The embattled crypto-service bank got a lifeline of liquidity in the fourth quarter of 2022 from the Federal Home Loan Bank System, raising new questions about both the Home Loan banks' purpose and crypto contagion. Click here to download a PDF of An Interview with Stephanie E. Cohen, And again, she underscores the importance of actively seeking feedback. Another initiative that Im particularly proud of is Goldman Sachs landmark policy announced at the 2020 World Economic Forum to increase diversity on corporate boards. Cohen, who is in charge of over $1 trillion in client assets, is the youngest member of the management committee, Goldmans highest echelon. Stephanie Cohen is a Global Head, Goldman Sachs Platform Solutions at Goldman Sachs. They are the reason our people are our greatest asset. The Boston-based bank, which has undergone numerous leadership changes in recent years, hired a new commercial banking head and a new chief credit officer. She is one of seven women named on the committee and is 10 years younger than the average man on the team. ", 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. 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 Ruth Harper: SVP, Chief Communications & Sustainability Officer, ManpowerGroup, Five Actions to Take to Manage Your Career Better in 2023, Alena Brenner: Executive Vice President, General Counsel, and Corporate Secretary at Cornerstone Building Brands, 2022: Words of Wisdom from Diverse Women Leaders, Seven Things about Gut Instinct You Might Not Know. Here's who is gaining powerand who is losing it. . Partner Investments Number of Partner Investments 1 Jobs Number of Current Jobs 1 Stephanie Cohen is the Global Head, Goldman Sachs Platform Solutions at Goldman Sachs. This is good-return investing.". She helped the organization to secure financing for a local chapter, and the group has since spread nationwide. In the spirit of encouraging constant innovation, we have continued to evolve the program and last year shifted away from an annual submission deadline. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world. Inside the rise of Stephanie Cohen, the Goldman Sachs dealmaker leading a make-or-break push to take on Main Street. The global economy is propelled by innovation, creativity and the sharing of diverse perspectives. For women starting out, Cohen recommends building a base of expertise and advises younger people to avoid pigeon holing themselves. In addition to our unwavering commitment to our clients and customers, we are dedicated to supporting and serving the communities in which we live and work, as well as in places where opportunity can be multiplied. By doing that, you can actually, authentically be the person you want without assuming that you have to be someone else.. The bottom line is this makes sense for our business because investing and helping companies grow is our business. As Accelerate continues to grow, it has been rewarding to see the client-facing results that come from the program. Goldman uses Kensho's technology in its equities division. Across the division, we help empower millions of clients and customers around the world to achieve their financial goals through three businesses that Tucker and I oversee Private Wealth Management, our workplace and personal wealth business and the Consumer business, which includes Marcus by Goldman Sachs as well as large partnerships. Thank you for subscribing to BRIEFINGS: a newsletter from Goldman Sachs about trends shaping markets, industries and the global economy. While Cohen has been in regular contact with Solomon, Waldron, and divisional cohead Tucker York, a number of Goldman insiders have wondered where she is at such a critical juncture for Marcus.. For a lot of Americans, job security is a cause for concern, and the possibility of a recession is compounding this fear. Global Professional Services Firm. [11] She and her husband have been supporters of the Jewish Outreach Institute, which helps to bring nominal Jews back into the Jewish religious community,[12] and of the United States Holocaust Memorial Museum. Will you provide an overview of your role and areas of focus? As The Post reported at the time, the first 11 speakers that day were men, making it more than five hours until a woman took the stage. She graduated magna cum laude from the State University of New York at Binghamton, and received an M.B.A. from Northwestern. Please refresh the page and try again. GS Accelerate was born in 2018 as one of the first things I did as Chief Strategy Officer to harness the power of these ideas and make it easier for employees at all levels to transform their ideas into viable new businesses and services for the firm and our clients. Tax revenues are not what finance the government's expenditures, argues Stephanie Kelton, an economist at Stony Brook University and one of the most influential modern monetary theorists. The Power of the Pivot: How to Successfully Change Direction over Time We are so excited to announce our Afternoon Keynote Speaker, Stephanie Cohen. ben baker Stephanie Cohen has been at Goldman Sachs for more than 23 years. In fact, the firm has . 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. Goldman Sachs posts its worst earnings miss in a decade - with profits plunging 66% to $1.33B - as experts warn of MORE layoffs after firm cut 3,200 jobs What does YOUR tongue say about your health? At Goldman Sachs, were committed to advancing sustainable economic growth and financial opportunity, a mission that guides all of our work across the firm. Prior to assuming her current role, Ms. Cohen was Co-Head of the Consumer and Wealth Management Division. The publication recently detailed her ascent at the multinational investment bank and financial services company. We are focused on investing significant capital in initiatives that narrow investing gaps and advance racial and gender equity. "They are like-minded brands that are meeting people where they are," Cohen said. Stephanie Cohen is Goldman Sachs' Chief Strategy Officer and an Ex Officio member of the Management Committee. What have been the keys to the strength and leadership of Goldman Sachs Consumer and Wealth Management business? [2] 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. Consumer and Wealth Management brings together our established wealth management businesses with the digital consumer-facing businesses, allowing us to serve a broad group of people in a digitally led or digitally enabled way. The GoldmanSachs family is a family of Ashkenazi Jewish descent known for the leading investment bank Goldman Sachs. Marcus is Goldman's digital-first consumer bank, offers customers saving accounts, personal loans and investment advisory services. 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. Invalid input parameters. 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. 8th Annual Women . The next year, we built upon that commitment and increased the requirement to two diverse board members, one of whom must be a woman. Ms. Gutwein. [3] They have two daughters. 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. By 2025, we are aiming to achieve representation in our vice president population of 40 percent women globally, 7 percent Black professionals in the Americas and the UK, and 9 percent Hispanic and Latinx professionals in the Americas. While she realizes that the financial services industry has fewer female role models, she has found it largely irrelevant in her career. Executive coaching, leadership development coaching and career navigation coaching for women looking to develop, advance and lead in top roles. A Goldman Sachs banker will have to pay his ex-wife more cash after she appealed her 2 million divorce settlement despite being set to inherit 100 million from her Saudi father. We know that tackling the gender investing gap is a challenge thats far larger than any single company, but we believe that Launch With GS is a step in the right direction. (Some workers were reportedly given as little as 30 minutes to pack up their desks, according to The Financial Times.) Global Co-Head of Consumer and Wealth Management, Goldman Sachs. The teamwork and partnership mentality is deeply embedded in the culture of Goldman Sachs. For reprint and licensing requests for this article. Abby Joseph Cohen (born February 29, 1952) is an American economist and financial analyst on Wall Street. But advertising revenue helps support our journalism. She is also on the national board of the nonprofit group Reading Partners, which focuses on literacy in grammar schools, helping underprivileged kids who are behind in reading. On top of that, thousands of new people join the firm each year, bringing with them new ideas and infectious energy. and is working with Stephanie Cohen to set up a platform solutions business which will include consumer banking (AKA Marcus) and trim its costs. 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. If you cant read, you cant succeed. In December 2007, she predicted the S&P 500 index would rally to 1,675 in 2008, the most optimistic of 14 Wall Street forecasters. William (Bill) Sachs Goldman, the scion of a prominent family of Jewish philanthropists in San Francisco and himself a board member of the New Israel Fund, died in a crash of his private plane. As a subscriber, you have 10 gift articles to give each month. 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. By Stephanie Cohen, Chief Strategy Officer, Goldman Sachs June 19, 2018 I've worked my whole career in an industry dominated by men. Young, female, banker: Stephanie Cohen has made a career at Goldman Sachs. The best way to do this is to have a long-term view. His No. Before that, Cohen was Global Head of Financial Sponsor M&A in the Investment Banking Division (IBD). Ericka Leslie, the bank's chief administrative officer, is reportedly orchestrating the cuts there, and is working with Stephanie Cohen to set up a platform solutions business which will include consumer banking (AKA Marcus . We want to encourage our people to regularly try new ideas, even if they dont always work out the first time. Im a firm believer that diversity needs to be discussed in the same rooms that we discuss market share, margins, and growth rates not just in meetings about diversity because we know that diversity drives outperformance. All rights reserved. She joined Goldman Sachs as an Analyst in 1999, was named Managing Director in 2008 and Partner in 2014. What has made the experience so special for you? Goldman Sachs' Use of Digital Technologies: One primary way that Goldman Sachs is employing digital technology is to improve efficiencies in the workplace. Before that, she was Global Head of Financial Sponsor M&A in the Investment Banking Division (IBD). 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. Earlier in her career, Ms. Cohen worked in New York in the M&A department. Since the proceedings began, in 2018, he's had six different attorneys. Thats why a critical part of Launch With GS will be the network we will create by bringing together investors, entrepreneurs, non-profit organizations and other leaders (men and women) to nurture and grow new businesses. We've received your submission. Wall Street can stop wondering who the most powerful woman at Goldman Sachs might be. Following the Michael Milken fiasco and subsequent United States Department of Justice investigation into Drexel Burnham Lambert's affairs that led to the firm's demise, Cohen worked for a short time with Barclays de Zoete Wedd, then joined Goldman Sachs in New York City as a vice president and co-chair of the Investment Policy Committee in 1990, and was named a managing director in 1996 and a partner in 1998. [4][5] She obtained her Chartered Financial Analyst (CFA) designation in 1980. When Adena Friedman, the CEO of Nasdaq, hosted a dozen executives for dinner at . 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