She is the daughter of Helayne and Jerry Cohen of Manhasset, N.Y. Goldman will soon add checking and wealth-management accounts to Marcus' savings and lending products. (One former CFO kept a toaster in his office to warn against retail-banking gimmicks.). More on Stephanie. 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. Stephanie was always on those lists," Mass told The Cut in 2018. The top five bank holding companies have combined total consumer loan portfolios of more than $1.8 trillion as of December 31, 2022. 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. 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. 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. 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. Powered and implemented by Interactive Data Managed Solutions. 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. 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. 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. 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 megabank's consumer. 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. 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. She was first involved with the effort when she worked in San Francisco, and brought it with her when she came back to New York. 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. 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. It was very exploratory in that way," he 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. Thanks for contacting us. It had revenue of $1.5 billion in 2021. She was previously based in New York where she reported for The Motley Fool, TheStreet and Business Insider. Executive coaching, leadership development coaching and career navigation coaching for women looking to develop, advance and lead in top roles. Ms. Cohen serves on the National Board of Directors of CollegeSpring and as a member of the Board of Quill.org. Cohen has in turn taken to helping shape the careers of other Goldman women: Jemma Wolfe, the head of Launch with GS, who just took a job on the CWM strategy team; Tanya Baker, leader of the internal idea incubator; CEO David Solomon's chief of staff, Ida Hoghooghi; and Heather Miner, Goldman's investor relations chief, are all close associates. Nonetheless, Cohen was tapped the following year to build a team to focus on M&A for private-equity firms. Stephanie Cohen is Global Head of Platform Solutions and a member of the Management Committee. 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. Prior to her current role, Stephanie drove strategy, M&A, strategic investing, and partnerships as the firm's chief strategy officer. 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. Anita Gutwein and Stephanie Meredith Cohen were married Saturday in Long Island City, Queens. First Republic Bank was shuttered by regulators early Monday, and all its deposits and most of its assets were acquired by JPMorgan. Cohen began to pepper Martin with questions. 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. Upon arriving, her trajectory changed, and she has remained at the firm for over two decades in a variety of roles. The business is not yet profitable but is expected to hit revenue of $4 billion by 2024, she said. It was during a stint in the conflict and business selection group that her work stood out, according to a person who worked with her at the time. If youre not getting negative feedback, its not because youre perfect. New York: The venue was the Gotham Club an exclusive den inside the San Francisco Giants home stadium. 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 recalls how she conformed to the dress code of her male peers by chance, because she preferred muted colours anyway. While wealth management services have been a mainstay for the 153-year-old investment . We have the ability to have access to our clients in Texas but also more broadly across the United States and internationally. When I walked into a board room, theyd expect a very tall man, but instead theyd get a relatively shortwoman. Entertain guests or clients on one of our ranges, or take advantage of our flexible space options, including moder. Ms. Cohen was Sector Captain for General Industrials in the Global Industrials Group and a member of the M&A Group in IBD. The organization does great work very efficiently. Cohen brought the same approach to forging a closer relationship to Silicon Valley. Lansdowne Resort and Spa is a wedding venue based in Leesburg, Virginia. 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. 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?. Solomon, 58, took the helm at Goldman in October 2018. Prior to her current role, she spent the majority of her career in the investment banking and M&A divisions at Goldman. 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. Terms & Conditions. That was another instance where a bunch of people told me. As Cohen's career led her to work with private-equity clients, it also placed her in the orbit of Alison Mass, a Goldman partner who has long led Goldman's financial sponsors practice. And she does not have the most exciting social life, prioritising athletic weekends with her kids over evenings at fancy restaurants. 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. to talk about career, money and life. Reservations cannot be made online. Dallas is now Goldmans second-biggest U.S. office outside of New York, surpassing Salt Lake City. 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. I've worked my whole career in an industry dominated by men. 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. Ms. Cohen serves on the National Board of Directors of College Spring and as a member of the Board of Quill.org. Prior to that, Ms. Cohen was a Vice President in the Industrials and Merger Leadership Groups in San Francisco. 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. Click the AdBlock Plus button on your browser and select Enabled on this site. Before that, she was Global Head of Financial Sponsor M&A in the Investment Banking Division (IBD). You know, the egos can run very hot and whatnot, and she doesn't. 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. ), 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. 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. Stephanie Cohen is Goldman Sachs' Chief Strategy Officer and an Ex Officio member of the Management Committee. . Cohen said Goldman has been focused on fortifying its relationships with universities to help attract engineering talent to D-FW. . ), 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. But for the bankers and credit union lenders who participated, PPP remains a high point of their careers. 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. Two others who take a similar approach are John Collison at Stripe and Daniel Ek at Spotify, he said, adding that both "do an unbelievable beginner's mind immersion and emerge two months later knowing more about it than anybody else because they're willing to take a backseat." The Federal Reserve's long-awaited real-time payment system is at the finish line. 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. In the latest in a rapid . "We always talked about who the 'Q1s' were, as we'd call the high-trajectory women. 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. 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. 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. For women starting out, Cohen recommends building a base of expertise and advises younger people to avoid pigeon holing themselves. Stephanie's process looked similar, he said. That puts her in the eye of the storm now, as Goldman tries to convince Wall Street it can get its mojo back. 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. Correction: A previous version of this article mistakenly stated that Cohen became a managing partner at Goldman Sachs in 2008. Earlier in her career, Ms. Cohen worked in New York in the M&A department. Ms. Cohen leads Launch With GS, the firm's first for-profit investing initiative with . 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? Stephanie Cohen has been at Goldman Sachs for more than 23 years. The bureaucratic asterisk is likely meant to avoid upsetting senior executives whove spent much longer trying to get on the panel, without luck. 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. 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. It'll just take a moment. "We call her a mergers black belt.". Wall Street can stop wondering who the most powerful woman at Goldman Sachs might be. Ashburn, VA. Capacity: 200. Prior to assuming her current role, Ms. Cohen was Co-Head of the Consumer and Wealth Management Division. 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. Liked by Stephanie Cohen Fourteen years ago I. 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. Others say he should have named names. I've worked my whole career in an industry dominated by men. In January Cohen became the sole woman leading a major revenue division of the storied Wall Street bank, coleading Goldman's growing consumer and wealth management business. . I would have really been stuck if Id fixated on finding the senior woman in M&A to emulate, she says. Below are steps you can take in order to whitelist Observer.com on your browser: Click the AdBlock button on your browser and select Don't run on pages on this domain. People tend to proactively solve for a problem thats not actually there, she argues. A checking account is currently in beta, according to Cohen. DuringStephanie Cohens first 15 years at Goldman Sachs, her career ladder didnt look much different than that of a typical investment banker. Cohen joined Goldman in the late 1990s as an analyst after college. 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 persuaded her husband that they could both keep their careers. He has since left Goldman to run his own fund. You have to believe you have a skillset thats going to be transferable [to that job]. To read our full stories, please turn off your ad blocker.We'd really appreciate it. 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. 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. She later moved to San Francisco to work on nontech mergers and acquisitions and earned a series of high-profile promotions. And again, she underscores the importance of actively seeking feedback. When she acts on those things "it's cut and dried and clean and timely and usually on point.". 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. She is one of seven women named on the committee and is 10 years younger than the average man on the team. Stephanie Cohen, then a chief strategy officer at Goldman Sachs, impressed Friedman with her penchant for bringing multiple perspectives to bear on a conversation. This account of her ascent is based on interviews with people whove worked with Cohen, who asked not to be named discussing their interactions. Ms. Cohen, also 32, is an independent marketing consultant in Chicago. Her primary job is finding acquisition prospects and partnerships for Goldman. We discussed her career as a long time investment banker to now running a global division . Then, in 2017, happily running that business, she changed course again when she was asked to become chief strategy officer. analyse how our Sites are used. She's incredibly smart. She began to think of making partner at Goldman as the career equivalent of her one-time dream of skating at the Olympics. She graduated cum laude from New York University and received an M.B.A. in May from Indiana University.
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