As an investment banker for close to 20 years, my presence in board rooms was often an anomaly. 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. 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. That was another instance where a bunch of people told me. We've received your submission. Executive coaching, leadership development coaching and career navigation coaching for women looking to develop, advance and lead in top roles. . He has since left Goldman to run his own fund. Stephanie was always on those lists," Mass told The Cut in 2018. 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. 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. In 2019, Goldman launched an Apple credit card, and last January it rolled out a GM credit card. She was a force at the negotiation table, he said. The business is not yet profitable but is expected to hit revenue of $4 billion by 2024, she said. 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. Global Cohead of Consumer and Wealth Management, CA Notice at Collection and Privacy Notice, Do Not Sell/Share My Personal Information. 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. The bureaucratic asterisk is likely meant to avoid upsetting senior executives whove spent much longer trying to get on the panel, without luck. 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. Closing the Gender Investing Gap. New. Goldman plans to add checking to Marcus later this year but doesnt have a set date, Cohen said. Dallas is quite central, Cohen said. For women starting out, Cohen recommends building a base of expertise and advises younger people to avoid pigeon holing themselves. Internal politics won't help. Liked by Stephanie Cohen Fourteen years ago I. 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. 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. But advertising revenue helps support our journalism. 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).. Stephanie Cohen heads strategy, innovation, and mergers-and-acquisitions for Goldman Sachs. . Shell be among seven women on the 33-person panel. But she took the job anyway, at least in part because she was allowed a blank sheet to define the role. That includes . 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. Solomon, 58, took the helm at Goldman in October 2018. For example, when I am 60 and look back, what might I need the most? People tend to proactively solve for a problem thats not actually there, she argues. ", 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. Stephanie Cohen has been at Goldman Sachs for more than 23 years. 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. "I learned a lot about the power of perseverance from figure skating," Cohen said in the Q&A. We discussed her career as a long time investment banker to now running a global division . We have the ability to have access to our clients in Texas but also more broadly across the United States and internationally. Stephanie Cohen, cohead of Goldman's consumer and wealth group, is the only woman heading one of the bank's primary business divisions. The program is self-sustaining in that schools pay for it with money set aside for a literacy specialist. If you cant read, you cant succeed. 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. Ashburn, VA. Capacity: 200. There werent a lot ofinvestment bankers that looked like me. Cohen will ostensibly replace longtime Goldman partner Timothy ONeill, who is currently head of Consumer & Investment Management, a division that will be obsolete in 2021 thanks to the reorganization. You know, the egos can run very hot and whatnot, and she doesn't. 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. https://theglasshammer.com/wp-content/uploads/2015/07/Stephanie-Cohen.png, https://theglasshammer.com/wp-content/uploads/2020/04/[email protected], Voice of Experience: Stephanie Cohen, Managing Director, Goldman Sachs. Cohen and Mass talk several times daily, one person who knows them both said. She is one of seven women named on the committee and is 10 years younger than the average man on the team. Stephanie Cohen. and other data for a number of reasons, such as keeping FT Sites reliable and secure, She also serves as trustee for the Board of The Economic Club of New York. 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? Prior to assuming her current role, Ms. Cohen was Co-Head of the Consumer and Wealth Management Division. Certain aspects of that experience were actually helpful: for one thing, people usually remembered what I had to say. 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. Cohen joined Goldman in the late 1990s as an analyst after college. Remove some to bookmark this image. Oops! Cohen began to pepper Martin with questions. While she realizes that the financial services industry has fewer female role models, she has found it largely irrelevant in her career. "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.". 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. ), 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. Providing a refined and sumptuous experience for any wedding day, this. Stephanie Cohen is Global Head of Platform Solutions and a member of the Management Committee. FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. (Insiders said that Cohen's cohead, the 35-year Goldman veteran York, will be more focused on the wealth-management side of the business. "We have 500 corporate clients, and we have the ability to provide financial wellness to all levels of employees," she said. By putting Cohen in this new role, he also is boosting her profile in Goldmans line of succession. 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. 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. Before that, she was Global Head of Financial Sponsor M&A in the Investment Banking Division (IBD). 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. The organization does great work very efficiently. Here are her five best pieces of advice on work and personal finance for professional women. Prior to that, Ms. Cohen was a Vice President in the Industrials and Merger Leadership Groups in San Francisco. This is good-return investing.". She dug into the bones of the deal and was very compelling.". Jun 22 Stephanie Cohen: Chief Strategy Officer at Goldman Sachs. Insiders told us what's at stake for her growing group, and what it could mean for Cohen's future. The best way to do this is to have a long-term view. 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. 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. Her father is a partner in the accounting branch of Deloitte in Manhattan. Its the ultimate man-cave. LISTEN: Is this adult burger the best in D-FW? "She's very self-aware, and so it's almost a little disarming, because sometimes you're at a negotiation table. Shes about 10 years younger than the average man already on the committee, after becoming a partner just four years ago. 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. 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. I've worked my whole career in an industry dominated by men. It already lends to Amazon and Walmart merchants. 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. 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. We use It celebrated the repayment by handing employees buttons that said Paid.". 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 began to think of making partner at Goldman as the career equivalent of her one-time dream of skating at the Olympics. But she really got it. By Stephanie Cohen, Chief Strategy Officer, Goldman Sachs June 19, 2018. 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. . And again, she underscores the importance of actively seeking feedback. She is a daughter of Cornelia Gutwein of Albertson, N.Y., who retired as the principal from Flushing High School in Queens. Some there have earmarked her as a candidate to become the first woman to lead the investment banking division, the banks most profitable arm. When I walked into a board room, theyd expect a very tall man, but instead theyd get a relatively shortwoman. 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. Instead, she settled in Goldman's mergers department, where she gained an expertise in working with clients in industrials. As a subscriber, you have 10 gift articles to give each month. 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. 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. Some inside the bank wonder whether shes destined to rise even higher. Stephanie is now the Global Co-Head of the Consumer and Wealth Management Division at Goldman Sachs. . Prior to assuming her current role, Ms. Cohen was Co-Head of the Consumer and Wealth Management Division. As an investment banker for close to 20 years, my presence in board rooms was often an anomaly. Cohen said Goldman has been focused on fortifying its relationships with universities to help attract engineering talent to D-FW. 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. Your session has expired, please login again. 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. Log in to our website to save your bookmarks. Six weeks after meeting Friedman, Cohen became the youngest person to join Goldman's management committee. My group is able to assist clients in navigating this complex environment and achieve maximum value for their businesses.. 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's what I call a three-dimensional thinker," Friedman told Insider. She is in the eye of the storm now, as Goldman tries to convince Wall Street it can get its mojo back. The Woodlands at Algonkian provides a beautiful natural setting for a picturesque wedding on 850 acres of parkland in Northern Virginia. 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. 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. First Republic Bank was shuttered by regulators early Monday, and all its deposits and most of its assets were acquired by JPMorgan. 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. But Ive also noticed that when women start talking to friends about business ideas, they actually want to help each other.. Then, in 2017, happily running that business, she changed course again when she was asked to become chief strategy officer. 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. She recalls how she conformed to the dress code of her male peers by chance, because she preferred muted colours anyway. 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. 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. 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. . The high . 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. "They are like-minded brands that are meeting people where they are," Cohen said. Leading the strategy is a triumvirate of Goldman executives, insiders said. She then became sector captain for General Industrials in the Global Industrials Group and a member of the Merger Leadership Group in the Investment Banking Division. 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. 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. Banks react to Fed report. to talk about career, money and life. Were hopeful that well create this self-enforcing ecosystem where people will say if they want to work in financial services and do cool things in fintech, this is one of the great places to go to do that, Cohen said. Dive Brief: Goldman Sachs on Tuesday named Stephanie Cohen co-head of the bank's consumer and wealth management business, making the 43-year-old arguably the most powerful woman at the company, and the first woman to lead a Goldman division since trading co-chief Isabelle Ealet left the bank in 2018, Bloomberg and the Financial Times reported . Bloomberg Markets TV Shows February 22nd, 2022, 1:08 PM PST Consumer confidence beat expectations but fell from the month prior. 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. But she is quick to point out that this is no PR ploy on behalf of the bank: "This is not philanthropy. Silver Eagle Group. You are just one step away from creating your watchlist! 2 job for more than a decade before he left to join the Trump White House in January 2017 after it became clear he wouldnt succeed former CEO Lloyd Blankfein. 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. 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. Anyone can read what you share. Earlier in her career, Ms. Cohen worked in New York in the M&A department. Meanwhile, Wall Street banks are increasingly looking for female CEOs. In mid-July, the company announced it will promote David Solomon to succeed Lloyd Blankfein as chief executive officer. "That was a mistake," she told herstorycreated.net. 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 . Cohen is now a formidable Wall Street figure in her own right. Stephanie Cohen is the chief strategy officer for Goldman Sachs and a member of their management committee. Looks like you have exceeded the limit to bookmark the image. Her husbands question was one many people ask when it comes to families and work, she says. Today, the consumer business at Goldman has more than 14 million customers and over $100 billion in deposits and $16 billion in cards and loans. It was here on an evening last December when roughly 100 women from the investment banking world gathered at an event billed as a leadership dinner. 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. Instead, I found it really helpful to look at a, people and look for things that I like or relate to. ), 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. Adam said you advise lots of CEOs on strategy you write about strategy. You should spendmoney on things that truly make you happy. Solomon has long touted the consumer division as playing a key part in Goldmans future. "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 the daughter of Helayne and Jerry Cohen of Manhasset, N.Y. And then. By Stephanie Cohen Feb 3, 2020 Activity I enjoyed sitting down with LSE Focal Point and sharing thoughts about my career at Goldman Sachs. She helped the organization to secure financing for a local chapter, and the group has since spread nationwide. She was first involved with the effort when she worked in San Francisco, and brought it with her when she came back to New York. Two others who take a similar approach are John Collison at Stripe and Daniel Ek at Spotify, he said, adding that both "do an unbelievable beginner's mind immersion and emerge two months later knowing more about it than anybody else because they're willing to take a backseat." How big the Dallas operation will get is a source of regular speculation in the North Texas real estate community. 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. 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. 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 megabanks consumer banking and wealth management group. 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. Cohens route into banking was Goldmans mergers and acquisitions (M&A) team in New York, where she started as an analyst in 1999. Subscribe to The Broadsheet, our newsletter on the worlds most powerful women. If her tenure there is successful, it could pave the way for Cohen to make history at the firm. She has also led the firm's Launch with GS, a $500 million commitment to invest in companies and investment managers with diverse leadership. Instead, she recommends creating a personal board of directors, and incorporating aspects of individual people that will help you in your career. 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.. Keeping top-quality women is vital, 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. Cohen and her team began to read Ben Thompson's website, Stratechery. That includes the consumer bank Marcus, which has 8-million-plus users. Since then, the 41-year-old has charted a rapid rise inside Goldman Sachs, landing a seat last week on its most coveted decision-making body. "But without her it fails and falls apart.". Consequently, they can be prickly customers. 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. 2023 NYP Holdings, Inc. All Rights Reserved, reorganized the banks operations in January, David Solomon slammed at Goldman meeting: Processes look pretty weak, Private jets favored by Goldman Sachs CEO flew to Bahamas 21 times since last year: report, Goldman Sachs eats $470M loss on disastrous Marcus consumer bank, Goldman Sachs hands out pronoun pamphlets as it fights sex harassment suits, JPMorgan hit with $920M fine for 'spoofing' metals markets, Real Estate Board of New York to release key office occupancy data, Why the stock market is smarter than any of us including the bears, Clueless Yellen fails to stave off bank crisis as First Republic sinks, Twitter co-founder Dorsey says company 'went south' after Elon Musk took over, Al Sharpton puts McDonald's 'on notice' over alleged racial discrimination, Tom Cruise and Nicole Kidmans son, Connor, brings beard back in rare photo, Sydney Sweeney, fianc Jonathan Davino match in leather amid Glen Powell drama, Celebrities step out in NYC ahead of Met Gala 2023, NY Post Sports Reporter Zach Braziller breaks down the Knicks game 1 loss to the Heat, Kendall Jenner rocks sheer top, fur mini skirt for date night with Bad Bunny, Woman has 'loud, full body orgasm' in the middle of LA concert. All rights reserved. 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?. And yet investors continue to discount the effort, assigning it little to no value in their calculation of the future share price.