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. Dallas is now Goldmans second-biggest U.S. office outside of New York, surpassing Salt Lake City. Cohen joined Goldman in the late 1990s as an analyst after college. That streamlining created the consumer banking group, which contains Goldmans fledgling Marcus savings account business and AppleCard businesses. He has since left Goldman to run his own fund. Before that, she was the firm's Chief Strategy Officer, where she drove strategy, Mergers & Acquisitions (M&A), strategic investing and partnerships for the firm. She is in the eye of the storm now, as Goldman tries to convince Wall Street it can get its mojo back. . She went on to a more traditional M&A role in the industrials team. Log in to our website to save your bookmarks. For example, when I am 60 and look back, what might I need the most? Its the ultimate man-cave. 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. Executive coaching, leadership development coaching and career navigation coaching for women looking to develop, advance and lead in top roles. 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. She helped the organization to secure financing for a local chapter, and the group has since spread nationwide. It could be meal delivery services, paying for working out, or makeup and clothes. Our people find Dallas a really, really great place to live and raise a family.. Instead, I found it really helpful to look at a, people and look for things that I like or relate to. 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. "She does not use politics as a way to advance herself," he said. Outside of work, Cohen spends time with her husband and young son, who helps me hone my negotiation skills, she laughs. 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. Without her, the person said, Argenti would likely leave in frustration and Moorthy would be confined to a narrower role. 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. 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. Certain aspects of that experience were actually helpful: for one thing, people usually remembered what I had to say. Her husbands question was one many people ask when it comes to families and work, she says. Nearly two years after its last loan, the Paycheck Protection Program is still making headlines for all the wrong reasons, unfortunately. Meanwhile, Wall Street banks are increasingly looking for female CEOs. Anyone can read what you share. By putting Cohen in this new role, he also is boosting her profile in Goldmans line of succession. 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. 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. More on Stephanie. 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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. "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.". Well send you a myFT Daily Digest email rounding up the latest Women in business news every morning. Not the backstabbing type, she's smart enough to understand she has to pay attention to that side of her career if she wants to succeed, said a friend and former colleague who spoke on condition of anonymity to preserve their relationship. She also set a time limit of two-and-a-half years. His No. San Francisco-based First Republic was undone by low-rate mortgages it made to its wealthy customers as well as by the fallout from last month's banking crisis. All Rights Reserved. Prior to assuming her current role, Ms. Cohen was Co-Head of the Consumer and Wealth Management Division. The regions tech workforce is projected to expand 17% over the next decade. When she acts on those things "it's cut and dried and clean and timely and usually on point.". 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. She was named managing director in 2008 and partner in 2014. She did a stint in the San Francisco office as a vice president, where she worked in M&A with a broader array of clients, until she was asked to return to New York to oversee Conflicts and Business Selection in the Americas during the financial crisis. Solomon, 58, took the helm at Goldman in October 2018. This year, her fourth on our list of 100 Influential Women in Finance,. Stephanie Cohen, cohead of Goldman's consumer and wealth group, is the only woman heading one of the bank's primary business divisions. Before that, she was Global Head of Financial Sponsor M&A in the Investment Banking Division (IBD). Marcus is Goldman's digital-first consumer bank, offers customers saving accounts, personal loans and investment advisory services. "She's witty and funny. Earlier in her career, Ms. Cohen worked in New York in the M&A department. It had revenue of $1.5 billion in 2021. "'OK, Roger. . 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. CompTIA expects that to grow to nearly 7,700 net new positions this year, the fifth-highest total nationally. 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. She joined Goldman after graduation, in 1999, assuming she'd spend two years there and head off to law school. 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. 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 . She started as an analyst in 1999 and has held a series of leadership positions in mergers and acquisitions. Stephanie Cohen is Goldman Sachs' Chief Strategy Officer and an Ex Officio member of the Management Committee. And there's Julian Salisbury, the global cohead of Goldman's asset-management unit who's known internally as a political executive who has fostered a close relationship with Solomon. That puts her in the eye of the storm now, as Goldman tries to convince Wall Street it can get its mojo back. 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. Cindy Ord/Getty Images for Girlboss Rally NYC 2018. (One former CFO kept a toaster in his office to warn against retail-banking gimmicks.). 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. FORTUNE may receive compensation for some links to products and services on this website. 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 was a force at the negotiation table, he said. One former partner said there were questions about whether Cohen had brought in the kind of money typically required of new partners. In 2008, she managed Conflicts and Business Selection for IBD in the Americas. At that time, the bank was struggling with falling and volatile revenues from its traditional businesses. ), 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. 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. That was another instance where a bunch of people told me. We discussed her career as a long time investment banker to now running a global division . 2 exec, president and operating chief John Waldron, is only 50 and is viewed as his de facto successor. 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. Jun 22 Stephanie Cohen: Chief Strategy Officer at Goldman Sachs. Ms. Cohen, also 32, is an independent marketing consultant in Chicago. 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. 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 advice has been crucial to Cohens success throughout her career. First Republic Bank was shuttered by regulators early Monday, and all its deposits and most of its assets were acquired by JPMorgan. to talk about career, money and life. 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. What do you think about how strategy ought to be done to be most effective in an organization?' 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. Anita Gutwein and Stephanie Meredith Cohen were married Saturday in Long Island City, Queens. It'll just take a moment. The Woodlands at Algonkian provides a beautiful natural setting for a picturesque wedding on 850 acres of parkland in Northern Virginia. Closing the Gender Investing Gap. Your session has expired, please login again. By the time Cohen was named a Goldman partner, in 2014, she was already on the fast track, helped by her stature in an investment-banking division then being run by Solomon and his chief lieutenant, John Waldron, a former partner said. 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. Cohens route into banking was Goldmans mergers and acquisitions (M&A) team in New York, where she started as an analyst in 1999. To read our full stories, please turn off your ad blocker.We'd really appreciate it. After getting an offer to work at Goldman Sachs in investment banking out of school, she thought she would work there for two years and then attend law school. Goldman has long held a reputation as being a brutally meritocratic place where bringing in business, or being "commercial" in company jargon, is more important than anything else. Rabbi Jodie L. Siff officiated at Studio Square, an events space. The program is self-sustaining in that schools pay for it with money set aside for a literacy specialist. $20k - $25k. "We call her a mergers black belt.". The top five bank holding companies have combined total consumer loan portfolios of more than $1.8 trillion as of December 31, 2022. The roles of community workers are diverse, and they allow individuals from many walks of life and different skills to contribute to their communities. It is an unlikely situation for the Chicago native. 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. Ms. Cohen serves on the National Board of Directors of College Spring and as a member of the Board of Quill.org. Natalie is an award-winning reporter who covers banks, crypto, fraud, deals and other money topics for The Dallas Morning News. 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. 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?. June 19, 2018. Cohen and her team began to read Ben Thompson's website, Stratechery. If you cant read, you cant succeed. In case you cant find any email from our side, please check the spam folder. 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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