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. 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. Goldman also will provide six student scholarships for $10,000 each at UTD over the next three years. When Goldmans board gathered on the West Coast in late June, she gave a presentation on that groups work. 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. CompTIA expects that to grow to nearly 7,700 net new positions this year, the fifth-highest total nationally. Earlier in her career, Ms. Cohen worked in New York in the M&A department. It was very exploratory in that way," he said. "She's witty and funny. 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. no, no, no, Cohen says. Stephanie Cohen: zigzag steps to the top on Wall Street While she realizes that the financial services industry has fewer female role models, she has found it largely irrelevant in her career. Before that, she was Global Head of Financial Sponsor M&A in the Investment Banking Division (IBD). Cohen says she is proud that her teams success in driving financial sponsor M&A for the Industrials Group was recognized such that she was given the opportunity to build this broader business across the company. We've received your submission. Marcus. 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. On Monday, the company unveiled a branded terrace at the University of Texas at Dallas in Richardson that it hopes will inspire students to want to learn more about Goldman Sachs, she said. One former partner said there were questions about whether Cohen had brought in the kind of money typically required of new partners. Click the AdBlock Plus button on your browser and select Enabled on this site. 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. Become a business insider with the latest news. If her tenure there is successful, it could pave the way for Cohen to make history at the firm. Cohen is now the committees youngest, with the rare label of ex officio" member. 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. Internal politics won't help. 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. There werent a lot ofinvestment bankers that looked like me. 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. 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. "They are like-minded brands that are meeting people where they are," Cohen said. Rabbi Jodie L. Siff officiated at Studio Square, an events space. And yet Cohen is no slouch when it comes to navigating the firm, people said. Complimentary access to top ideas and insights curated by our editors. . 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. 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. 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. Cohen joined Goldman Sachs as an Analyst in 1999, was named Managing Director in 2008 and Partner in 2014. . SEG is the ideal venue for meetings, sales events, bachelor parties, fundraisers, cocktail mixers, birthday parties and more. Some inside the bank wonder whether shes destined to rise even higher. She recalls how she conformed to the dress code of her male peers by chance, because she preferred muted colours anyway. ), 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. Stephanie Cohen heads strategy, innovation, and mergers-and-acquisitions for Goldman Sachs. The 10 Best Wedding Venues in Ashburn, VA - WeddingWire Barron's 100 Most Influential Women in U.S. Finance: Stephanie Cohen 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. All rights reserved. Detractors question the depth of her record to date, and acknowledge that this will be her biggest test yet. Teaching a child to read will fundamentally change his or her trajectory in life.. Stephanie Cohen is joining Goldman's most elite tier, as its - mint By signing up you agree to ourTerms of ServiceandPrivacy Policy. LISTEN: Is this adult burger the best in D-FW? But the opportunities continued to come. Banks react to Fed report. 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. (A back-of-the-envelope calculation would require each partner to bring in $100 million or more in annual revenue, for example.) Stephanie Cohen is Global Head of Platform Solutions and a member of the Management Committee. Stephanie Cohen on LinkedIn: Goldman Sachs' Stephanie Cohen on How the Cohen declined to give projections for growth in Dallas or say whether Goldman is considering such a move. 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 . But advertising revenue helps support our journalism. Most Powerful Women in Banking: No. 12, Stephanie Cohen, Goldman Sachs Since the start of this year, Cohen has also transitioned from investment banking to serve as the bankschief strategy officer,leading a team that decides where the bank should pursue new lines of business. Subscribe to The Broadsheet, our newsletter on the worlds most powerful women. Stephanie Cohen - Barron's When she acts on those things "it's cut and dried and clean and timely and usually on point.". "But she is savvy enough not to let it be something that holds her career back.". Cohen also heads. And she does not have the most exciting social life, prioritising athletic weekends with her kids over evenings at fancy restaurants. Cohen, 41, joined Goldman Sachs in. We use 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. While wealth management services have been a mainstay for the 153-year-old investment . Goldman Open to Work With Financial Newcomers: Stephanie Cohen 2023 Fortune Media IP Limited. Profile of Stephanie Cohen, Goldman Sachs Consumer and Wealth - Insider Weddings | Nova Parks Instead, she recommends creating a personal board of directors, and incorporating aspects of individual people that will help you in your career. 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. 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. 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. Entertain guests or clients on one of our ranges, or take advantage of our flexible space options, including moder. In case you cant find any email from our side, please check the spam folder. The regions tech workforce is projected to expand 17% over the next decade. This idea of working from failure came a little more naturally to me because of that.". That puts her in the eye of the storm now, as Goldman tries to convince Wall Street it can get its mojo back. 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. You know, the egos can run very hot and whatnot, and she doesn't. Stephanie is now the Global Co-Head of the Consumer and Wealth Management Division at Goldman Sachs. Outside of work, Cohen spends time with her husband and young son, who helps me hone my negotiation skills, she laughs. She is also a Global Executive sponsor of the Women's Network. 2023 NYP Holdings, Inc. 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Ms. Cohen leads Launch With GS, the firm's first for-profit investing initiative with . The organization does great work very efficiently. 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 January 2021, she was appointed global co-head of consumer and wealth management. 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. Bank groups say the focus on capital rules in Federal Reserve Vice Chair for Supervision Michael Barr's report on Silicon Valley Bank are misguided. Her husbands question was one many people ask when it comes to families and work, 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. Stephanie Cohen. And, while it was more usual then to be a lone female voice on a call, that was not always a bad outcome. Upon arriving, her trajectory changed, and she has remained at the firm for over two decades in a variety of roles. 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. But she really got it. Lansdowne Resort and Spa is a wedding venue based in Leesburg, Virginia. And furthermore, trying to figure out exactly what got someone to a particular seat isnt extremely helpful either, since that exact seat likely wont exist in its current form by the time you get there.. . 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. "You try and you fall, but you always pick yourself up. Barron's 100 Most Influential Women in U.S. Finance: Stephanie Cohen In January 2021, she was appointed global co-head of consumer and wealth management. Others say he should have named names. She is a key architect of the bank's ambitious consumer. Cohen said Goldman has been focused on fortifying its relationships with universities to help attract engineering talent to D-FW. 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. 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 goal is to create relationships between those who are involved in the broad M&A infrastructure. Cohen is a member of Goldman Sachs' Global Inclusion and Diversity Committee, serving as global executive of the Women's Network. Your session has expired, please login again. She went on to a more traditional M&A role in the industrials team. Cohen was a competitive figure skater who dreamed of making it to the Olympics. Few strategies loom as large on Wall Street as Goldman's early efforts at retail banking and its plans to expand them into a technology offering that spans the globe by acting as the back-end for companies that want to offer banking products under their own brand. 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?. Stephanie Cohen Authors/Speakers Financial Health Network Stephanie Cohen to co-head consumer and wealth management at Goldman If you were doing a good job, you were memorable, she says. 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. This is good-return investing.". While wealth management services have been a mainstay for the 153-year-old investment bank, the shift to offering consumer banking happened less than six years ago. 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. 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. 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.. The business is not yet profitable but is expected to hit revenue of $4 billion by 2024, she said. Some there have earmarked her as a candidate to become the first woman to lead the investment banking division, the banks most profitable arm. Her first position was as an analyst in Mergers & Acquisitions in 1999, and she was then promoted to associate in the Industrials group, where she has spent the majority of her career. I would have really been stuck if Id fixated on finding the senior woman in M&A to emulate, she says. 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. . FORTUNE may receive compensation for some links to products and services on this website. Dallas is quite central, Cohen said. Stephanie was always on those lists," Mass told The Cut in 2018. "We always talked about who the 'Q1s' were, as we'd call the high-trajectory women. Goldman Sachs | Management Committee - Stephanie Cohen Here are her five best pieces of advice on work and personal finance for professional women. Prior to assuming her current role, Ms. Cohen was Co-Head of the Consumer and Wealth Management Division. 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. For women starting out, Cohen recommends building a base of expertise and advises younger people to avoid pigeon holing themselves. Cohen consulted the advisers that she calls her own board of directors, asking them whether she should leave a client-facing job. Instead, she settled in Goldman's mergers department, where she gained an expertise in working with clients in industrials. Stephanie Cohen, EVP Wealth at Goldman Sachs,. I've worked my whole career in an industry dominated by men. Stephanie Cohen is Goldman Sachs' Chief Strategy Officer and an Ex Officio member of the Management Committee. Stephanie's process looked similar, he said. Youve got to figure out whats important to you and what you really want to spendmoney on. Six weeks after meeting Friedman, Cohen became the youngest person to join Goldman's management committee. 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. Cohen began to pepper Martin with questions. 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. Prior to that, Ms. Cohen was a Vice President in the Industrials and Merger Leadership Groups in San Francisco. Thinking that a single mentor will help you to achieve success in all aspects of your career is not practical, she says. Cindy Ord/Getty Images for Girlboss Rally NYC 2018. The small group quickly got overwhelmed and Cohen's team got stretched, exposing a management flaw that she still considers a notable failure. Stephanie Cohen has been at Goldman Sachs for more than 23 years. If you cant read, you cant succeed. Certain aspects of that experience were actually helpful: for one thing, people . All in all, Goldman announced seven executive moves on Tuesday, with Cohen being the only woman to change desks. By Stephanie Cohen, Chief Strategy Officer, Goldman Sachs. Without her, the person said, Argenti would likely leave in frustration and Moorthy would be confined to a narrower role. 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?. Mass initiated Cohen into the club the following year. 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. But there's still some wrinkles that need to be ironed out so it can work with its cousin from The Clearing House. 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. Natalie Walters, Business reporter. Assisted by David Haber, a member of her team and a former startup founder with deep relationships in the technology industry, she embarked on a "listening tour," meeting more than 50 of venture capitalists and entrepreneurs in conversations she began by asking questions and soliciting advice about what Goldman could do better. Clyde's Willow Creek Farm Wedding in Ashburn, VA - YouTube 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. 2 exec, president and operating chief John Waldron, is only 50 and is viewed as his de facto successor. Wall Street can stop wondering who the most powerful woman at Goldman Sachs might be. She is a daughter of Cornelia Gutwein of Albertson, N.Y., who retired as the principal from Flushing High School in Queens. Cohen is pragmatic about the dynamics of combining career and family life. 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. 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. Click the AdBlock Plus button on your browser and select Disable on Observer.com. 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. 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. And how much will banks have to pay? "You can't do it without all three," the person added. She was named managing director in 2008 and partner in 2014. Watch State of the Consumer: Goldman Sachs Stephanie Cohen - Bloomberg That was another instance where a bunch of people told me. But she wasn't without detractors. She started as an analyst in 1999 and has held a series of leadership positions in mergers and acquisitions. Sometimes you have to tell people what they dont want to hear, and shes among the best Ive seen when she gives advice," said Eileen Nugent, a senior M&A lawyer who has advised on buyouts. 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.
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