Transcript
Introduction
Patrick
My guest this week is Stephanie Cohen, who is the Chief Strategy Officer for Goldman Sachs and a member of their management committee. Prior to her current role, she spent the majority of her career in the investment banking and M&A divisions at Goldman. We discuss lessons learned from her career in M&A and the many initiatives she now leads at the firm. I really enjoyed her perspective on how a big, established firm like Goldman can balance innovation with improving existing businesses. Please enjoy our conversation.
Diving into Corporate M&A
You mentioned this idea of synergies. I'm very interested in the M&A side to know the pure and impure motives from both sides, acquirer and acquiree for doing these sorts of deals. So there's some literature that suggests that the average M&A deal is not good for the acquiring company? I'm curious to hear your thoughts on that, having been on the inside. That's a very like quant take, not a company by company take. So what do you think the right reasons are where the most value is created for a big, let's say, merger or acquisition? And then the second question will be, what are the wrong ways to do this?