FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. Ms. Cohen also led Launch With GS, Goldman Sachs $1 billion commitment to invest in companies and investment managers with diverse leadership, as well as GS Accelerate, the firms in-house innovation engine. She also serves as trustee for the Board of The Economic Club of New York. . 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? Cohens elevation to the committee followed just days later strong evidence she has the incoming CEOs confidence. 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. 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. Mass initiated Cohen into the club the following year. 2023 Fortune Media IP Limited. But it also presents new risks to manage. She is a daughter of Cornelia Gutwein of Albertson, N.Y., who retired as the principal from Flushing High School in Queens. She is the daughter of Helayne and Jerry Cohen of Manhasset, N.Y. Ms. Cohen serves on the National Board of Directors of CollegeSpring and as a member of the Board of Quill.org. There werent a lot ofinvestment bankers that looked like me. 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. We discussed her career as a long time investment banker to now running a global division . Remove some to bookmark this image. 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. The regions tech workforce is projected to expand 17% over the next decade. But she wasn't without detractors. Her father is a partner in the accounting branch of Deloitte in Manhattan. Goldman also will provide six student scholarships for $10,000 each at UTD over the next three years. Stephanie Cohen, EVP Wealth at Goldman Sachs,. Cohen joined Goldman Sachs as an Analyst in 1999, was named Managing Director in 2008 and Partner in 2014. Cohen joined Goldman in the late 1990s as an analyst after college. Cohen is now the committees youngest, with the rare label of ex officio" member. That meant Cohen had to work closely with the then-CEO of the Fiat-Chrysler group, Sergio Marchionne, sometimes camping out for talks in Detroit or paying visits to the U.S. Treasury Department. The idea is now central to how the firm is looking to reinvent itself. Before that, she was Global Head of Financial Sponsor M&A in the Investment Banking Division (IBD). 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. The central bank's instant payment system could bring enormous benefits to banks and their customers. This account of Cohen's past and near future is based on interviews with more than a dozen colleagues, former colleagues, clients, and friends. 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. 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. It doesnt have to be one thing or the other; its about making spending decisions consciously rather than scrolling on your phone and thinking about what youshould spend on., What Ive noticed at Goldman Sachs isthat men tend to talk about investment opportunities amongst each other. Executive coaching, leadership development coaching and career navigation coaching for women looking to develop, advance and lead in top roles. She persuaded her husband that they could both keep their careers. Meanwhile, Wall Street banks are increasingly looking for female CEOs. 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. She joined Goldman Sachs as an Analyst in 1999, was named Managing Director in 2008 and Partner in 2014. 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. She also serves as trustee for the Board of The Economic Club of New York. The organization does great work very efficiently. But the diversification play has lost $3bn in the past three years, making it an obvious target for refinement when Solomon unveiled his plans for Goldmans next era at the 154-year-old banks second-ever investor day. Others say he should have named names. That includes . Her husbands question was one many people ask when it comes to families and work, she says. Solomon, 58, took the helm at Goldman in October 2018. Anita Gutwein and Stephanie Meredith Cohen were married Saturday in Long Island City, Queens. Prior to assuming her current role, Ms. Cohen was Co-Head of the Consumer and Wealth Management Division. But, if you make the enrollment default and you have to opt out if you dont want to do it, more people end up investing in 401(k).. 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.. Contact the Facilities Manager or the Events Coordinator today to discuss hosting your . 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. What do you think about how strategy ought to be done to be most effective in an organization?' 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.. "You can't do it without all three," the person added. There are not that many of us, and we can help each other in ways that are very impactful.. 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. Natalie is an award-winning reporter who covers banks, crypto, fraud, deals and other money topics for The Dallas Morning News. Cohen, 41, joined Goldman Sachs in. Roger Martin, the former dean of the Rotman School of Business at the University of Toronto, met her in 2018 after the two had been connected by Adam Grant, an eminent Wharton professor. She graduated magna cum laude from the State University of New York at Binghamton, and received an M.B.A. from Northwestern. She helped the organization to secure financing for a local chapter, and the group has since spread nationwide. 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. 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. FORTUNE may receive compensation for some links to products and services on this website. 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. But for the bankers and credit union lenders who participated, PPP remains a high point of their careers. The goal is to create relationships between those who are involved in the broad M&A infrastructure. The bureaucratic asterisk is likely meant to avoid upsetting senior executives whove spent much longer trying to get on the panel, without luck. 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. 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. This account of her ascent is based on interviews with people whove worked with Cohen, who asked not to be named discussing their interactions. 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. By Stephanie Cohen, Chief Strategy Officer, Goldman Sachs. For a health check on consumers, Kriti Gupta and Tom Mackenzie spoke. Stephanie is now the Global Co-Head of the Consumer and Wealth Management Division at Goldman Sachs. She is also a Global Executive sponsor of the Women's Network. 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?. One former partner said there were questions about whether Cohen had brought in the kind of money typically required of new partners. to talk about career, money and life. As an investment banker for close to 20 years, my presence in board rooms was often an anomaly. For example, when I am 60 and look back, what might I need the most? And yet Cohen is no slouch when it comes to navigating the firm, people said. Looks like you have exceeded the limit to bookmark the image. But she took the job anyway, at least in part because she was allowed a blank sheet to define the role. First Republic Bank was shuttered by regulators early Monday, and all its deposits and most of its assets were acquired by JPMorgan. 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. (Cohen declined to comment for this story, but Goldman provided a list of seven people it said were willing to speak on her behalf. Stephanie Cohen is Goldman Sachs' Chief Strategy Officer and an Ex Officio member of the Management Committee. Stephanie Cohen has been at Goldman Sachs for more than 23 years. Stephanie Cohen is Global Head of Platform Solutions and a member of the Management Committee. She is one of seven women named on the committee and is 10 years younger than the average man on the team. She was previously based in New York where she reported for The Motley Fool, TheStreet and Business Insider. Stephanie's process looked similar, he said. And then. Instead, she recommends creating a personal board of directors, and incorporating aspects of individual people that will help you in your career. Natalie Walters, Business reporter. 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. If youre not getting negative feedback, its not because youre perfect. 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?. By signing up you agree to ourTerms of ServiceandPrivacy Policy. Instead, I found it really helpful to look at a, people and look for things that I like or relate to. All in all, Goldman announced seven executive moves on Tuesday, with Cohen being the only woman to change desks. "She's very self-aware, and so it's almost a little disarming, because sometimes you're at a negotiation table. At the junior level, you might be immersed in a project where you are working with someone constantly, and then the project ends and everyone moves on. It'll just take a moment. She has also led the firm's Launch with GS, a $500 million commitment to invest in companies and investment managers with diverse leadership. Nonetheless, Cohen was tapped the following year to build a team to focus on M&A for private-equity firms. Ms. Gutwein (left), 32, is taking Ms. Cohens surname. Stay up to date with what you want to know. 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. If you were doing a good job, you were memorable, she says. It already lends to Amazon and Walmart merchants. Cohen brought the same approach to forging a closer relationship to Silicon Valley. Cohen was a competitive figure skater who dreamed of making it to the Olympics. In 2008, she managed Conflicts and Business Selection for IBD in the Americas. She graduated cum laude from New York University and received an M.B.A. in May from Indiana University. . In less than a year, Goldman Sachs has grown its North Texas presence from more than 2,000 employees to nearly 4,000. 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. But the opportunities continued to come. Cohen began to pepper Martin with questions. By 2015, she headed the global financial sponsor M&A group. As an investment banker for close to 20 years, my presence in board rooms was often an anomaly. analyse how our Sites are used. At the end of the day, you have to have good judgment, and be able to adapt to different situations, 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. She's incredibly smart. 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. . Some of that could be due to the fact that there are fewer women in venture capital and fewer women founders. Detractors question the depth of her record to date, and acknowledge that this will be her biggest test yet. 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. ), 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. Dec. 2, 2012 Anita Gutwein and Stephanie Meredith Cohen were married Saturday in Long Island City, Queens. Ms. Cohen serves on the National Board of Directors of College Spring and as a member of the Board of Quill.org. But Ive also noticed that when women start talking to friends about business ideas, they actually want to help each other.. She went on to a more traditional M&A role in the industrials team. 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. "We call her a mergers black belt.". It was very exploratory in that way," he said. 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. 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. And yet investors continue to discount the effort, assigning it little to no value in their calculation of the future share price. Her primary job is finding acquisition prospects and partnerships for Goldman. Ms. Cohen leads Launch With GS, the firm's first for-profit investing initiative with . SEG is the ideal venue for meetings, sales events, bachelor parties, fundraisers, cocktail mixers, birthday parties and more. "But she is savvy enough not to let it be something that holds her career back.". 2 job for more than a decade before he left to join the Trump White House in January 2017 after it became clear he wouldnt succeed former CEO Lloyd Blankfein. In January 2021, she was appointed global co-head of consumer and wealth management. Cohen said Goldman has been focused on fortifying its relationships with universities to help attract engineering talent to D-FW. 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. 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. Citigroups Jane Fraser just became the first CEO of a major US bank, and women look poised to take the reins at Bank of America and JPMorgan. How big the Dallas operation will get is a source of regular speculation in the North Texas real estate community. 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. Prior to that, Ms. Cohen was a Vice President in the Industrials and Merger Leadership Groups in San Francisco. Instead, she settled in Goldman's mergers department, where she gained an expertise in working with clients in industrials. 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. 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. The best way to do this is to have a long-term view. 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. 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.
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