Barron’s 100 Most Influential Women in U.S. Finance: Stephanie Cohen

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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.

In the latest in a rapid career of promotions, Cohen, 43, took over as co-head of consumer and wealth management in January, overseeing consumer bank Marcus, which has racked up $97 billion in deposits. Goldman now has credit-card deals with

Apple

and

General Motors,

and expects to roll out digital checking accounts in the next few months. “We want to be the bank on your phone,” she says.

100 Most Influential Women in U.S. Finance

Wall Street has been skeptical of Goldman’s shift to Main Street, but Cohen is forging ahead, aiming to develop a “financial cloud” for consumer accounts. There’s a new robo-advisory service, offering portfolios of exchange-traded funds. The firm is also going down-market in the advisory world, offering services for clients with as little as $1 million in assets, well below its traditional $10 million cutoff.

Cohen continues to work on a $500 million initiative at Goldman to fund female and minority-led investment firms, allocating $450 million so far to firms such as Bento Box, Perfect Corp., and MaC Venture Capital.

The consumer business generated $1.2 billion in revenue last year and the division overall took in $6 billion, or 13% of Goldman’s total. Says Cohen: “We’re just getting started.”

Write to Daren Fonda at [email protected]