You are now subscribed to our newsletters. 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. Diversity in the ranks at Goldman and at the companies it invests in is a priority for Cohen. Certain aspects of that experience were actually helpful: for one thing, people . Stephen deFalco ran Crane & Co., the US paper-production company, when Cohen brokered its sale. Lansdowne Resort and Spa is a wedding venue based in Leesburg, Virginia. When she helps out at their schools, it is when the children are also involved. 2023 Fortune Media IP Limited. Plan A was to be a figure skater, Plan B was to join a bank on the way to becoming a lawyer. But advertising revenue helps support our journalism. 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. 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. 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. Stephanie Cohen to co-head consumer and wealth management at Goldman She grew up in Augusta, Ga., and holds an MA in Investigative Journalism from The Cronkite School. NOW WATCH: Here's why this Goldman Sachs investment chief isn't worried about two of the market's biggest fears, Visit Business Insider's homepage for more stories, 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, 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. By doing that, you can actually, authentically be the person you want without assuming that you have to be someone else.. "We always talked about who the 'Q1s' were, as we'd call the high-trajectory women. All Rights Reserved. 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 . Anyone can read what you share. When Barron's profiled Stephanie Cohen in 2022, she was co-head of consumer wealth and management at Goldman Sachs . Goldman will soon add checking and wealth-management accounts to Marcus' savings and lending products. The best way to do this is to have a long-term view. Download the Mint app and read premium stories. At the beginning of 2020, Solomon made the bold statement that Goldman will no longer handle IPOs for companies with all-male boards, but progress inside Goldman to promote women has appeared slow. 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 Entertain guests or clients on one of our ranges, or take advantage of our flexible space options, including moder. 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?. 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. The day before Stephanie Cohen one of Goldman Sachss most senior executives speaks to the Financial Times, her boss, David Solomon, hangs a for sale sign over part of the business she runs. Solomon has long touted the consumer division as playing a key part in Goldmans future. In 2019, Goldman launched an Apple credit card, and last January it rolled out a GM credit card. The Woodlands at Algonkian provides a beautiful natural setting for a picturesque wedding on 850 acres of parkland in Northern Virginia. It was only in college, at the University of Illinois at Urbana-Champaign where she finished in the top 3% of her class that she began to think about alternative careers, she told herstorycreated.net, a site run by Reva Jariwala, a high-school student in California who interviews trailblazing women. David Solomon, Stephanie Cohen, Sherry Wang and Daniel Alger It was very exploratory in that way," he said. 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. Reservations cannot be made online. 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. Wedding Venues in Ashburn, VA - 180 Venues - Eventective Wall Street can stop wondering who the most powerful woman at Goldman Sachs might be. 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. 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. Become a business insider with the latest news. Sign up for notifications from Insider! Offers may be subject to change without notice. Some there have earmarked her as a candidate to become the first woman to lead the investment banking division, the banks most profitable arm. 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. Most Powerful Women 2019: Stephanie Cohen | Crain's New York Business Most Powerful Women in Finance: No. 17, Goldman's Stephanie Cohen He has since left Goldman to run his own fund. For example, when I am 60 and look back, what might I need the most? She graduated magna cum laude from the State University of New York at Binghamton, and received an M.B.A. from Northwestern. 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?. 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. 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. 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. 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. 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. "But without her it fails and falls apart.". personalising content and ads, providing social media features and to Barron's 100 Most Influential Women in Finance: Stephanie Cohen | Barron's 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. As an investment banker for close to 20 years, my presence in board rooms was often an anomaly. Barron's 100 Most Influential Women in U.S. Finance: Stephanie Cohen The top five bank holding companies have combined total consumer loan portfolios of more than $1.8 trillion as of December 31, 2022. Oops! 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. 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. 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. . She started as an analyst in 1999 and has held a series of leadership positions in mergers and acquisitions. First Republic Bank was shuttered by regulators early Monday, and all its deposits and most of its assets were acquired by JPMorgan. But it also presents new risks to manage. Insiders told us what's at stake for her growing group, and what it could mean for Cohen's future. 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. Ms. Cohen, also 32, is an independent marketing consultant in Chicago. But the opportunities continued to come. By signing up you agree to ourTerms of ServiceandPrivacy Policy. "I learned a lot about the power of perseverance from figure skating," Cohen said in the Q&A. Cohen decided to take the job, and returned to M&A a year later, as a managing director. 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 believes that it doesnt have to overwhelm your personal life, but it makes the networking easier and more fun when you can build and create personal connections at the same time. But she is quick to point out that this is no PR ploy on behalf of the bank: "This is not philanthropy. You know, the egos can run very hot and whatnot, and she doesn't. We discussed her career as a long time investment banker to now running a global division . But there's still some wrinkles that need to be ironed out so it can work with its cousin from The Clearing House. Cohen and her team began to read Ben Thompson's website, Stratechery. The regions tech workforce is projected to expand 17% over the next decade. The high . This account of her ascent is based on interviews with people whove worked with Cohen, who asked not to be named discussing their interactions. With the exception of a yearlong assignment in 2008 to a division that handles conflicts of interest, Cohen spent most of her career in M&A. 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Goldman Open to Work With Financial Newcomers: Stephanie Cohen 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. Log in to our website to save your bookmarks. Then, in 2017, happily running that business, she changed course again when she was asked to become chief strategy officer. . Cohens route into banking was Goldmans mergers and acquisitions (M&A) team in New York, where she started as an analyst in 1999. Goldman Sachs. Stephanie Cohen is Global Head of Platform Solutions and a member of the Management Committee. 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? I've worked my whole career in an industry dominated by men. 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. Others say he should have named names. . But she took the job anyway, at least in part because she was allowed a blank sheet to define the role. She is one of seven women named on the committee and is 10 years younger than the average man on the team. Executive coaching, leadership development coaching and career navigation coaching for women looking to develop, advance and lead in top roles. If you cant read, you cant succeed. . 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. It is an unlikely situation for the Chicago native. 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. Solomon, 58, took the helm at Goldman in October 2018. 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. I didnt say yes all the time, she says, reflecting on her career decisions. 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. She was previously based in New York where she reported for The Motley Fool, TheStreet and Business Insider. 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. DuringStephanie Cohens first 15 years at Goldman Sachs, her career ladder didnt look much different than that of a typical investment banker. Insurance is also likely coming, people with knowledge of the strategy said. We discuss lessons learned from her career in M&A and the many initiatives she now leads at the firm. Stephanie Cohen: Chief Strategy Officer at Goldman Sachs HerStory Created . Natalie Walters, Business reporter. Remove some to bookmark this image. My group is able to assist clients in navigating this complex environment and achieve maximum value for their businesses.. She also set a time limit of two-and-a-half years. 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. It celebrated the repayment by handing employees buttons that said Paid.". 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. 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. But she wasn't without detractors. Cohen is a member of Goldman Sachs' Global Inclusion and Diversity Committee, serving as global executive of the Women's Network. Her primary job is finding acquisition prospects and partnerships for Goldman. 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.. Stephanie Cohen, Chief Strategy Officer, Goldman Sachs - Topio Networks The roles of community workers are diverse, and they allow individuals from many walks of life and different skills to contribute to their communities. "They are like-minded brands that are meeting people where they are," Cohen said. 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. 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.. When she acts on those things "it's cut and dried and clean and timely and usually on point.". And yet investors continue to discount the effort, assigning it little to no value in their calculation of the future share price. 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 - Barron's Cindy Ord/Getty Images for Girlboss Rally NYC 2018. She went on to a more traditional M&A role in the industrials team. As she has ascended the ladder, Cohen says that an important lesson she learned is to understand the longevity of your career, and how the relationships you build will help you along the way. Stephanie Cohen Authors/Speakers Financial Health Network Stephanie Cohens first 15 years at Goldman Sachs, her career ladder didnt look much different than that of a typical investment banker. 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. 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. Goldman Sachs | Management Committee - Stephanie Cohen Cohen declined to give projections for growth in Dallas or say whether Goldman is considering such a move. Outside of work, Cohen spends time with her husband and young son, who helps me hone my negotiation skills, she laughs. 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. As a subscriber, you have 10 gift articles to give each month. Women might get less feedback because they dont ask for it, but it took me a while to fully appreciate that men tend to get more direct feedback on areas of improvement which allows them to know what to work on., Cohen believes that women should support other women. The strategy allows Goldman to acquire millions of customers more quickly than if it did it alone, and spreads out the cost of developing and running Marcus, the digital consumer bank run by Omer Ismail. Mass initiated Cohen into the club the following year. Stephanie Cohen. Click the AdBlock Plus button on your browser and select Enabled on this site. Stephanie Cohen | 2021 Most Powerful Women | Fortune 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. 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. If youre not getting negative feedback, its not because youre perfect. She is a daughter of Cornelia Gutwein of Albertson, N.Y., who retired as the principal from Flushing High School in Queens. 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. Certain aspects of that experience were actually helpful: for one thing, people usually remembered what I had to say. Marcus is Goldman's digital-first consumer bank, offers customers saving accounts, personal loans and investment advisory services. Banks react to Fed report. Stephanie Cohen | 2015 40 Under 40 | Fortune 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 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. Stephanie Cohen is joining Goldman's most elite tier, as its - mint 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. "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.". 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. The delicate transaction was a milestone in the carmakers comeback after the financial crisis. Prior to assuming her current role, Ms. Cohen was Co-Head of the Consumer and Wealth Management Division. . Cohen was a competitive figure skater who dreamed of making it to the Olympics. 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. Some inside the bank wonder whether shes destined to rise even higher. Earlier in her career, Ms. Cohen worked in New York in the M&A department. 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. Nearly two years after its last loan, the Paycheck Protection Program is still making headlines for all the wrong reasons, unfortunately. SEG is the ideal venue for meetings, sales events, bachelor parties, fundraisers, cocktail mixers, birthday parties and more. 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. ), 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. That advice has been crucial to Cohens success throughout her career. There are not that many of us, and we can help each other in ways that are very impactful.. Jun 22 Stephanie Cohen: Chief Strategy Officer at Goldman Sachs. She also serves as trustee for the Board of The Economic Club of New York. Prior to that, Ms. Cohen was a Vice President in the Industrials and Merger Leadership Groups in San Francisco. Anita Gutwein, Stephanie Cohen - Weddings - The New York Times Internal politics won't help. By Stephanie Cohen, Chief Strategy Officer, Goldman Sachs. A lot of investment bankers have the attention span of a gnat," said Stephen DeFalco, who was the CEO of Crane & Co. before Goldman Sachs helped sell the company. She is the daughter of Helayne and Jerry Cohen of Manhasset, N.Y. At that time, the bank was struggling with falling and volatile revenues from its traditional businesses. "So it's just a lot of fun.". His No. Bloomberg Markets TV Shows February 22nd, 2022, 1:08 PM PST Consumer confidence beat expectations but fell from the month prior. 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. 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. Goldman's Stephanie Cohen rises to management committee, as youngest Cohen consulted the advisers that she calls her own board of directors, asking them whether she should leave a client-facing job. 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 is a Goldman Sachs lifer who started at the bank as an analyst back in 1999, spending time in New York and San Francisco.