Goldman Sachs eases dress code for 'more casual' vibe

NEW YORK • Goldman Sachs Group said on Tuesday that it is relaxing the dress code for all its employees, a move once considered unimaginable for the Wall Street firm's leagues of monk-shoed partners and bankers in bespoke suits.

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".

The memo, sent to about 36,000 Goldman Sachs employees, was penned by chief executive David Solomon, a former investment banker who took the role in October last year, along with chief financial officer Stephen Scherr and chief operating officer John Waldron.

Historically known as a white-shoe investment bank, Goldman Sachs has 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.

The change was also meant to bring the bank's traditional policies up to date for its younger workforce. More than 75 per cent of Goldman employees are members of the millennial and Gen Z generations - people born after 1981.

"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.

REUTERS

A version of this article appeared in the print edition of The Straits Times on March 07, 2019, with the headline 'Goldman Sachs eases dress code for 'more casual' vibe'. Print Edition | Subscribe