Goldman now finds itself carving a path with a direct-to-consumer digital bank and a broad effort to give retailers, automakers, and other nonbanks the tools to offer their own banking products. (One former CFO kept a toaster in his office to warn against retail-banking gimmicks.) It also put her right in the middle of a historical pivot for Goldman Sachs, which has ignored retail customers in favor of institutional clients for much of its 150-year history. The appointment made her the lone woman running one of Goldman's business divisions - and only the second to ever do so - and entered her into the discussion as a CEO candidate. Last November, she and Tucker York, credited with building the bank's private wealth business, were handed oversight of Goldman's consumer and wealth-management division, the home of grand ambitions to go toe to toe with JPMorgan in consumer banking. Six weeks after meeting Friedman, Cohen became the youngest person to join Goldman's management committee. "So it's just a lot of fun."Ĭohen is now a formidable Wall Street figure in her own right. And she's what I call a three-dimensional thinker," Friedman told Insider. Stephanie Cohen, then a chief strategy officer at Goldman Sachs, impressed Friedman with her penchant for bringing multiple perspectives to bear on a conversation. When Adena Friedman, the CEO of Nasdaq, hosted a dozen executives for dinner at her home in June 2018, it marked the first encounter for one of Wall Street's most senior women and another up-and-comer.
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