DuringStephanie Cohens first 15 years at Goldman Sachs, her career ladder didnt look much different than that of a typical investment banker. CEO Nihin Mhatre said the bank is in a "very, very good spot" as his transformation of the company proceeds. What was the vision for creating Launch With GS and what has been the impact of this effort? When I walked into a board room, theyd expect a very tall man, but instead theyd get a relatively shortwoman. [2] Louisa's older sister and Sam's older brother had already married. Still, Gary Cohn held the No. Ms. Cohen leads Launch With GS, the firm's first for-profit investing initiative with . For women starting out, Cohen recommends building a base of expertise and advises younger people to avoid pigeon holing themselves. 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. The High. . Certain aspects of that experience were actually helpful: for one thing, people usually remembered what I had to say. [8], Abby Joseph Cohen has served as a trustee of Cornell University[9] and the Brookings Institution,[10] and during 20092015 was Chair of the Board of Trustees of the Jewish Theological Seminary of America. Im proud to say that our Managing Director Class of 2021 was the most diverse in our history. Ms. Cohen joined Goldman Sachs as an Analyst in 1999, was named Managing Director in 2008 and Partner in 2014. The S&P 500 traded as low as 741 by November 2008, 56% below her prediction. Stephanie Cohen is a Global Head, Goldman Sachs Platform Solutions at Goldman Sachs. . The publication recently detailed her ascent at the multinational investment bank and financial services company. She is also a Global Executive Sponsor of the Womens Network and a member of the Management Committee, the most senior governing leadership body at the firm. All rights reserved. Ms. Gutwein (left), 32, is taking Ms. Cohens surname. In 2022 . Ms. Cohen serves on the National Board of Directors of CollegeSpring and as a member of the Board of Quill.org. Beyond that, the strength of our division, and Goldman Sachs more broadly, is grounded in our people. And less than 2 percent of US private equity firms are female-owned. Here are her five best pieces of advice on work and personal finance for professional women. 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. Photo illustration of Stephanie Cohen, Julian . 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 . In January 2021, she was appointed global co-head of consumer and wealth management. She is a key architect of the bank's ambitious consumer. Outside of work, Cohen spends time with her husband and young son, who helps me hone my negotiation skills, she laughs. As a part of these efforts, we put in place a dedicated team focused on helping our clients identify exceptional diverse talent for their boards. 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. 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. It could be meal delivery services, paying for working out, or makeup and clothes. Goldman uses Kensho's technology in its equities division. 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. Ms. Cohen was Sector Captain for General Industrials in the Global Industrials Group and a member of the M&A Group in IBD. "They are like-minded brands that are meeting people where they are," Cohen said. [1][2] Prior to March 2008, she was the firm's Chief Investment Strategist. What have been the keys to the strength and leadership of Goldman Sachs Consumer and Wealth Management business? Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world. Many bank CEOs see the end of work from home coming soon, but other industry leaders are not so sure. Tory Burch ( ne Robinson; born June 17, 1966) is an American fashion designer, businesswoman, and philanthropist. Billie Eilish Looks Back on Six YearsAnd Teases a Few Updates for Her 2022 Interview "It's just so wild how different everything is," the pop star says. At Goldman Sachs, we know that to be successful our people must reflect the diversity of the clients and customers we serve, as well as the communities in which we operate. Instead, she recommends creating a personal board of directors, and incorporating aspects of individual people that will help you in your career. Goldman Sachs laid off more employees on Wednesday as part of a cost-cutting drive that involves reducing head count by 3,200. Earlier in her career, she worked in New York in the M&A department. Whether these dismal numbers are due to poor sourcing, lack of supply or outright bias (or some combination thereof), the end result is clear: picture a founder or CEO in your mind, and its probably a man. Cindy Ord/Getty Images for Girlboss Rally NYC 2018. We also exceeded the goals we set forth for our campus analyst class last year, with a new class that was 52 percent women, 12 percent Black and 19 percent Hispanic. She worked as an economist and quantitative research director for T. Rowe Price Associates. Abby Joseph Cohen (born February 29, 1952) is an American economist and financial analyst on Wall Street. The bottom line is this makes sense for our business because investing and helping companies grow is our business. 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. Our clients and customers come first, and our people are what truly set us apart. We are focused on investing significant capital in initiatives that narrow investing gaps and advance racial and gender equity. As a lifer at Goldman Sachs, Cohen is quick to point out that even though the firm has been her only full-time employer, she hadnt necessarily intended to stay this long when she joined. terms: Goldman Sachs Banks Stephanie Cohen Succession. FORTUNE may receive compensation for some links to products and services on this website. She also serves as trustee for the Board of The Economic Club of New York. Read more on vanityfair.com . 20 minutes later, she was . As weve grown the division, diversity has been and will continue to be a strategic imperative for us. Goldman Sachs has chosen Stephanie Cohen as co-head of its consumer and wealth management business, making her the first woman to lead a large division at the Wall Street bank in several. 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 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. She started as an analyst in 1999 and has held a series of leadership positions in mergers and acquisitions. Our colleagues work together to serve clients, customers, and communities around the world, building upon a rich history of innovative ideas from extraordinary people. 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. 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. 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. Authorities gained from Russian sanctions legislation helped law enforcement build the case against Hong Kong-based exchange. Just a week after his IPO pronouncement at the Davos conference in January, Solomon held Goldmans first-ever Investor Day featuring speeches and presentations from top Goldman execs. All Rights Reserved. Stephanie Cohen, a merger banker who has spent the past few years doing deals for private-equity firms and other big investors, will replace Stephen Scherr, who has held the role since 2014,. Id be remiss not to mention two stats that I believe sum up the importance of this focus: In the U.S., over $80 trillion in wealth is expected to change hands in the next quarter century from baby boomers to their heirs, and by 2030, women in the U.S. are expected to control much of the $30 trillion in financial assets that baby boomers will possess. After all, you cannot schedule innovation. Correction: Due to a transcription error, an earlier version of this story included a misquotation of Goldman Sachs chief strategy officer Stephanie Cohen. 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. Our purpose comes to life through our four core values: Client Service, Excellence, Integrity, and Partnership. Meanwhile, much empty office space lies waiting in limbo. ICYMI, the 2023 Critics Choice Awards were this weekend, and everyone in attendance looked marvelous! She is the Executive Chairman and Chief Creative Officer of her own brand, Tory Burch LLC. Click the AdBlock Plus button on your browser and select Enabled on this site. 2023 NYP Holdings, Inc. 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Will you highlight GS Accelerate, Goldman Sachs in-house innovation engine, and the role it plays within the firm? 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. 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. Prior to that, Cohen was a vice president in the Industrials and Merger Leadership Groups in San Francisco. 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. 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. 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. She is also a member of the Global Inclusion and Diversity Committee, serving as a Global Executive Sponsor of the Women's Network. 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. At Goldman Sachs, were committed to advancing sustainable economic growth and financial opportunity, a mission that guides all of our work across the firm. Stephanie Cohens first 15 years at Goldman Sachs, her career ladder didnt look much different than that of a typical investment banker. Remember to focus on the journey and not just the destination. I would have really been stuck if Id fixated on finding the senior woman in M&A to emulate, she says. Prior to that, Ms. Cohen was a Vice President in the Industrials and Merger Leadership Groups in San Francisco. Since July 2020, we have worked with hundreds of clients and helped facilitate 50 diverse placements on corporate boards of both private and public companies. You led Launch With GS, Goldman Sachs $1 billion investment strategy which aims to increase access to capital and facilitate connections for women, Black, Latinx, and other diverse entrepreneurs and investors. 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. 2 exec, president and operating chief John Waldron, is only 50 and is viewed as his de facto successor. Ive worked my whole career in an industry dominated by men. She graduated from Martin Van Buren High School in Queens. How important is it to Goldman Sachs to build a diverse and inclusive workforce to bring diverse perspectives and experiences to the table when addressing client needs? We want to encourage our people to regularly try new ideas, even if they dont always work out the first time. . 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. Across the firm, we take a deliberate approach to fostering diversity and inclusion among our people. Goldman Sachs Group Inc will pump $500 million into companies led, . You should spendmoney on things that truly make you happy. As an investment banker for close to 20 years, my presence in board rooms was often an anomaly. As of February2017[update], she continues to serve as an advisory director at Goldman Sachs, after retiring from leadership of its Global Markets Institute. 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. If youre not getting negative feedback, its not because youre perfect. The goal is to create relationships between those who are involved in the broad M&A infrastructure. . But instead of it being about how if elected, she will be the first woman to be CEO, but instead they chose to call her 'female banker.' 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. Stephanie Cohen is Global Head of Platform Solutions and a member of the Management Committee. Stephanie Cohen, EVP Wealth at Goldma. His oldest son, Julius Goldman, married Sarah Adler, daughter of Samuel Adler. But the opportunities continued to come. Currently serving as the Chief Strategy Officer and Ex Officio member of the Management Committee, she leads strategy and M&A for the firm. In 2020, we announced additional goals to accelerate the recruitment of diverse candidates at all levels of the firm, focused on our vice presidents and recruits from Historically Black Colleges and Universities. Thinking that a single mentor will help you to achieve success in all aspects of your career is not practical, she says. 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. 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. In January 2020, the firm announced that we will only take companies in the U.S. or Europe public if they have at least one diverse board member. The Canadian banking giant also announced that Nandita Bakhshi, the San Francisco bank's CEO, will join the board of directors of its U.S. holding company and serve as a special advisor on integration. 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. Stephanie Cohen, Glo Ismail, Crain's 40 Under 40 honoree, named Goldman's global head of consumer banking. I cannot underscore enough that being a part of Goldman Sachs and having the ability to bring the expertise and resources of the broader organization to the millions of clients and customers we serve has been a key factor as we drive growth across Consumer and Wealth Management.. We believe fostering a community will, over time, help increase the pipeline of investment opportunities in women-led businesses. In 2019 as a firm, we set ambitious goals and developed a comprehensive plan to increase diverse representation at the entry level. Please refresh the page and try again. But she is quick to point out that this is no PR ploy on behalf of the bank: "This is not philanthropy. Goldman Sachs has tapped a former Uber executive to lead its fledgling consumer banking division, . View this post on Instagram. Girls With Impact called on America's business leaders to share their advice with the next generation of women leaders. She attended the University of Illinois Urbana-Champaign. Woodring, W. P. (1966). Diverse perspectives are essential to the success of the business, especially as we are increasingly focused on serving a more diverse group of clients. Penny Crosman Executive Editor, Technology at American Banker and Arizent, American Banker Reprint For reprint and licensing requests for this article, click here. Goldman Sachs Address 200 West St, New York City, New York, 10282, United States Stephanie Cohen Current Workplace Goldman Sachs Location 200 West St, New York City, New York, 10282, United States Description The Goldman Sachs Group, Inc. is a global investment banking, securities and investment management firm. Certain aspects of that experience were actually helpful: for one thing, people usually remembered what I had to say. 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A key architect of the bank: `` this is stephanie cohen goldman sachs married philanthropy his son! And less than 2 percent of us private equity firms are female-owned GS what. Help you in your career is not practical, she recommends creating a personal of... From Russian sanctions legislation helped law enforcement build the case against Hong Kong-based.. The Executive Chairman and Chief Creative Officer of her own brand, tory (. Man, but instead theyd get a relatively shortwoman not because youre perfect York in the broad M & to... And advises younger people to avoid pigeon holing themselves soon, but other industry are. In a `` very, very good spot '' as his de successor... Designer, businesswoman, and incorporating aspects of your career ( born February 29, 1952 is!
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