Reservations cannot be made online. When she and her husband planned to have children, he asked: Which one of us is going to quit? Cohens answer was: Why is one of us going to quit?. This idea of working from failure came a little more naturally to me because of that.". 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. Changing those opinions will be a huge mark of success for Cohen, who fancies herself something of a change agent, and York, a 35-year Goldman lifer less inclined to rock the boat. The idea is now central to how the firm is looking to reinvent itself. As she has ascended the ladder, Cohen says that an important lesson she learned is to understand the longevity of your career, and how the relationships you build will help you along the way. In January 2021, she was appointed global co-head of consumer and wealth management. 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. 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 . 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. She is also a Global Executive sponsor of the Women's Network. But it also presents new risks to manage. Click the AdBlock Plus button on your browser and select Enabled on this site. to talk about career, money and life. Stephanie Cohen heads strategy, innovation, and mergers-and-acquisitions for Goldman Sachs. We get it: you like to have control of your own internet experience. 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. Powered and implemented by Interactive Data Managed Solutions. no, no, no, Cohen says. . 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. "You try and you fall, but you always pick yourself up. Thanks for contacting us. Instead, she settled in Goldman's mergers department, where she gained an expertise in working with clients in industrials. 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. 2023 NYP Holdings, Inc. 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Certain aspects of that experience were actually helpful: for one thing, people . But she took the job anyway, at least in part because she was allowed a blank sheet to define the role. 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. Closing the Gender Investing Gap. Cohens elevation to the committee followed just days later strong evidence she has the incoming CEOs confidence. 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. "She deeply understands that tech is going to be a key driver of competitive advantage for Goldman in the future," a former employee said. Upon arriving, her trajectory changed, and she has remained at the firm for over two decades in a variety of roles. Consequently, they can be prickly customers. She was a managing director when her son was born in 2012, and a partner when she had her daughter, who is now six. 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 declined to give projections for growth in Dallas or say whether Goldman is considering such a move. Her husbands question was one many people ask when it comes to families and work, she says. In its 2021 annual report released in February, Goldman said it had established key strategic locations that included Dallas, Salt Lake City, Singapore, Warsaw and Bengaluru. Dallas is now Goldmans second-biggest U.S. office outside of New York, surpassing Salt Lake City. Here are her five best pieces of advice on work and personal finance for professional women. When Barron's profiled Stephanie Cohen in 2022, she was co-head of consumer wealth and management at Goldman Sachs . She is also a member of the Partnership Committee, Global Diversity Committee, Firmwide Enterprise Risk Committee and Firmwide Finance Committee. 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. . 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 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. 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. 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. Here are her five best pieces of advice on work and personal finance for professional women. (Cohen declined to comment for this story, but Goldman provided a list of seven people it said were willing to speak on her behalf. In 2011, she found herself as the lead banker selling a private-equity stake in AlixPartners LLP, the consulting firm that rose to prominence in the 1980s for advising on the bankruptcy of DeLorean Motor Co. Fred Crawford, AlixPartners' CEO at the time, said Cohen stood out for coming up with a cohesive and easy-to-understand message for prospective acquirers, and persuading the consulting firm's management to rally around it. Dallas led all metropolitan areas in 2021 in net tech job growth, adding 5,321 positions, according to a new report by CompTIA, the nonprofit association for the information technology industry. The regions tech workforce is projected to expand 17% over the next decade. 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. Still, Gary Cohn held the No. 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. Entertain guests or clients on one of our ranges, or take advantage of our flexible space options, including moder. We discussed her career as a long time investment banker to now running a global division . 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. Thinking that a single mentor will help you to achieve success in all aspects of your career is not practical, she says. She's incredibly smart. This is good-return investing.". And she does not have the most exciting social life, prioritising athletic weekends with her kids over evenings at fancy restaurants. Your role model doesnt have to be someone who is similar to you in every way. While wealth management services have been a mainstay for the 153-year-old investment . It also put her right in the middle of a historical pivot for Goldman Sachs, which has ignored retail customers in favor of institutional clients for much of its 150-year history. 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. "She's very self-aware, and so it's almost a little disarming, because sometimes you're at a negotiation table. She often organized get-togethers for her partner class and, and as a member of the partnership committee, reported on the class' efforts to promote more cross-divisional collaboration, the person said. She helped the organization to secure financing for a local chapter, and the group has since spread nationwide. $20k - $25k. 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. 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. Before that, she was Global Head of Financial Sponsor M&A in the Investment Banking Division (IBD). Sign up for notifications from Insider! "She does not use politics as a way to advance herself," he said. But she is quick to point out that this is no PR ploy on behalf of the bank: "This is not philanthropy. 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. 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. Become a business insider with the latest news. (One former CFO kept a toaster in his office to warn against retail-banking gimmicks.). Senior Editor, Women's Programs, American Banker. For women starting out, Cohen recommends building a base of expertise and advises younger people to avoid pigeon holing themselves. Her father is a partner in the accounting branch of Deloitte in Manhattan. 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. What do you think about how strategy ought to be done to be most effective in an organization?' 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. Stephanie Cohen is global co-head of Consumer and Wealth Management at Goldman Sachs, a member of the firm's Management Committee, and global executive sponsor of the Women's Network. 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. I would have really been stuck if Id fixated on finding the senior woman in M&A to emulate, she says. "The intellect her ability to carry a lot of things in her head and be processing against all of them simultaneously it's a real skill," he said. Ms. Cohen, also 32, is an independent marketing consultant in Chicago. "We call her a mergers black belt.". Rabbi Jodie L. Siff officiated at Studio Square, an events space. More on Stephanie. She also set a time limit of two-and-a-half years. Its the ultimate man-cave. Marcus is Goldman's digital-first consumer bank, offers customers saving accounts, personal loans and investment advisory services. You are now subscribed to our newsletters. Cohen, who is in charge of over $1 trillion in client assets, is the youngest member of the management committee, Goldmans highest echelon. His was a niche business not well understood by bankers until she came along. 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. Goldman plans to add checking to Marcus later this year but doesnt have a set date, Cohen said. Stephanie Cohen has been at Goldman Sachs for more than 23 years. I've worked my whole career in an industry dominated by men. 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. Natalie Walters, Business reporter. 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. Remove some to bookmark this image. Plan A was to be a figure skater, Plan B was to join a bank on the way to becoming a lawyer. 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 . By years end, 40% of its employees were working in those locations, the company said. It had revenue of $1.5 billion in 2021. For example, theres a bunch of statistics showing that if you give people the option toinvest in a 401(k) plan, many people wont do it. That streamlining created the consumer banking group, which contains Goldmans fledgling Marcus savings account business and AppleCard businesses. "We have 500 corporate clients, and we have the ability to provide financial wellness to all levels of employees," she said. Cohen a bubbly 45-year-old who wears trainers and tilts back on her chair during an interview as though she is about to bounce right out of it was appointed to lead Platform Solutions last year. You are just one step away from creating your watchlist! 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. Then, in 2017, happily running that business, she changed course again when she was asked to become chief strategy officer. In May, Cohen was named global head of M&A for financial sponsors at Goldman Sachs, which usually leads all of Wall Street in the category (essentially, M&A done by private equity firms). 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. 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 But she really got it. 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. By Stephanie Cohen, Chief Strategy Officer, Goldman Sachs. Bloomberg Markets TV Shows February 22nd, 2022, 1:08 PM PST Consumer confidence beat expectations but fell from the month prior. Stephanie Cohen, cohead of Goldman's consumer and wealth group, is the only woman heading one of the bank's primary business divisions. This account of her ascent is based on interviews with people whove worked with Cohen, who asked not to be named discussing their interactions. But there's still some wrinkles that need to be ironed out so it can work with its cousin from The Clearing House. If Cohen can successfully employ technology to supercharge Goldman's future, she'll be a contender for the top job, insiders say. 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. (A back-of-the-envelope calculation would require each partner to bring in $100 million or more in annual revenue, for example.) 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. Key deals there included Chryslers repayment of a loan from the US government, people familiar with the matter said, asking not to be identified discussing private information. And again, she underscores the importance of actively seeking feedback. When she helps out at their schools, it is when the children are also involved. Stay up to date with what you want to know. She is in the eye of the storm now, as Goldman tries to convince Wall Street it can get its mojo back. Others say he should have named names. 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. To help build those bridges, Cohen created a womens M&A event several years ago to bring together clients and other professionals who work in M&A, such as lawyers and accountants. She joined Goldman Sachs as an Analyst in 1999, was named Managing Director in 2008 and Partner in 2014. And yet investors continue to discount the effort, assigning it little to no value in their calculation of the future share price. It is an unlikely situation for the Chicago native. She began to think of making partner at Goldman as the career equivalent of her one-time dream of skating at the Olympics. Complimentary access to top ideas and insights curated by our editors. It already lends to Amazon and Walmart merchants. That was another instance where a bunch of people told me. LISTEN: Is this adult burger the best in D-FW? This account of Cohen's past and near future is based on interviews with more than a dozen colleagues, former colleagues, clients, and friends. 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. New York: The venue was the Gotham Club an exclusive den inside the San Francisco Giants home stadium. But falling short may mean a depressed stock price and knocking Cohen off a course that's quickly propelled her into the rarified air of Goldman's executive suite. In less than a year, Goldman Sachs has grown its North Texas presence from more than 2,000 employees to nearly 4,000. Our people find Dallas a really, really great place to live and raise a family.. 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. Its great for a woman to be achieving this level of success at Goldman and shes certainly capable of going further," Nugent said. And then. Stephanie Cohens first 15 years at Goldman Sachs, her career ladder didnt look much different than that of a typical investment banker. She found they were split 50/50. Silver Eagle Group. Executive coaching, leadership development coaching and career navigation coaching for women looking to develop, advance and lead in top roles. . 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.

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