sherry Wang and Daniel Alger 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. Ms. Cohen, also 32, is an independent marketing consultant in Chicago. Cohen declined to give projections for growth in Dallas or say whether Goldman is considering such a move. She is a key architect of the bank's ambitious consumer. We get it: you like to have control of your own internet experience. 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. . "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.". She joined Goldman after graduation, in 1999, assuming she'd spend two years there and head off to law school. Mass initiated Cohen into the club the following year. 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. 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. We use Cohen brought the same approach to forging a closer relationship to Silicon Valley. She is also a Global Executive sponsor of the Women's Network. Youve got to figure out whats important to you and what you really want to spendmoney on. Goldman Sachs | Management Committee - Stephanie Cohen The regions tech workforce is projected to expand 17% over the next decade. 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. Best of Both Worlds: Goldman Sachs' Stephanie Cohen Jo Ann Barefoot 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 . Goldman Open to Work With Financial Newcomers: Stephanie Cohen This account of Cohen's past and near future is based on interviews with more than a dozen colleagues, former colleagues, clients, and friends. Cohen consulted the advisers that she calls her own board of directors, asking them whether she should leave a client-facing job. 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. Keeping top-quality women is vital, she says. 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. 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 also heads. But Ive also noticed that when women start talking to friends about business ideas, they actually want to help each other.. We discuss lessons learned from her career in M&A and the many initiatives she now leads at the firm. 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 idea is now central to how the firm is looking to reinvent itself. It already lends to Amazon and Walmart merchants. But she took the job anyway, at least in part because she was allowed a blank sheet to define the role. 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. As an investment banker for close to 20 years, my presence in board rooms was often an anomaly. les grandes divisions geologiques de l'histoire de la terre She has seen that men in the workplace tend to be better at blending their personal and professional lives, and using that to create more client and networking opportunities. That streamlining created the consumer banking group, which contains Goldmans fledgling Marcus savings account business and AppleCard businesses. Nearly two years after its last loan, the Paycheck Protection Program is still making headlines for all the wrong reasons, unfortunately. Stephanie Cohen, cohead of Goldman's consumer and wealth group, is the only woman heading one of the bank's primary business divisions. and that youre going to enjoy it. Click the AdBlock Plus button on your browser and select Enabled on this site. Our vision for this is that in the same way that we have developed a really good talent base in places like London and Hong Kong and New York, where people come to Goldman Sachs in order to work in finance and investment banking, I think there will be people who come to Dallas who want to work in fintech and want to do that at Goldman Sachs, said Cohen, who moved to Dallas from New York in August to lead the companys growth. 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. That puts her in the eye of the storm now, as Goldman tries to convince Wall Street it can get its mojo back. This account of her ascent is based on interviews with people whove worked with Cohen, who asked not to be named discussing their interactions. This is good-return investing.". Executive coaching, leadership development coaching and career navigation coaching for women looking to develop, advance and lead in top roles. 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. June 19, 2018. Stephanie Cohen, then a chief strategy officer at Goldman Sachs, impressed Friedman with her penchant for bringing multiple perspectives to bear on a conversation. FORTUNE may receive compensation for some links to products and services on this website. Closing the Gender Investing Gap. 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? Cohens route into banking was Goldmans mergers and acquisitions (M&A) team in New York, where she started as an analyst in 1999. In January 2021, she was appointed global co-head of consumer and wealth management. Stephanie Cohen | 2015 40 Under 40 | Fortune 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. Stephanie Cohen is the chief strategy officer for Goldman Sachs and a member of their management committee. "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. 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. Stephanie Cohens first 15 years at Goldman Sachs, her career ladder didnt look much different than that of a typical investment banker. 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? "We have 500 corporate clients, and we have the ability to provide financial wellness to all levels of employees," she said. "That was a mistake," she told herstorycreated.net. cookies She did a stint in the San Francisco office as a vice president, where she worked in M&A with a broader array of clients, until she was asked to return to New York to oversee Conflicts and Business Selection in the Americas during the financial crisis. Liked by Stephanie Cohen Fourteen years ago I. To help build those bridges, Cohen created a womens M&A event several years ago to bring together clients and other professionals who work in M&A, such as lawyers and accountants. 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. All Rights Reserved. The Woodlands at Algonkian provides a beautiful natural setting for a picturesque wedding on 850 acres of parkland in Northern Virginia. Voice of Experience: Stephanie Cohen, Managing Director, Goldman Sachs People, Voices of Experience "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. Cohen decided to take the job, and returned to M&A a year later, as a managing director. By years end, 40% of its employees were working in those locations, the company said. Ms. Cohen leads Launch With GS, the firm's first for-profit investing initiative with . By putting Cohen in this new role, he also is boosting her profile in Goldmans line of succession. 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. "We always talked about who the 'Q1s' were, as we'd call the high-trajectory women. When she acts on those things "it's cut and dried and clean and timely and usually on point.". When she helps out at their schools, it is when the children are also involved. 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. . 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. Stephanie Cohen, Chief Strategy Officer, Goldman Sachs - Topio Networks 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. Providing a refined and sumptuous experience for any wedding day, this. Cohen was a competitive figure skater who dreamed of making it to the Olympics. 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. Barron's 100 Most Influential Women in Finance: Stephanie Cohen | Barron's Profile of Stephanie Cohen, Goldman Sachs Consumer and Wealth - Insider 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. 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. "'OK, Roger. You know, the egos can run very hot and whatnot, and she doesn't. Cindy Ord/Getty Images for Girlboss Rally NYC 2018. 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. Solomon has long touted the consumer division as playing a key part in Goldmans future. 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 then. 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. 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. 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. In less than a year, Goldman Sachs has grown its North Texas presence from more than 2,000 employees to nearly 4,000. Voice of Experience: Stephanie Cohen, Managing Director, Goldman Sachs