It was during a stint in the conflict and business selection group that her work stood out, according to a person who worked with her at the time. The group, typically considered the killjoys within investment banking, have to tell senior bankers about the deals they can’t pursue -- a tricky task in the best of times.
She went on to a more traditional M&A role in the industrials team. Key deals there included Chrysler’s repayment of a loan from the U.S. government, people familiar with the matter said, asking not to be identified discussing private information.
That meant Cohen had to work closely with the then-CEO of the Fiat-Chrysler group, Sergio Marchionne, sometimes camping out for talks in Detroit or paying visits to the U.S. Treasury Department. The delicate transaction was a milestone in the carmaker’s comeback after the financial crisis. It celebrated the repayment by handing employees buttons that said “Paid.”
Tough Advice
In a sign of her rising stature, Cohen was selected to lead the creation of a new unit to service a critical client base for Goldman Sachs -- the private-equity firms, family offices and other strategic investors who are a force of their own in the deal-making world. Consequently, they can be prickly customers.
“Sometimes you have to tell people what they don’t want to hear, and she’s among the best I’ve seen when she gives advice,” said Eileen Nugent, a senior M&A lawyer who has advised on buyouts.
Cohen, who’s worked with large corporate clients including 3M Co. -- a relationship previously fostered by Solomon -- was named to the strategy post after Stephen Scherr, the previous mantle-holder, was tapped to build out the consumer-banking unit.
If her tenure there is successful, it could pave the way for Cohen to make history at the firm. Some there have earmarked her as a candidate to become the first woman to lead the investment banking division, the bank’s most profitable arm.
“It’s great for a woman to be achieving this level of success at Goldman and she’s certainly capable of going further,” Nugent said.
This article was provided by Bloomberg News.