In less than a year, Goldman Sachs has grown its North Texas presence from more than 2,000 employees to nearly 4,000. How big the Dallas operation will get is a source of regular speculation in the North Texas real estate community. Earlier in her career, Ms. Cohen worked in New York in the M&A department. and that youre going to enjoy it. Her first big career pivot was nine years in (see milestone dates, below), when a job came up in the division that scrutinises bankers facing potential legal and ethical issues with their deals. Remove some to bookmark this image. When she helps out at their schools, it is when the children are also involved. And she reports, it has done exactly what she hoped it would. 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 . Her mother is the director of the early childhood center at Temple Beth Sholom in Roslyn Heights, N.Y. https://www.nytimes.com/2012/12/02/fashion/weddings/anita-gutwein-stephanie-cohen-weddings.html. 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. 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 didnt say yes all the time, she says, reflecting on her career decisions. Ms. Cohen serves on the National Board of Directors of College Spring and as a member of the Board of Quill.org. 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. 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. For women starting out, Cohen recommends building a base of expertise and advises younger people to avoid pigeon holing themselves. (Insiders said that Cohen's cohead, the 35-year Goldman veteran York, will be more focused on the wealth-management side of the business. That streamlining created the consumer banking group, which contains Goldmans fledgling Marcus savings account business and AppleCard businesses. She began to think of making partner at Goldman as the career equivalent of her one-time dream of skating at the Olympics. . Shes about 10 years younger than the average man already on the committee, after becoming a partner just four years ago. Upon arriving, her trajectory changed, and she has remained at the firm for over two decades in a variety of roles. 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 . That includes the consumer bank Marcus, which has 8-million-plus users. We get it: you like to have control of your own internet experience. She is a key architect of the bank's ambitious consumer. She joined Goldman Sachs as an Analyst in 1999, was named Managing Director in 2008 and Partner in 2014. 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. "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. But she really got it. Rabbi Jodie L. Siff officiated at Studio Square, an events space. The sector is a favorite of the private-equity firms that throw lots of business to Wall Street banks like Goldman, and Cohen began to work with them more. By doing that, you can actually, authentically be the person you want without assuming that you have to be someone else., Make it easier to make the right decisions. Cohen decided to take the job, and returned to M&A a year later, as a managing director. 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. 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. Powered and implemented by Interactive Data Managed Solutions. If Cohen can successfully employ technology to supercharge Goldman's future, she'll be a contender for the top job, insiders say. His No. 2023 Fortune Media IP Limited. The top five bank holding companies have combined total consumer loan portfolios of more than $1.8 trillion as of December 31, 2022. DuringStephanie Cohens first 15 years at Goldman Sachs, her career ladder didnt look much different than that of a typical investment banker. Cindy Ord/Getty Images for Girlboss Rally NYC 2018. She then became sector captain for General Industrials in the Global Industrials Group and a member of the Merger Leadership Group in the Investment Banking Division. FORTUNE may receive compensation for some links to products and services on this website. Prior to assuming her current role, Ms. Cohen was Co-Head of the Consumer and Wealth Management Division. . We use The Woodlands at Algonkian provides a beautiful natural setting for a picturesque wedding on 850 acres of parkland in Northern Virginia. 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. There werent a lot ofinvestment bankers that looked like me. The idea is now central to how the firm is looking to reinvent itself. 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. 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. 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. Natalie is an award-winning reporter who covers banks, crypto, fraud, deals and other money topics for The Dallas Morning News. In the latest in a rapid . I would have really been stuck if Id fixated on finding the senior woman in M&A to emulate, she says. She is also a member of the Partnership Committee, Global Diversity Committee, Firmwide Enterprise Risk Committee and Firmwide Finance Committee. Stephanie Cohen, cohead of Goldman's consumer and wealth group, is the only woman heading one of the bank's primary business divisions. Insurance is also likely coming, people with knowledge of the strategy said. 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. The business is not yet profitable but is expected to hit revenue of $4 billion by 2024, she said. 2023 NYP Holdings, Inc. 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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. Cohen and her team began to read Ben Thompson's website, Stratechery. 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. . 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. Executive coaching, leadership development coaching and career navigation coaching for women looking to develop, advance and lead in top roles. (Cohen declined to comment for this story, but Goldman provided a list of seven people it said were willing to speak on her behalf. 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. "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.". . 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. In mid-July, the company announced it will promote David Solomon to succeed Lloyd Blankfein as chief executive officer. FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. 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 is pragmatic about the dynamics of combining career and family life. 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 persuaded her husband that they could both keep their careers. You know, the egos can run very hot and whatnot, and she doesn't. She graduated magna cum laude from the State University of New York at Binghamton, and received an M.B.A. from Northwestern. personalising content and ads, providing social media features and to In addition, Cohen acts as a mentor to junior women as they think about their careers, and she stays involved in recruiting and retaining a core group of female analysts. "We always talked about who the 'Q1s' were, as we'd call the high-trajectory women. Cohen, who is in charge of over $1 trillion in client assets, is the youngest member of the management committee, Goldmans highest echelon. As a subscriber, you have 10 gift articles to give each month. 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. While she realizes that the financial services industry has fewer female role models, she has found it largely irrelevant in her career. Download the Mint app and read premium stories. "They are like-minded brands that are meeting people where they are," Cohen said. Cohen is now a formidable Wall Street figure in her own right. It had revenue of $1.5 billion in 2021. Cohen declined to give projections for growth in Dallas or say whether Goldman is considering such a move. Dallas is now Goldmans second-biggest U.S. office outside of New York, surpassing Salt Lake City. Marcus. "We believe that there is a real need for consumers to better manage their financial lives, and we have the capabilities to serve them," Cohen said. Leading the strategy is a triumvirate of Goldman executives, insiders said. His was a niche business not well understood by bankers until she came along. Plan A was to be a figure skater, Plan B was to join a bank on the way to becoming a lawyer. 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. Instead, I found it really helpful to look at a, people and look for things that I like or relate to. When Barron's profiled Stephanie Cohen in 2022, she was co-head of consumer wealth and management at Goldman Sachs . You have to believe you have a skillset thats going to be transferable [to that job]. 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. Log in to our website to save your bookmarks. Anita Gutwein and Stephanie Meredith Cohen were married Saturday in Long Island City, Queens. "You can't do it without all three," the person added. As an investment banker for close to 20 years, my presence in board rooms was often an anomaly. Liked by Stephanie Cohen Fourteen years ago I. Marcus is Goldman's digital-first consumer bank, offers customers saving accounts, personal loans and investment advisory services. 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. The messaging organization is providing a sandbox for developers to enable cross-border transactions for central bank digital currencies, an elusive goal as most central banks focus on domestic use. 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. It was very exploratory in that way," he said. She was a managing director when her son was born in 2012, and a partner when she had her daughter, who is now six. The role showcased Cohen's approach to learning something new, and she set out to learn more about strategy and emerging technology, already convinced it would be a critical driver of Goldman's future. My group is able to assist clients in navigating this complex environment and achieve maximum value for their businesses.. Switches from M&A to conflicts and business selection, Returns to M&A as a newly minted managing director, Appointed global head of general industries and global co-head of industrials M&A, Becomes head of global financial sponsor M&A, appointed to build a new business, Appointed to chief strategy officer, at a critical time for the investment bank. And yet Cohen is no slouch when it comes to navigating the firm, people said. 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. She found they were split 50/50. 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. Detractors question the depth of her record to date, and acknowledge that this will be her biggest test yet. . "'OK, Roger. Stephanie Cohen, cohead of Goldman's consumer and wealth group, is the only woman heading one of the bank's primary business divisions. 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. 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. Her husbands question was one many people ask when it comes to families and work, she says. 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.. It'll just take a moment. Others say he should have named names. Its the ultimate man-cave. 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. 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. 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. Well send you a myFT Daily Digest email rounding up the latest Women in business news every morning. We believe our investment in these strategic locations enables us to build centers of excellence around specific capabilities that support our business initiatives, the company said. 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. This year, her fourth on our list of 100 Influential Women in Finance,. ), Read more: A new Goldman Sachs tech exec hired from Amazon is taking a page from the Jeff Bezos playbook by urging engineers to ditch PowerPoint and write memos. The goal is to create relationships between those who are involved in the broad M&A infrastructure. ", 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. If her tenure there is successful, it could pave the way for Cohen to make history at the firm. 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. 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. 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. 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. 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. She later moved to San Francisco to work on nontech mergers and acquisitions and earned a series of high-profile promotions. Complimentary access to top ideas and insights curated by our editors. 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. The group, typically considered the killjoys within investment banking, have to tell senior bankers about the deals they cant pursue a tricky task in the best of times. 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. But she is quick to point out that this is no PR ploy on behalf of the bank: "This is not philanthropy. Some of that could be due to the fact that there are fewer women in venture capital and fewer women founders. All rights reserved. By 2015, she headed the global financial sponsor M&A group. 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. In 2008, she managed Conflicts and Business Selection for IBD in the Americas. "But without her it fails and falls apart.". You are now subscribed to our newsletters. 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. By years end, 40% of its employees were working in those locations, the company said. 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. The organization does great work very efficiently. Reservations cannot be made online. There are not that many of us, and we can help each other in ways that are very impactful.. Shell be among seven women on the 33-person panel. The central bank's instant payment system could bring enormous benefits to banks and their customers. She is also a Global Executive sponsor of the Women's Network. . Keeping top-quality women is vital, she says. Cohen was a competitive figure skater who dreamed of making it to the Olympics. Senior Editor, Women's Programs, American Banker. 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. She also serves as trustee for the Board of The Economic Club of New York. Youve got to figure out whats important to you and what you really want to spendmoney on. Teaching a child to read will fundamentally change his or her trajectory in life.. "She does not use politics as a way to advance herself," he said. Dallas is quite central, Cohen said. She is a key architect of the bank's ambitious consumer strategy, which involves partnerships with high-profile consumer brands. She is the daughter of Helayne and Jerry Cohen of Manhasset, N.Y. I've worked my whole career in an industry dominated by men. Some there have earmarked her as a candidate to become the first woman to lead the investment banking division, the banks most profitable arm. She helped the organization to secure financing for a local chapter, and the group has since spread nationwide. "She's witty and funny. Stephanie Cohen has been at Goldman Sachs for more than 23 years. She also serves as trustee for the Board of The Economic Club of New York. Goldman Sachs. 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. 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. New. Still, Gary Cohn held the No. The small group quickly got overwhelmed and Cohen's team got stretched, exposing a management flaw that she still considers a notable failure. Looks like you have exceeded the limit to bookmark the image. Stephanie is now the Global Co-Head of the Consumer and Wealth Management Division at Goldman Sachs. While wealth management services have been a mainstay for the 153-year-old investment . 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. She joined Goldman after graduation, in 1999, assuming she'd spend two years there and head off to law school. 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. Cohen and York have started shaping the division in their vision, naming Wolfe and Stephan Lambert to a newly formed strategy team and tapping six executives to run product in the division. It is an unlikely situation for the Chicago native. 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. Offers may be subject to change without notice. Then, in 2017, happily running that business, she changed course again when she was asked to become chief strategy officer. 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?. At the end of the day, you have to have good judgment, and be able to adapt to different situations, she says. She's incredibly smart. 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. And she does not have the most exciting social life, prioritising athletic weekends with her kids over evenings at fancy restaurants. Solomon has long touted the consumer division as playing a key part in Goldmans future. . Stephanie Cohen is joining Goldman's most elite tier, as its youngest banker | Mint Get Mint Premium at just 2949 Gainers & Losers Thu Apr 13 2023 15:55:36 Top Gainers Top Losers Indusind Bank. The best way to do this is to have a long-term view. Just this spring Cohen was tapped for an exciting new assignment creating and heading a new group, Global Financial Sponsor M&A. As a lifer at Goldman Sachs, Cohen is quick to point out that even though the firm has been her only full-time employer, she hadnt necessarily intended to stay this long when she joined. Subscribe to The Broadsheet, our newsletter on the worlds most powerful women. https://theglasshammer.com/wp-content/uploads/2015/07/Stephanie-Cohen.png, https://theglasshammer.com/wp-content/uploads/2020/04/logo-the-glass-hammer-white-640@2x-300x138.png, Voice of Experience: Stephanie Cohen, Managing Director, Goldman Sachs. By putting Cohen in this new role, he also is boosting her profile in Goldmans line of succession. Prior to her current role, she spent the majority of her career in the investment banking and M&A divisions at Goldman. Stephanie Cohen. If you were doing a good job, you were memorable, she says. 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. 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. Instead, she settled in Goldman's mergers department, where she gained an expertise in working with clients in industrials. "But she is savvy enough not to let it be something that holds her career back.". Global Cohead of Consumer and Wealth Management, CA Notice at Collection and Privacy Notice, Do Not Sell/Share My Personal Information. Rabbi Jodie L. Siff officiated at Studio Square, an events space. That was another instance where a bunch of people told me. Thanks for contacting us. $20k - $25k. She graduated cum laude from New York University and received an M.B.A. in May from Indiana University. This is good-return investing.". Cohens route into banking was Goldmans mergers and acquisitions (M&A) team in New York, where she started as an analyst in 1999. 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. 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.
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