Goldman Sachs Group
wishes to be your digital banker, and it has assigned the occupation to Stephanie Cohen, marking her next year on the Barron’s listing.
In the newest in a speedy occupation of promotions, Cohen, 43, took in excess of as co-head of buyer and prosperity management in January, overseeing buyer bank Marcus, which has racked up $97 billion in deposits. Goldman now has credit rating-card deals with
and expects to roll out electronic checking accounts in the subsequent handful of months. “We want to be the lender on your cell phone,” she suggests.
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Wall Road has been skeptical of Goldman’s change to Key Street, but Cohen is forging ahead, aiming to establish a “financial cloud” for buyer accounts. There is a new robo-advisory service, offering portfolios of trade-traded funds. The firm is also heading down-industry in the advisory planet, providing providers for clientele with as very little as $1 million in assets, well down below its common $10 million cutoff.
Cohen carries on to function on a $500 million initiative at Goldman to fund female and minority-led investment decision firms, allocating $450 million so considerably to companies these as Bento Box, Fantastic Corp., and MaC Undertaking Cash.
The consumer company produced $1.2 billion in earnings past year and the division total took in $6 billion, or 13% of Goldman’s full. Says Cohen: “We’re just acquiring began.”
Publish to Daren Fonda at [email protected]