Suits and Ties optional: Goldman Sachs has just relaxed its dress code
Goldman Sachs Group stated on Tuesday that it is relaxing the dress code for all of its employees. A move that has sent shockwaves on Wall Street. Say goodbye to the bespoke pin stripe suits and monk-shoes.
Goldman Sachs Group stated on Tuesday that it is relaxing the dress code for all of its employees. A move that has sent shockwaves on Wall Street. The new “firm wide flexible dress code” was announced in an internal memo, which said the shift was due to “the changing nature of workplaces generally in favour of a more casual environment” which echoes recent research by IWG which you can read about here.
This announcement by Goldman Sachs comes as they try to compete with new Financial Technology firms, hedge funds and other start-up banks to attract the top talent of the millennial and Gen Z generations - people born after 1981. At the moment more than 75 percent of Goldman Sachs employees are members of the millennial or generation Z. Are we going to see a similar shift in the recruitment industry in London?
However, the memo did not specify which clothes are or are not appropriate. “All of us know what is and is not appropriate for the workplace,” the memo reads.
The memo also reminded 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.”
I wonder what we will see Goldman Sachs’ employees wear. Will it be the the classic dress down Friday banker look with a pair of chinos, suede shoes and an Oxford shirt? Or will we see socks and sliders, hoodies and techies typing away on bean bags?