Stephanie Cohen. 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. 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 sale of that company, which has been making parts of the US currency bill going back to the 19th century, was among the last deals she worked on before moving to the executive suite. And, while it was more usual then to be a lone female voice on a call, that was not always a bad outcome. 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. Mass initiated Cohen into the club the following year. Ms. Cohen was Sector Captain for General Industrials in the Global Industrials Group and a member of the M&A Group in IBD. Arlington taco shops mural of infamous Texas Rangers fight can stay, for now, Hostile takeover: West Dallas homeowners battle new developments, rising taxes, Man who lost his wife, son in Cleveland, Texas mass shooting tells story, How a man is working to preserve the West Dallas neighborhood named after his grandparents, Cowboys 2023 undrafted free agent tracker: See which players Dallas added after NFL draft, Stanley Cup playoff central: Stars-Kraken schedule, stories Dallas fans need to know, How Dallas video game icon Randy Pitchford became the new owner of Hollywoods Magic Castle, 2023 NFL draft grades: See what national experts thought of Cowboys selections. Global Cohead of Consumer and Wealth Management, CA Notice at Collection and Privacy Notice, Do Not Sell/Share My Personal Information. Offers may be subject to change without notice. She was previously based in New York where she reported for The Motley Fool, TheStreet and Business Insider. Natalie Walters, Business reporter. Your session has expired, please login again. New. Subscribe to The Broadsheet, our newsletter on the worlds most powerful women. . S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. She is also a Global Executive sponsor of the Women's Network. Rabbi Jodie L. Siff officiated at Studio Square, an events space. She is a daughter of Cornelia Gutwein of Albertson, N.Y., who retired as the principal from Flushing High School in Queens. Stephanie Cohen has been at Goldman Sachs for more than 23 years. 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. 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. Solomon has long touted the consumer division as playing a key part in Goldmans future. Cohen was a competitive figure skater who dreamed of making it to the Olympics. How big the Dallas operation will get is a source of regular speculation in the North Texas real estate community. ", 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. 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. 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. She helped the organization to secure financing for a local chapter, and the group has since spread nationwide. Senior Editor, Women's Programs, American Banker. This is good-return investing.". 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. Stay up to date with what you want to know. Stephanie Cohen, co-head of consumer banking and wealth management at Goldman Sachs Group Inc., discusses increasing access to capital for women and minority entrepreneurs on "Bloomberg Markets . It celebrated the repayment by handing employees buttons that said Paid.". The idea is now central to how the firm is looking to reinvent itself. Solomon, 58, took the helm at Goldman in October 2018. By putting Cohen in this new role, he also is boosting her profile in Goldmans line of succession. 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?. She was named managing director in 2008 and partner in 2014. "We have 500 corporate clients, and we have the ability to provide financial wellness to all levels of employees," she said. First Republic Bank was shuttered by regulators early Monday, and all its deposits and most of its assets were acquired by JPMorgan. D-FW is now Goldman Sachs second-largest U.S. hub after nearly doubling to 4,000 workers, Goldman Sachs hiring over 200 for its Marcus consumer banking division in Richardson, Record D-FW hotel development could bring more than 30,000 rooms, American Airlines pilots authorize strike as carrier says a contract deal is near, JPMorgan steps up to buy First Republic after government seizure, Nurses are experiencing more mental health strain now than in 2021, new study shows, Renting is still far less expensive in Dallas-Fort Worth than in other metros, The burrito is king in Ciudad Jurez; North Texas will soon get a taste of Mexicos finest, 55+ Mothers Day dining deals at D-FW restaurants in 2023, Atlanta-based burger chain Slutty Vegan is making its Texas debut in Dallas. Keeping top-quality women is vital, she says. I would have really been stuck if Id fixated on finding the senior woman in M&A to emulate, she says. Download the Mint app and read premium stories. 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. Goldman will soon add checking and wealth-management accounts to Marcus' savings and lending products. In 2008, she managed Conflicts and Business Selection for IBD in the Americas. And yet investors continue to discount the effort, assigning it little to no value in their calculation of the future share price. If youre not getting negative feedback, its not because youre perfect. All in all, Goldman announced seven executive moves on Tuesday, with Cohen being the only woman to change desks. And she's what I call a three-dimensional thinker," Friedman told Insider. 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. Last November, she and Tucker York, credited with building the bank's private wealth business, were handed oversight of Goldman's consumer and wealth-management division, the home of grand ambitions to go toe to toe with JPMorgan in consumer banking. 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. 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.". The top five bank holding companies have combined total consumer loan portfolios of more than $1.8 trillion as of December 31, 2022. 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. 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. 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We discuss lessons learned from her career in M&A and the many initiatives she now leads at the firm. People tend to proactively solve for a problem thats not actually there, she argues. Earlier in her career, Ms. Cohen worked in New York in the M&A department. 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. . 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 "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. 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 she took the job anyway, at least in part because she was allowed a blank sheet to define the role. . She joined Goldman after graduation, in 1999, assuming she'd spend two years there and head off to law school. In August, The Dallas Morning News reported that Goldman is eyeing a new skyscraper project on the edge of downtown Dallas as a location for up to 6,000 workers. $20k - $25k. cookies Stephanie was always on those lists," Mass told The Cut in 2018. 2 exec, president and operating chief John Waldron, is only 50 and is viewed as his de facto successor. Why is one of us going to quit?, In her own case, she says, I decided to be at Goldman Sachs many, many, many times.. no, no, no, Cohen says. Your role model doesnt have to be someone who is similar to you in every way. She also serves as trustee for the Board of The Economic Club of New York. She started as an analyst in 1999 and has held a series of leadership positions in mergers and acquisitions. Others say he should have named names. 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. But there's still some wrinkles that need to be ironed out so it can work with its cousin from The Clearing House. It is an unlikely situation for the Chicago native. 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. ONeill will step back into the banks executive office as senior counselor, a role that appears very similar to the one he held under three of Solomons CEO predecessors. Before that, she was Global Head of Financial Sponsor M&A in the Investment Banking Division (IBD). The fact that we are working on literacy lends itself well to testing, so we are able to ensure the efforts are successful, she says. Goldman Sachs. You are now subscribed to our newsletters. She graduated cum laude from New York University and received an M.B.A. in May from Indiana University. That includes . In November 2017, then-CEO Lloyd Blankfein tapped Cohen to replace Stephen Scherr as chief strategy officer, elevating her into a role with an office on the 41st floor, where Goldman's executive office is located. . Unlike traders, who can shoot to prominence within Wall Street firms at a very young age, Cohens career tracked that of the typical banker, climbing to be managing director in the class of 2008. Here are her five best pieces of advice on work and personal finance for professional women. Contact the Facilities Manager or the Events Coordinator today to discuss hosting your . 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. The organization does great work very efficiently. 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Anyone can read what you share. To further the bank's efforts to become a Main Street lender, Goldman now offers credit cards and buy now/pay later options for consumers. 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? If you cant read, you cant succeed. She joined Goldman Sachs as an Analyst in 1999, was named Managing Director in 2008 and Partner in 2014. An organic farm to table wedding at Clyde's Willow Creek Farm in Ashburn, VA was captured by Kelly Ewell Photography for Laura and Chris. 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. 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. "So it's just a lot of fun.". Certain aspects of that experience were actually helpful: for one thing, people usually remembered what I had to say. 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. 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. Dallas is quite central, Cohen said. 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. In 2019, Goldman launched an Apple credit card, and last January it rolled out a GM credit card. 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. 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. . But the opportunities continued to come. In a sign of her rising stature, Cohen was selected to lead the creation of a new unit to service a critical client base for Goldman Sachs the private-equity firms, family offices and other strategic investors who are a force of their own in the deal-making world. Cohen is pragmatic about the dynamics of combining career and family life. There are not that many of us, and we can help each other in ways that are very impactful.. Some of that could be due to the fact that there are fewer women in venture capital and fewer women founders. Prior to assuming her current role, Ms. Cohen was Co-Head of the Consumer and Wealth Management Division. In the latest in a rapid . "She's very self-aware, and so it's almost a little disarming, because sometimes you're at a negotiation table. 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. She has not done her own laundry since I was an analyst. Thanks for contacting us. Goldman Sachs Group wants to be your digital banker, and it has assigned the job to Stephanie Cohen, marking her second year on the Barron's list. 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. 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. After her stint as chief strategy officer, she became co-head of Goldmans consumer and wealth business, a fast-growing area that was central to plans to diversify Goldmans streams of revenue. Cohen said Goldman has been focused on fortifying its relationships with universities to help attract engineering talent to D-FW. Some inside the bank wonder whether shes destined to rise even higher. 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. Jun 22 Stephanie Cohen: Chief Strategy Officer at Goldman Sachs. Cindy Ord/Getty Images for Girlboss Rally NYC 2018. 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. In January 2021, she was appointed global co-head of consumer and wealth management. 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. Silver Eagle Group. One former partner said there were questions about whether Cohen had brought in the kind of money typically required of new partners. 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. The bureaucratic asterisk is likely meant to avoid upsetting senior executives whove spent much longer trying to get on the panel, without luck. Even if you are just a little bit off at a certain point in your career, its that much harder to get back on track, so its vital that women actively ask for, and receive feedback.. Shell be among seven women on the 33-person panel. If Cohen can successfully employ technology to supercharge Goldman's future, she'll be a contender for the top job, insiders say. She began to think of making partner at Goldman as the career equivalent of her one-time dream of skating at the Olympics. 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 . This account of Cohen's past and near future is based on interviews with more than a dozen colleagues, former colleagues, clients, and friends. "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.". LISTEN: Is this adult burger the best in D-FW? Stephanie Cohen Courtesy of Goldman Sachs Group Text size When Stephanie Cohen appeared on Barron's list for a second time in 2021, she had already overseen impressive growth as global. The roles of community workers are diverse, and they allow individuals from many walks of life and different skills to contribute to their communities. 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