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. If her tenure there is successful, it could pave the way for Cohen to make history at the firm. She is also a member of the Partnership Committee, Global Diversity Committee, Firmwide Enterprise Risk Committee and Firmwide Finance Committee. 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In 2019, Goldman launched an Apple credit card, and last January it rolled out a GM credit card. From a deal perspective, Cohen is proud of her work on the team that helped Chrysler negotiate with the United States government in paying off its debt in May 2011. By Stephanie Cohen Feb 3, 2020 Activity I enjoyed sitting down with LSE Focal Point and sharing thoughts about my career at Goldman Sachs. Her father is a partner in the accounting branch of Deloitte in Manhattan. Ms. Cohen, also 32, is an independent marketing consultant in Chicago. There werent a lot ofinvestment bankers that looked like me. 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. Click the AdBlock Plus button on your browser and select Disable on Observer.com. Patrick O'Shaughnessy, who interviewed Cohen for his podcast, "Invest Like the Best," said her method of learning as much as she could, even if it meant acknowledging a degree of vulnerability, is a rare quality. Powered and implemented by Interactive Data Managed Solutions. In 2008, she managed Conflicts and Business Selection for IBD in the Americas. Just this spring Cohen was tapped for an exciting new assignment creating and heading a new group, Global Financial Sponsor M&A. But advertising revenue helps support our journalism. Cohen joined Goldman in the late 1990s as an analyst after college. 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. 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. Without her, the person said, Argenti would likely leave in frustration and Moorthy would be confined to a narrower role. Complimentary access to top ideas and insights curated by our editors. Prior to assuming her current role, Ms. Cohen was Co-Head of the Consumer and Wealth Management Division. Goldman plans to add checking to Marcus later this year but doesnt have a set date, Cohen said. 2 exec, president and operating chief John Waldron, is only 50 and is viewed as his de facto successor. "We always talked about who the 'Q1s' were, as we'd call the high-trajectory women. 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 . Insiders told us what's at stake for her growing group, and what it could mean for Cohen's future. As an investment banker for close to 20 years, my presence in board rooms was often an anomaly. Here are her five best pieces of advice on work and personal finance for professional women. 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. She was a force at the negotiation table, he said. Goldman also will provide six student scholarships for $10,000 each at UTD over the next three years. 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. She also set a time limit of two-and-a-half years. Stephanie Cohens first 15 years at Goldman Sachs, her career ladder didnt look much different than that of a typical investment banker. She graduated magna cum laude from the State University of New York at Binghamton, and received an M.B.A. from Northwestern. The bank built a credit card with Apple, and it recently signed an agreement to partner with General Motors on the automaker's credit card. She joined Goldman after graduation, in 1999, assuming she'd spend two years there and head off to law school. 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 grew up in Augusta, Ga., and holds an MA in Investigative Journalism from The Cronkite School. Cohen joined Goldman Sachs as an Analyst in 1999, was named Managing Director in 2008 and Partner in 2014. Its great for a woman to be achieving this level of success at Goldman and shes certainly capable of going further," Nugent said. Silver Eagle Group. 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. Certain aspects of that experience were actually helpful: for one thing, people usually remembered what I had to say. It had revenue of $1.5 billion in 2021. In mid-July, the company announced it will promote David Solomon to succeed Lloyd Blankfein as chief executive officer. She joined Goldman Sachs as an Analyst in 1999, was named Managing Director in 2008 and Partner in 2014. Its really exciting to be building a team, while being an active part of the current M&A deal environment, which is once again near its previous peak, she says. She later moved to San Francisco to work on nontech mergers and acquisitions and earned a series of high-profile promotions. She has also led the firm's Launch with GS, a $500 million commitment to invest in companies and investment managers with diverse leadership. Stephen deFalco ran Crane & Co., the US paper-production company, when Cohen brokered its sale. She's incredibly smart. 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Before that, she was Global Head of Financial Sponsor M&A in the Investment Banking Division (IBD). She was a managing director when her son was born in 2012, and a partner when she had her daughter, who is now six. We discuss lessons learned from her career in M&A and the many initiatives she now leads at the firm. She is absolutely cool, fact-based, thoughtful at every word, and I think it creates a sense of firmness that looks like it's kind of an unbreakable resolve.". If you were doing a good job, you were memorable, she says. 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. He has since left Goldman to run his own fund. Offers may be subject to change without notice. Dec. 2, 2012 Anita Gutwein and Stephanie Meredith Cohen were married Saturday in Long Island City, Queens. She dug into the bones of the deal and was very compelling.". The caucus started as a small gathering a decade ago organized by Stephanie Cohen then an up-and-coming banker at Goldman Sachs, who was vexed by the chummy boys network thats long dominated the business of guiding mergers and acquisitions. "I learned a lot about the power of perseverance from figure skating," Cohen said in the Q&A. She helped the organization to secure financing for a local chapter, and the group has since spread nationwide. Stephanie Cohen has been at Goldman Sachs for more than 23 years. But the opportunities continued to come. First Republic Bank was shuttered by regulators early Monday, and all its deposits and most of its assets were acquired by JPMorgan. Cohen decided to take the job, and returned to M&A a year later, as a managing director. I didnt say yes all the time, she says, reflecting on her career decisions. Cohen, who oversees 11,000 employees in her division, said that the business is divided along three lines: ultra-high- wealth households; companies and their employees; and consumers. By years end, 40% of its employees were working in those locations, the company said. 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. She graduated cum laude from New York University and received an M.B.A. in May from Indiana University. She persuaded her husband that they could both keep their careers. Prior to her current role, she spent the majority of her career in the investment banking and M&A divisions at Goldman. Consequently, they can be prickly customers. Become a business insider with the latest news. The delicate transaction was a milestone in the carmakers comeback after the financial crisis. 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. You are now subscribed to our newsletters. It is an unlikely situation for the Chicago native. 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. Our people find Dallas a really, really great place to live and raise a family.. 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. Cohen and Mass talk several times daily, one person who knows them both said. 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. Correction: A previous version of this article mistakenly stated that Cohen became a managing partner at Goldman Sachs in 2008. Cohen is now a formidable Wall Street figure in her own right. Solomon has long touted the consumer division as playing a key part in Goldmans future. and that youre going to enjoy it. We have the ability to have access to our clients in Texas but also more broadly across the United States and internationally. "But without her it fails and falls apart.". Cohen is pragmatic about the dynamics of combining career and family life. Net revenues for the consumer business in the second quarter were $608 million, 67% higher than the second quarter of 2021, primarily reflecting significantly higher balances on both credit card balances and higher deposit balances. Adam said you advise lots of CEOs on strategy you write about strategy. (One former CFO kept a toaster in his office to warn against retail-banking gimmicks.). She is a key architect of the bank's ambitious consumer strategy, which involves partnerships with high-profile consumer brands. This year, her fourth on our list of 100 Influential Women in Finance,. Ms. Cohen leads Launch With GS, the firm's first for-profit investing initiative with . The Woodlands at Algonkian provides a beautiful natural setting for a picturesque wedding on 850 acres of parkland in Northern Virginia. My group is able to assist clients in navigating this complex environment and achieve maximum value for their businesses.. Her primary job is finding acquisition prospects and partnerships for Goldman. Dallas is quite central, Cohen said. 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. If Argenti is the engineer and Moorthy the product manager, Cohen is the institutional player who brings both banking expertise and the knowledge of how to get things done within the politics of Goldman, one former employee said. 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?. Subscribe to The Broadsheet, our newsletter on the worlds most powerful women. 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. 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. 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. We use Cohen was a competitive figure skater who dreamed of making it to the Olympics. 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. You know, the egos can run very hot and whatnot, and she doesn't. "So it's just a lot of fun.". 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. And she reports, it has done exactly what she hoped it would. 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. 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. 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. 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. Sign up for notifications from Insider! At the end of the day, you have to have good judgment, and be able to adapt to different situations, she says. cookies 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. We get it: you like to have control of your own internet experience. The Federal Reserve's long-awaited real-time payment system is at the finish line. 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. Plan A was to be a figure skater, Plan B was to join a bank on the way to becoming a lawyer. When Barron's profiled Stephanie Cohen in 2022, she was co-head of consumer wealth and management at Goldman Sachs . 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. 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. The idea is now central to how the firm is looking to reinvent itself. Terms & Conditions. 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. Ms. Cohen was Sector Captain for General Industrials in the Global Industrials Group and a member of the M&A Group in IBD. "That was a mistake," she told herstorycreated.net. Cohen credits Goldmans early female partners, including Alison Mass and Gwen Libstag, as blazing the trail for women like her, and says she has felt very responsible for helping other women to advance. 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).. Natalie Walters, Business reporter. . Solomon, 58, took the helm at Goldman in October 2018. 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. The day before Stephanie Cohen one of Goldman Sachss most senior executives speaks to the Financial Times, her boss, David Solomon, hangs a for sale sign over part of the business she runs. 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. 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. But there's still some wrinkles that need to be ironed out so it can work with its cousin from The Clearing House. Insurance is also likely coming, people with knowledge of the strategy said. 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. Some inside the bank wonder whether shes destined to rise even higher. 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. 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. Natalie is an award-winning reporter who covers banks, crypto, fraud, deals and other money topics for The Dallas Morning News. 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. But Ive also noticed that when women start talking to friends about business ideas, they actually want to help each other.. By doing that, you can actually, authentically be the person you want without assuming that you have to be someone else..

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