If you liked this episode, please review the show and subscribe wherever you get your podcasts. Do you have any ideas or things youve thought about in terms of how to leverage your capabilities in this regard? There are places where theyre ahead and there are places where theyre behind and actually seeing that in a different environment, I think is another really interesting way to listen to what the world may become and to listen to ways that we can do things differently and better. The banking industry appears to be stuck when it comes to diversifying the leadership ranks. 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. Goldman Sachs Group I talked a little bit about all the businesses that Tucker and I are managing and they include these advisor led wealth management businesses that we have been in for decades. Your session has expired, please login again. Goldman Sachs. Stephanie Cohen: And there are so many different organizations and Jen, your organization is one of them where, how can we all work together to try to fix this? Where does the bank and the Fed go from here? <p><img src="https://static1.businessinsider.com/image/5c40b6cbb492cb3ebd48300a-2400/gettyimages-1048898186.jpg" border="0" alt="Goldman Sachs CEO David Solomon" data . Some inside the bank wonder whether shes destined to rise even higher. Jennifer Tescher: By the way, a lot of people who spend their careers in financial services. 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. We do it externally. But Ive also noticed that when women start talking to friends about business ideas, they actually want to help each other.. And what were doing in our division is we do it a couple of different ways. And one of the things that we kind of put out there in the wild was this idea of being able to pay your credit card bill multiple times a month in the Apple cart. Then President John Waldron repeated it. Remove some to bookmark this image. Upon arriving, her trajectory changed, and she has remained at the firm for over two decades in a variety of roles. A Goldman Sachs banker will have to pay his ex-wife more cash after she appealed her 2 million divorce settlement despite being set to inherit 100 million from her Saudi father. And my mom who is a history teacher at some point and really cares about history and I love history and read it. Her appointment this summer to Goldman Sachs' management committee made her its youngest member. As the banks chief strategy officer, she brought clarity and focus, including a new commitment to diversity and inclusion. Stephanie Cohen has been at Goldman Sachs for more than 23 years. Its really complex. And the thing I say all the time is that you cant talk about these things in two different places. So much. And by the way, that portfolio is different for different people. Jennifer Tescher: 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 potential sale after the business lost billions of dollars. And so I do think this idea of bringing the best of Goldman Sachs, this corporate franchise and the relationships we have with those brands and then taking these in many cases, digital capabilities weve built in the consumer business and embedding them into those ecosystems in a way that serves their customers, I think is one of the ways that we can access this much broader audience. Goldman Sachs Group Inc's Chief Executive David Solomon and top executives will give investors an update on their strategy on Tuesday. Stephanie Cohen quickly rose through the ranks at Goldman Sachs to become one of the youngest members and one of only a few women on its management committee. That thats clearly a very important part of your role and has been. And I really got to know them on a totally new level because they were talking to me about their lives and their goals and their dreams and how we could be helpful. The world is awash in capital and you never see that. 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. Talk to me a little bit about how thats happened. So I heard you mention that youre getting ready to add a set of investment tools for Marcus customers and that makes me think about what weve been witnessing over the last couple of weeks with the GameStop frenzy. Chief Strategy Officer, Goldman Sachs Much has been made over the past few months about Stephanie Cohen's age. 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 Dallas. STEPHANIE COHEN, GLOBAL HEAD OF PLATFORM SOLUTIONS, 45. 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. But advertising revenue helps support our journalism. And the question is, how do you do that at scale? 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. Dallas is now Goldmans second-biggest U.S. office outside of New York, surpassing Salt Lake City. And also, we didnt really know exactly what that was going to look and feel like, but what we figured out is actually people really do like it. And so I think that Ive learned over time that while being an individual contributor and being really fantastic at what you do, actually the way to really get stuff done is make everyone around you better. And were going to be better if we do that. 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. Here are her five best pieces of advice on work and personal finance for professional women. Now weve put a bunch of features into our products to help people make better decisions. And I think in some ways, this podcast is an outgrowth of my curious nature. Prior to her current role, Stephanie drove strategy, M&A, strategic investing, and partnerships as the firm's chief strategy officer. 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. Goldman Sachs 209K subscribers Subscribe 4.6K views 5 years ago Despite China's macro headwinds, Stephanie Hui, head of the Merchant Banking Division in Asia Pacific Ex-Japan, identifies the. Goldman Sachs' embattled full-time boss -- and part-time deejay -- David Solomon tried to put a positive spin Tuesday on the company's failed foray into consumer banking. Financial Health Pulse 2022 Chicago Report, Jennifer Tescher | Leaning Forward for FinHealth. Youve mentioned the fact that soon youre going to be launching a new set of investment options and opportunities. Meet the forward thinking leaders challenging the status quo and unleashing creative new ways of improving financial health by seeing their customers, employees, and communities in 3D. Global Financial Health Launch Decision: Send Em! Shared by Stephanie Cohen At a critical moment for women's and family health, I am proud to share news of Maven Clinic's Series E, led by General Catalyst. And the question, which is kind of an obvious question is why now? And if you look at those businesses, the thing that we have focused on in those businesses is providing holistic advice to individuals and to families and to helping them get the right diversified portfolio for them. One Goldman Sachs go-to-market strategy combined with products developers love and can easily adopt 2 Business-to-business with innovative, client- and And then because while we can access millions of customers, the way that we can really have impact is by taking those capabilities and embedding it into the ecosystems of our partners. 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. It was a pre-COVID time period. William (Bill) Sachs Goldman, the scion of a prominent family of Jewish philanthropists in San Francisco and himself a board member of the New Israel Fund, died in a crash of his private plane. One, it affects how you manage your own people. And so the main thing Im focused on is people internally and externally. Oops! You can learn more about how we use cookies by reviewing our Privacy Policy.Dismiss, Global Co-Head of Consumer and Wealth Management. And so hopefully people see when they go on our app or go on our website, that our language is easy to read and clear. Jennifer Tescher: Goldman plans to add checking to Marcus later this year but doesnt have a set date, Cohen said. The strategy document identifies potential avenues for cutting cybercriminals off from financing, as well as other actions banks can take. The bank will aim to grow fees from asset and wealth management and drive better performance in its fintech unit, while taking more market share in its traditional powerhouses of trading and investment banking. Stephanie Cohen: [1] [2] Prior to March 2008, she was the firm's Chief Investment Strategist. The phrase is often used as company jargon for a sale or merger. A step-by-step guide for HR professionals. And so, while theres a lot of sadness in that, were hopefully, the idea is turning that into opportunity. And then, were going to be part of fixing this and were going to have to work with a lot of people to fix it because the financial system is this intertwined organism. Its going to be two this year. Goldman Sachs Group Inc will pump $500 million into companies led, . A Flagstar executive said the mortgage-focused bank is "not just going to sit on the sidelines and watch this happen.". Over 99% goes to all white teams. Dallas is quite central, Cohen said. Cohen, 41, joined Goldman Sachs in. 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. Second, in kind of a funny way, theres not much things that are hard and scary after youve lived with the you alone center of the ice, audience in front of you, judges behind you, couple of minutes to do something that youve practiced for hours upon hours. Shes about 10 years younger than the average man already on the committee, after becoming a partner just four years ago. And then as you mentioned, we have a digital consumer bank. And that has definitely been sped up by whats gone on with COVID. And in this new role in particular, but I was doing some of this as chief strategy officer, but now doing much more of it, I think you really have to figure out how you can listen to customers directly. Tell us a little bit about where you expect to focus most of your time and attention this year. And so were having a great time, really engaging with our team. Im a big question asker too. But in July of this year, she scored a seat on the banks most elite decision-making team, a 33-person management committee appointed by new CEODavid Solomon. The bank says the candidates failed to make full disclosures. and expects to roll out digital checking accounts in the next few months. This has been EMERGE Everywhere, a Financial Health Network production. Yeah. Great. I love that you had that visceral experience from the book and particularly given the role youre in now. There werent a lot ofinvestment bankers that looked like me. And in that business, we have two different pieces, one, which is Marcus, which you mentioned, which helps customers save, borrow, and soon invest and spend. Jennifer Tescher: Stephanie Cohen Global Head of Platform Solutions February 2023. 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. Im certain that I had it before, but its really deeply ingrained in the Goldman Sachs culture, but I happen to naturally be, I guess what Adam Grant would describe as a giver. We're getting to the moment where we can help someone holistically manage their financial lives," Stephanie Cohen,. Now I have to turn the conversation a little bit back to you for a minute, because youre a lifer at Goldman Sachs. You, it turns out I learned, were once a competitive figure skater growing up. One of the first people that called me after the announcement that I was going to be the co-head of this division, was a friend and they wanted help managing their financial lives, but not just theirs, but their family. ", 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: And just to go back to your very specific question on are we trying to take these customers and turn them into Goldman Sachs customers? Some of my favorite ones have been, we created a customer assistance program right as COVID was starting to help people so that they could defer loan payments and credit card payments and just listening to why it mattered to them.
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