Suits Not Needed at Goldman Sachs
Goldman Sachs Group has relaxed the dress code for all its employees, a move once considered unthinkable for Wall Street bankers and partners often decked in bespoke suits.
Employees at Goldman Sachs now have the option to dress more casually, thanks to «the changing nature of workplaces generally in favor of a more casual environment» written in an internal memo at the U.S. bank.
The internal memo penned by chief executive David Solomon was sent to the bank’s 36,000 plus employees to announce the change, according to a «Reuters» report. Solomon was a former investment banker who took the role in October.
Suits No More
Goldman Sachs traditionally required formal business attire but the bank began relaxing its dress code for employees in the technology division and other new digital businesses since two years ago. At banks' innovation labs located in Singapore and Hong Kong, employees are already allowed to wear smart casual to work.
Goldman, like other Wall Street banks, has been competing with large technology firms and hedge funds to get the best talent. The latter places often have more relaxed offices and perks.
Good Judgement Still Needed
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.”
The latest announcement helps bring the bank’s traditional policies up to date for its younger workforce. More than 75 percent of Goldman employees are millennials or from Gen Z – people born after 1981.
