March 6, 21019
Goldman Sachs Group —one of the leading investment banking firms worldwide, known for its buttoned-up, bespoke culture—announced on March 5 that it is relaxing the dress code for all of its employees, Reuters reported.
The firm, which has been in business since 1869, told employees to “suit themselves” in an internal memo to its 36,000 employees outlining the new “firmwide flexible dress code.”
Management said the shift was due to “the changing nature of workplaces generally in favor of a more casual environment.”
Historically known as a white-shoe investment bank, Goldman Sachs traditionally required formal business attire. But since 2017, the bank began relaxing its dress code for employees in the technology division and other new digital businesses. This created a divide in the workforce as clear as denim versus pinstripes.
Like other Wall Street banks, Goldman has been competing to secure the best employees. Large technology firms and hedge funds often have more relaxed offices and perks. What’s more, over 75% of Goldman employees are members of the Millennial or Gen Z generations—people born after 1981.
“All of us know what is and is not appropriate for the workplace,” the memo reads—also reminding employees to dress “in a manner that is consistent” with clients’ expectations. “Of course, casual dress is not appropriate every day and for every interaction and we trust you will consistently exercise good judgment in this regard.”
Research contact: @eadilts