Cohen consulted the advisers that she calls her own board of directors, asking them whether she should leave a client-facing job. This account of her ascent is based on interviews with people whove worked with Cohen, who asked not to be named discussing their interactions. 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. "You try and you fall, but you always pick yourself up. Stephanie Cohen: zigzag steps to the top on Wall Street One of the most powerful executives at Goldman Sachs on how she made her career choices Laura Noonan March 7 2023 Receive free Women. New York: The venue was the Gotham Club an exclusive den inside the San Francisco Giants home stadium. Silver Eagle Group. Goldman's $2.2 billion acquisition of GreenSky allows the bank to beef up its customer base and gives it access to the fintech's network of more than 10,000 merchants. 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. By Stephanie Cohen, Chief Strategy Officer, Goldman Sachs June 19, 2018. All Rights Reserved. Natalie Walters, Business reporter. Solomon has long touted the consumer division as playing a key part in Goldmans future. he 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, Last weekend, Cohen joined a panel at this years. 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. 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. Rabbi Jodie L. Siff officiated at Studio Square, an events space. By years end, 40% of its employees were working in those locations, the company said. . 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. Ms. Cohen, also 32, is an independent marketing consultant in Chicago. By doing that, you can actually, authentically be the person you want without assuming that you have to be someone else.. Stephen deFalco ran Crane & Co., the US paper-production company, when Cohen brokered its sale. That meant Cohen had to work closely with the then-CEO of the Fiat-Chrysler group, Sergio Marchionne, sometimes camping out for talks in Detroit or paying visits to the U.S. Treasury Department. 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. The top five bank holding companies have combined total consumer loan portfolios of more than $1.8 trillion as of December 31, 2022. Meanwhile, Wall Street banks are increasingly looking for female CEOs. "She's witty and funny. 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. One former partner said there were questions about whether Cohen had brought in the kind of money typically required of new partners. I've worked my whole career in an industry dominated by men. Stephanie's process looked similar, he said. Cohen is a member of Goldman Sachs' Global Inclusion and Diversity Committee, serving as global executive of the Women's Network. But falling short may mean a depressed stock price and knocking Cohen off a course that's quickly propelled her into the rarified air of Goldman's executive suite. 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.. Cohen began to pepper Martin with questions. Goldman plans to add checking to Marcus later this year but doesnt have a set date, Cohen said. The best way to do this is to have a long-term view. Solomon, 58, took the helm at Goldman in October 2018. Banks react to Fed report. 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. 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. Ms. Cohen leads Launch With GS, the firm's first for-profit investing initiative with . She graduated cum laude from New York University and received an M.B.A. in May from Indiana University. She also serves as trustee for the Board of The Economic Club of New York. When I walked into a board room, theyd expect a very tall man, but instead theyd get a relatively shortwoman. The program is self-sustaining in that schools pay for it with money set aside for a literacy specialist. The sale of that company, which has been making parts of the US currency bill going back to the 19th century, was among the last deals she worked on before moving to the executive suite. Her primary job is finding acquisition prospects and partnerships for Goldman. She is a key architect of the bank's ambitious consumer. 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. Thompson, formerly of Apple and Microsoft, has written about the strategies the big tech firms like Amazon, Google, and Facebook are using to control the internet. 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. Adam said you advise lots of CEOs on strategy you write about strategy. 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. Stephanie Cohen is the chief strategy officer for Goldman Sachs and a member of their management committee. Cohen, who is in charge of over $1 trillion in client assets, is the youngest member of the management committee, Goldmans highest echelon. 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. Cohen brought the same approach to forging a closer relationship to Silicon Valley. You know, the egos can run very hot and whatnot, and she doesn't. Your session has expired, please login again. When she helps out at their schools, it is when the children are also involved. 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. 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. 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. 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?. You are now subscribed to our newsletters. She persuaded her husband that they could both keep their careers. She found they were split 50/50. Senior Editor, Women's Programs, American Banker. She is also a Global Executive sponsor of the Women's Network. This is good-return investing.". More on Stephanie. . The business is not yet profitable but is expected to hit revenue of $4 billion by 2024, she said. Stephanie is now the Global Co-Head of the Consumer and Wealth Management Division at Goldman Sachs. 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. 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 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. Stephanie Cohens first 15 years at Goldman Sachs, her career ladder didnt look much different than that of a typical investment banker. CompTIA expects that to grow to nearly 7,700 net new positions this year, the fifth-highest total nationally. She is a key architect of the bank's ambitious consumer strategy, which involves partnerships with high-profile consumer brands. Internal politics won't help. As an investment banker for close to 20 years, my presence in board rooms was often an anomaly. Executive coaching, leadership development coaching and career navigation coaching for women looking to develop, advance and lead in top roles. Sometimes you have to tell people what they dont want to hear, and shes among the best Ive seen when she gives advice," said Eileen Nugent, a senior M&A lawyer who has advised on buyouts. 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. Prior to her current role, Stephanie drove strategy, M&A, strategic investing, and partnerships as the firm's chief strategy officer. Consequently, they can be prickly customers. Nestled by the wooden banks of the Potomac River, this unique wedding venue offers you plentiful space for a ceremony and reception. Then, in 2017, happily running that business, she changed course again when she was asked to become chief strategy officer. She was previously based in New York where she reported for The Motley Fool, TheStreet and Business Insider. "We call her a mergers black belt.". If you were doing a good job, you were memorable, she says. 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. Cohens route into banking was Goldmans mergers and acquisitions (M&A) team in New York, where she started as an analyst in 1999. Cohen joined Goldman Sachs as an Analyst in 1999, was named Managing Director in 2008 and Partner in 2014. People tend to proactively solve for a problem thats not actually there, she argues. By signing up you agree to ourTerms of ServiceandPrivacy Policy. Bloomberg Markets TV Shows February 22nd, 2022, 1:08 PM PST Consumer confidence beat expectations but fell from the month prior. and other data for a number of reasons, such as keeping FT Sites reliable and secure, Instead, she recommends creating a personal board of directors, and incorporating aspects of individual people that will help you in your career. 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. (A back-of-the-envelope calculation would require each partner to bring in $100 million or more in annual revenue, for example.) And she reports, it has done exactly what she hoped it would. And she's what I call a three-dimensional thinker," Friedman told Insider. There are not that many of us, and we can help each other in ways that are very impactful.. Oops! How big the Dallas operation will get is a source of regular speculation in the North Texas real estate community. My group is able to assist clients in navigating this complex environment and achieve maximum value for their businesses.. Nonetheless, Cohen was tapped the following year to build a team to focus on M&A for private-equity firms. "She deeply understands that tech is going to be a key driver of competitive advantage for Goldman in the future," a former employee said. The roles of community workers are diverse, and they allow individuals from many walks of life and different skills to contribute to their communities. Cindy Ord/Getty Images for Girlboss Rally NYC 2018. Its the ultimate man-cave. Earlier in her career, Ms. Cohen worked in New York in the M&A department. 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. Banker Stephanie Cohen was appointed to lead the consumer and wealth management division at Goldman Sachs, a New York-based investment bank and financial services company.The 43-year-old is . The small group quickly got overwhelmed and Cohen's team got stretched, exposing a management flaw that she still considers a notable failure. Just this spring Cohen was tapped for an exciting new assignment creating and heading a new group, Global Financial Sponsor M&A. Cohen, 41, joined Goldman Sachs in. Log in to our website to save your bookmarks. 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 2008, she managed Conflicts and Business Selection for IBD in the Americas. It celebrated the repayment by handing employees buttons that said Paid.". Complimentary access to top ideas and insights curated by our editors. FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. "I learned a lot about the power of perseverance from figure skating," Cohen said in the Q&A. 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. Prior to assuming her current role, Ms. Cohen was Co-Head of the Consumer and Wealth Management Division. In less than a year, Goldman Sachs has grown its North Texas presence from more than 2,000 employees to nearly 4,000. We discuss lessons learned from her career in M&A and the many initiatives she now leads at the firm. That advice has been crucial to Cohens success throughout her career. I didnt say yes all the time, she says, reflecting on her career decisions. She has also led the firm's Launch with GS, a $500 million commitment to invest in companies and investment managers with diverse leadership. 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. Providing a refined and sumptuous experience for any wedding day, this. Cohen is a Goldman Sachs lifer who started at the bank as an analyst back in 1999, spending time in New York and San Francisco. 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. His No. 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. 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. In 2019, Goldman launched an Apple credit card, and last January it rolled out a GM credit card. Stephanie Cohen, EVP Wealth at Goldman Sachs,. While she realizes that the financial services industry has fewer female role models, she has found it largely irrelevant in her career. By Stephanie Cohen, Chief Strategy Officer, Goldman Sachs. Cohen is now a formidable Wall Street figure in her own right. She is in the eye of the storm now, as Goldman tries to convince Wall Street it can get its mojo back. "She's very self-aware, and so it's almost a little disarming, because sometimes you're at a negotiation table. 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. She is the daughter of Helayne and Jerry Cohen of Manhasset, N.Y. 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. Youve got to figure out whats important to you and what you really want to spendmoney on. 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. Mass initiated Cohen into the club the following year. 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. One thing someone told me, which I thought was awesome advice, was that when you leave the house in the morning, your kids dont feel bad about it you feel bad about it, she says. "They are like-minded brands that are meeting people where they are," Cohen said. She is a consultant in Chicago for Bain & Company. SEG is the ideal venue for meetings, sales events, bachelor parties, fundraisers, cocktail mixers, birthday parties and more. Reservations cannot be made online. Cohen joined Goldman in the late 1990s as an analyst after college. The bureaucratic asterisk is likely meant to avoid upsetting senior executives whove spent much longer trying to get on the panel, without luck. 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. Sign up for notifications from Insider! Terms & Conditions. We've received your submission. 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. 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. 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. And she does not have the most exciting social life, prioritising athletic weekends with her kids over evenings at fancy restaurants. Teaching a child to read will fundamentally change his or her trajectory in life.. 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. Natalie is an award-winning reporter who covers banks, crypto, fraud, deals and other money topics for The Dallas Morning News. 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. Cohens elevation to the committee followed just days later strong evidence she has the incoming CEOs confidence. Stephanie Cohen, cohead of Goldman's consumer and wealth group, is the only woman heading one of the bank's primary business divisions. 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).. By doing that, you can actually, authentically be the person you want without assuming that you have to be someone else., Make it easier to make the right decisions. Cohen and her team began to read Ben Thompson's website, Stratechery. . Ms. Gutwein (left),. She is also a Global Executive sponsor of the Women's Network. Stay up to date with what you want to know. S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. 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. Wall Street can stop wondering who the most powerful woman at Goldman Sachs might be. "You can't do it without all three," the person added. Her father is a partner in the accounting branch of Deloitte in Manhattan. Dallas is now Goldmans second-biggest U.S. office outside of New York, surpassing Salt Lake City. Certain aspects of that experience were actually helpful: for one thing, people . 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. 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. Outside of work, Cohen spends time with her husband and young son, who helps me hone my negotiation skills, she laughs. "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. Thinking that a single mentor will help you to achieve success in all aspects of your career is not practical, she says. 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. Stephanie Cohen has been at Goldman Sachs for more than 23 years. Some of that could be due to the fact that there are fewer women in venture capital and fewer women founders. and that youre going to enjoy it. 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. . 2023 Fortune Media IP Limited. We discussed her career as a long time investment banker to now running a global division . 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. 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. . Click the AdBlock Plus button on your browser and select Enabled on this site. That puts her in the eye of the storm now, as Goldman tries to convince Wall Street it can get its mojo back. Closing the Gender Investing Gap. Stephanie Cohen has been at Goldman Sachs for more than 23 years. When Barron's profiled Stephanie Cohen in 2022, she was co-head of consumer wealth and management at Goldman Sachs . "But she is savvy enough not to let it be something that holds her career back.". Rabbi Jodie L. Siff officiated at Studio Square, an events space. Cohen, people told Insider, combines intelligence and a supernatural ability to act on many projects simultaneously with a direct demeanor and a willingness to check her ego in service of achieving the best outcome. Prior to assuming her current role, Ms. Cohen was Co-Head of the Consumer and Wealth Management Division. Ms. Cohen was Sector Captain for General Industrials in the Global Industrials Group and a member of the M&A Group in IBD. 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. analyse how our Sites are used. 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. Jun 22 Stephanie Cohen: Chief Strategy Officer at Goldman Sachs. Some there have earmarked her as a candidate to become the first woman to lead the investment banking division, the banks most profitable arm. But the opportunities continued to come. 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. A checking account is currently in beta, according to Cohen. 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 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. Insiders told us what's at stake for her growing group, and what it could mean for Cohen's future. 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 . If you cant read, you cant succeed. Ms. Cohen serves on the National Board of Directors of CollegeSpring and as a member of the Board of Quill.org. (One former CFO kept a toaster in his office to warn against retail-banking gimmicks.). Cohen has long been seen as a Solomon favorite, and running a key division will provide her with the experience and clout that she will need to compete for his job when he leaves the C-suite. If youre not getting negative feedback, its not because youre perfect. Before that, she was the firm's Chief Strategy Officer, where she drove strategy, Mergers & Acquisitions (M&A), strategic investing and partnerships for the firm. We get it: you like to have control of your own internet experience. Liked by Stephanie Cohen Fourteen years ago I. 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. 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. Stephanie was always on those lists," Mass told The Cut in 2018. "We always talked about who the 'Q1s' were, as we'd call the high-trajectory women. She helped the organization to secure financing for a local chapter, and the group has since spread nationwide. . 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. 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. Not the backstabbing type, she's smart enough to understand she has to pay attention to that side of her career if she wants to succeed, said a friend and former colleague who spoke on condition of anonymity to preserve their relationship. 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 . 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. And, while it was more usual then to be a lone female voice on a call, that was not always a bad outcome. 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. . 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. This year, her fourth on our list of 100 Influential Women in Finance,. 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.
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