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Upon arriving, her trajectory changed, and she has remained at the firm for over two decades in a variety of roles. Stephanie Cohen Global Head of Platform Solutions February 2023. And I think theres a lot to learn about how culture builders do that, because I think a lot about the importance of stepping outside of our silos, that thats where, and that relates to the comments that you made about diversity. Youre just one more inch and I would have landed that jump. Goldman Sachs mulls deal options after consumer flop - ET BFSI Thank you for inviting me. They most recently attended, or will attend, Money 20/20 USA 2021 on Oct 24, 2021 . Wells Fargo, eyeing growth in credit cards, lands hotel chain as partner, First Foundation row with Abbott Cooper moves closer to court, Senate Banking Republicans warn Fed not to go too far in capital review, Fed's Bowman: Regulators should monitor Treasuries market function, Flagstar gives $1 million to fix appraisal industry's lack of diversity, What banks need to know about the White House's cybersecurity strategy. And theres a way to do that for a Marcus customer, but maybe theres over time a different way to do that for a General Motors customer or others that we partner with. Become a business insider with the latest news. Cohen, 41, joined Goldman Sachs in. Prior to her current role, Stephanie drove strategy, M&A, strategic investing, and partnerships as the firm's chief strategy officer. March 02, 2023, 14:16 IST. Goldman Sachs | In The News - Closing the Gender Investing Gap And so we created Launch with GS, which was our commitment to closing the diversity investing gap, where we said we were going to invest in companies founded, owned and led by diverse founders and diverse management. Goldman Sachs mulls deal options after consumer flop. My team, I talk about this all this time, its getting to yes way, which is you see a problem and instead of showing up with a problem, you show up with a solution and you work your way through the solution. How big the Dallas operation will get is a source of regular speculation in the North Texas real estate community. Voice of Experience: Stephanie Cohen, Managing Director, Goldman Sachs Tiger Trump and nothing to ex-husband Donald Trump. 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. because investing and helping companies grow is our business," Stephanie Cohen, Goldman Sachs' chief strategy officer . Stephanie Cohen Authors/Speakers Financial Health Network Jennifer Tescher: 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. And so the main thing Im focused on is people internally and externally. Not much is scary after that. The banking industry appears to be stuck when it comes to diversifying the leadership ranks. Flagstar Bank launches its next mortgage-tech accelerator while Walmart and Citi partner on a supplier loan program. And so I would really, I would kind of exclamation point on that point. And I think in some ways, this podcast is an outgrowth of my curious nature. . Goldman's Stephanie Cohen rises to management committee, as youngest In case you cant find any email from our side, please check the spam folder. Stephanie earned an AB in Biology, summa cum laude, from Harvard . We have more than 7,500 people in our division globally. She graduated cum laude from New York University and received an M.B.A. in May from Indiana University. 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. And so reading The Unbanking of America was kind of an emotional journey for me, which was that I cant believe I dont know this. But she is quick to point out that this is no PR ploy on behalf of the bank: "This is not philanthropy. And in doing that, we want to fundamentally change the way people experience financial services and in doing that improve their lives. And in order to do that, youve got to do a couple of things. . Stephanie Cohen: The Business Case for Inclusion Jennifer Tescher: Im doing it every day. 1 Executive Summary Primary drivers Key focus areas INVESTOR DAY 2023 PLATFORM SOLUTIONS . Dallas is now Goldmans second-biggest U.S. office outside of New York, surpassing Salt Lake City. Stephanie Cohen: And then how do you take that into your next role? Well, I guess were not going to be on the human schedule because were in our fifth year, not quite adolescence, but as you said, time really does fly. It could be meal delivery services, paying for working out, or makeup and clothes. You are just one step away from creating your watchlist! I mentioned at the top, youre the youngest member of the banks management committee. This $90 million Liked by Stephanie. And that means that we need to go from being about a product, to really having solutions and building holistic relationships with our customers and by building that entire product suite and making it something thats simple and transparent, easy for millions of people to access, we think were going to do that. Theres the customer calls, which I love listening to. They are part of Goldman Sachs and we are really excited to serve them with the best of Goldman Sachs digitally. And I do think were in this moment of have a lot of people around, have them continuously getting better, be focused on execution and kind of getting stuff done, but being constantly learning in the process. Stephanie Cohen: Chief Strategy Officer at Goldman Sachs HerStory Created Most Powerful Women in Finance: No. 17, Goldman's Stephanie Cohen And I love learning. No question. Stephanie Cohen is joining Goldman's most elite tier, as its - mint New York: The venue was the Gotham Club an exclusive den inside the San Francisco Giants home stadium. And then it turned on Robinhood and Goldman is in such an interesting place because youre both Wall Street and youre a FinTech in a way. I think people have gotten to a place, and theres some good and theres some bad here where the phone is kind of really the center of everything that they do and how they interact with so many parts of their lives. And then on the other side of the people equation is our clients and our customers. Internet Explorer is no longer supported on our website. And so, one of the things we certainly talk about is the board initiative, which was that we werent going to take companies public unless they had at least one diverse board member. And then weve also done that with Walmart and Amazon in terms of providing credit to their merchants. If they want to build companies that are going to succeed, having diverse voices around the table is one of the most important things that they can do. I did that internally and I also did it externally. Alan Cohen, Goldman Sachs Group Inc.'s head of compliance and the longest-serving internal cop on Wall Street, is vacating his seat after 13 years. Goldman Sachs Group Inc will pump $500 million into companies led, founded or owned by women, as it steps up efforts to close the gender investing gap, the Wall Street bank said on Tuesday. Great. And I thought a lot about this because as you change into a new role, you have to think about what are the things that have helped you to be successful? We recommend using Google Chrome, Mozilla Firefox, Apple Safari, or . Stephanie Cohen - New York, New York, United States - LinkedIn Dallas is quite central, Cohen said. Its going to be two this year. And so I found the book and it was incredibly interesting, but also devastating in so many different ways, because it was very clear that the financial system was not working for most people. And so we think this idea of really starting with a clean sheet of paper and building financial services that puts the customer at the center, is something that we can do directly through Marcus and we can do through our partners. Build a resilient workforce by prioritizing finhealth for employees. I was a big bank diversity hire. ", Cohen led "Launch with GS," the bank's $1 billion commitment to increase access to capital for women, Black, Latino and other diverse entrepreneurs and investors. And it sounds like you had to do a lot of learning because your time at Goldman, which is long, had largely been in a variety of M and A roles. And just a few weeks ago, she was asked to jointly lead the banks global consumer and wealth management division. This copy is for your personal, non-commercial use only. In 2008, she managed Conflicts and Business Selection for IBD in the Americas. https://www.barrons.com/articles/barrons-100-most-influential-women-in-u-s-finance-stephanie-cohen-51615543200. In her new role overseeing consumer and wealth management for the organization, she shepherds a vision for diversity and inclusion that prioritizes broad consumer access to high-quality financial solutions. Stephanie Cohen: POWER Series: Stephanie Cohen - YouTube Things like auto pay. But she doesn't see what the fuss is about. Anita Gutwein, Stephanie Cohen - Weddings - The New York Times Our goal in our vision, in our people, is to empower our clients and customers to achieve their financial goals and we think help them live better lives. "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. It celebrated the repayment by handing employees buttons that said Paid.". H.r. 2021, ``Environmental Justice for All Act'' Goldman Sachs CEO David Solomon fends off attacks over consumer banking Last weekend, Cohen joined a panel at this years Girlboss Rally in New York, a two-day event to foster networking and learning among women entrepreneurs,to talk about career, money and life. David Solomon says Goldman Sachs is exploring 'strategic alternatives to talk about career, money and life. NEW YORK (Reuters) -Goldman Sachs Group Inc's Chief Executive David Solomon told investors on Tuesday the bank is considering "strategic alternatives" for its consumer arm, raising prospects for a . In brief remarks about the Federal Reserve's handling of COVID-19 crises, the governor said the central bank's asset-buying program is taking longer to unwind than its emergency lending facilities. Got it. Im glad that you talked about inclusive capitalism because one of the more notable pronouncements from your boss, Goldman chair and CEO David Solomon, was that Goldman was only going to be willing to take companies public if they had at least one woman on their board. I didnt have that term before, but as a giver. And that really created an environment where no ones afraid to ask kind of the dumb question, because Stephanies always asking the dumb question because I really wanted to learn. And how can we serve them where they are with the capabilities of Goldman Sachs?