Goldman Sachs gets casual: Is that the end of the suit? Suits and ties are no longer mandatory at the Wall Street giant.
People like the tech genius Mark Zuckerberg made hoodie the new norm in the office. However, they were often dismissed as Tech Nerds. But now even Wall Street is following the example of Silicon Valley. Goldman Sachs has announced a new dress code – the suit is no longer mandatory.
A memo sent to the company’s 36,000 employees on the penultimate Tuesday indicated that the company would be a little more relaxed with its office clothing. A severe blow to the suit? Wasn’t it?
The changing nature
The bank called the „changing nature of jobs in general in favor of a more casual environment“ an impulse to relax its policy of tightening, BBC said. What bankers should or should not wear was not mentioned in the memo. But it was stated that „casual clothing is not suitable for every day and every interaction and we trust you will always show good judgment in this regard“.
The suit will never die
And that’s also a clear indication of fashion today. The suit will never die. It defines elegance, history and charisma. But like everything else, it also changes. In new combinations and in new forms, change is now entering the most formal and powerful institution in the world. Thus the spectrum of possibilities and forms, how and in which combinations the suit is to be worn, becomes again clearly larger. In any case we are curious!
Goldman Sachs had already loosened his dress code for the tech sector in 2017 in order to win top talents. With more than 75 percent of its employees born after 1981, the bank finally decided to keep pace with the millennium and Gen Z trends throughout the company. Not surprisingly, under its new CEO David Solomon, who has a side career as a DJ and recently announced a new track he produced on his Instagram @djdsolmusic, the bank would loosen its collar a little.
A new trend?
Goldman is not the first company to offer casual dress. J.P. Morgan has relaxed their dress code as early as 2016. J.P. Morgan’s memo explained that his reason for approving Business Casual Dress was that more of its customers and many parts of its business had already begun to dress more casually. But it stressed that Business Casual was not to be confused with Weekend Casual. J.P. Morgan was slightly more specific than Goldman Sachs with her new dress code. Writing that sweatpants, flip-flops, hats, hooves, leggings, yoga pants and halter tops were banned, but polo shirts, dress sandals, casual pants and capri pants were considered acceptable. Jeans and sports shoes could only be worn if approved by an employee manager. Meanwhile, the company went one step further and added that „distracting, tight, revealing or exceptionally loose or low-cut clothing“ is considered inappropriate.
At the moment the wolves will not be wearing Brunello Cucinelli hoodies. However, they may throw away their ties and heels and occasionally leave suit jackets in their penthouses.