American investment bank, Goldman Sachs, earlier this year, relaxed the official dress code for all its employees with the objective of bringing about a more casual environment in the workplace and attract top talent.
According to reports in BBC and CNBC, Goldman Sachs announced in an internal memo a “firm-wide flexible dress code”, but left it on the employees to exercise their good judgment in fashion choices.
“Casual dress is not appropriate every day and for every interaction and we trust you will consistently exercise good judgment in this regard,” said the memo.
According to the US bank, the move was influenced by the “changing nature of workplaces generally in favour of a more casual environment”.
Goldman Sachs, historically known as a white-shoe investment bank, had required its employees to wear formal business attire. However, from 2017, Goldman started loosening the dress code for its employees in the technology division and other new digital businesses. Other Wall Street banks have also been trying to secure the best employees. JP Morgan had already taken steps for a more lenient dress code three years ago.
Over three-fourths of Goldman employees are millennials, or members of the so-called Generation Z — people born after 1981. The memo was signed by top Goldman Sachs executives, including chief executive David Solomon.
Goldman Sachs is one of the world’s most powerful investment banks but has faced flak for its role in the global financial and eurozone debt crises.