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