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. I've worked my whole career in an industry dominated by men. Its great for a woman to be achieving this level of success at Goldman and shes certainly capable of going further," Nugent said. Wedding Venues in Ashburn, VA - 180 Venues - Eventective 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 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. Stephanie Cohen has been at Goldman Sachs for more than 23 years. 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. Running the division alongside her new co-head Tucker York also transforms Cohen immediately into one of the most powerful women on Wall Street and the latest female contender to lead a major bank. David Solomon, Stephanie Cohen, Sherry Wang and Daniel Alger Cohen also heads. I've worked my whole career in an industry dominated by men. Internal politics won't help. Cohen is now a formidable Wall Street figure in her own right. 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. "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.". 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. When Goldmans board gathered on the West Coast in late June, she gave a presentation on that groups work. Looks like you have exceeded the limit to bookmark the image. All rights reserved. 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. As an investment banker for close to 20 years, my presence in board rooms was often an anomaly. But Ive also noticed that when women start talking to friends about business ideas, they actually want to help each other.. for a couple of days in a row, the minute you wake up in the morning, [ask yourself] what is your first thought on whether or not you should do it?. And yet investors continue to discount the effort, assigning it little to no value in their calculation of the future share price. She found they were split 50/50. Upon arriving, her trajectory changed, and she has remained at the firm for over two decades in a variety of roles. Stephen deFalco ran Crane & Co., the US paper-production company, when Cohen brokered its sale. Citigroups Jane Fraser just became the first CEO of a major US bank, and women look poised to take the reins at Bank of America and JPMorgan. "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. She started as an analyst in 1999 and has held a series of leadership positions in mergers and acquisitions. . As a subscriber, you have 10 gift articles to give each month. I would have really been stuck if Id fixated on finding the senior woman in M&A to emulate, she says. Contact the Facilities Manager or the Events Coordinator today to discuss hosting your . 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. 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. and that youre going to enjoy it. "You can't do it without all three," the person added. 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. This account of her ascent is based on interviews with people whove worked with Cohen, who asked not to be named discussing their interactions. 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. By 2015, she headed the global financial sponsor M&A group. She is in the eye of the storm now, as Goldman tries to convince Wall Street it can get its mojo back. 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. Barron's 100 Most Influential Women in U.S. Finance: Stephanie Cohen Prior to her current role, Stephanie drove strategy, M&A, strategic investing, and partnerships as the firm's chief strategy officer. Thinking that a single mentor will help you to achieve success in all aspects of your career is not practical, she says. If you cant read, you cant succeed. Stephanie was always on those lists," Mass told The Cut in 2018. "She deeply understands that tech is going to be a key driver of competitive advantage for Goldman in the future," a former employee said. Prior to her current role, she spent the majority of her career in the investment banking and M&A divisions at Goldman. Female banker emerges as possible successor to Goldman Sachs CEO Banks react to Fed report. 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. In 2019, Goldman launched an Apple credit card, and last January it rolled out a GM credit card. Last November, she and Tucker York, credited with building the bank's private wealth business, were handed oversight of Goldman's consumer and wealth-management division, the home of grand ambitions to go toe to toe with JPMorgan in consumer banking. Goldman Sachs | Management Committee - Stephanie Cohen Cohen and her team began to read Ben Thompson's website, Stratechery. (Cohen declined to comment for this story, but Goldman provided a list of seven people it said were willing to speak on her behalf. The idea is now central to how the firm is looking to reinvent itself. By doing that, you can actually, authentically be the person you want without assuming that you have to be someone else.. She is a key architect of the bank's ambitious consumer strategy, which involves partnerships with high-profile consumer brands. For my entire career, Ive embraced challenges and focused on the impact of a business rather than an arbitrary notion of its size, the head of Goldmans Platform Solutions business says, referring to Solomons announcement that the bank was exploring strategic alternatives for some of her division. . By years end, 40% of its employees were working in those locations, the company said. 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 Here are her five best pieces of advice on work and personal finance for professional women. 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. CompTIA expects that to grow to nearly 7,700 net new positions this year, the fifth-highest total nationally. . And she reports, it has done exactly what she hoped it would. The Woodlands at Algonkian provides a beautiful natural setting for a picturesque wedding on 850 acres of parkland in Northern Virginia. We have the ability to have access to our clients in Texas but also more broadly across the United States and internationally. A checking account is currently in beta, according to Cohen. She was previously based in New York where she reported for The Motley Fool, TheStreet and Business Insider. Goldman now finds itself carving a path with a direct-to-consumer digital bank and a broad effort to give retailers, automakers, and other nonbanks the tools to offer their own banking products. Goldman Sachs. 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. Executive coaching, leadership development coaching and career navigation coaching for women looking to develop, advance and lead in top roles. analyse how our Sites are used. 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. When Adena Friedman, the CEO of Nasdaq, hosted a dozen executives for dinner at her home in June 2018, it marked the first encounter for one of Wall Street's most senior women and another up-and-comer. 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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. 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. 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.. It could be meal delivery services, paying for working out, or makeup and clothes. Detractors question the depth of her record to date, and acknowledge that this will be her biggest test yet. 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 . Reservations cannot be made online. 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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. FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. 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. 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. New. If Cohen can successfully employ technology to supercharge Goldman's future, she'll be a contender for the top job, insiders say. His No. "'OK, Roger. 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. When I walked into a board room, theyd expect a very tall man, but instead theyd get a relatively shortwoman. She has not done her own laundry since I was an analyst. 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. "But she is savvy enough not to let it be something that holds her career back.". Powered and implemented by Interactive Data Managed Solutions. 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. The same question was asked of Dina Powell, another senior woman at Goldman, who returned for a second stint after serving in the Trump administration. 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. . 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. She is a daughter of Cornelia Gutwein of Albertson, N.Y., who retired as the principal from Flushing High School in Queens. Goldman will soon add checking and wealth-management accounts to Marcus' savings and lending products. Insurance is also likely coming, people with knowledge of the strategy said. 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. Sign up for notifications from Insider! First Republic Bank was shuttered by regulators early Monday, and all its deposits and most of its assets were acquired by JPMorgan. Cohens route into banking was Goldmans mergers and acquisitions (M&A) team in New York, where she started as an analyst in 1999. 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. It is an unlikely situation for the Chicago native. 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.