Leading US investment bank Goldman Sachs eases the apparel regulations for its employees. The influential bank announced in an internal memo the „company-wide flexible dress code“. The management also called on all employees to show „good taste“ in their clothing choice. The turnaround, of course, has a good reason.
Mostly young employees
Goldman’s announcement aims to adapt the corporate culture to younger employees. More than three-quarters belong to the Millennials or Generation Z, ie are younger than 40 years. Loose dress code is one aspect that can be attractive as an employer in the highly competitive industry.
For the technical and development department, Goldman relaxed the dress code two years ago – that was necessary to recruit good programmers. In this field, the competition of large IT companies such as Google and Apple is particularly large – and the dress code is usually very casual.
Appeal to „always good judgment“
Other major US banks, such as JPMorgan, have already taken similar steps. The internal communication refers to the „changed nature of jobs, which generally favor a more informal environment“. That led to the decision for a „more flexible dress code“.
„Casual clothing is not appropriate for every occasion and every opportunity, and we trust that you will always have good judgment in this regard,“ the memo says.
Goldman Sachs is considered the most influential investment bank worldwide. She was harshly criticized for her role in the global financial crisis and the euro zone debt crisis. Goldman Sachs boss Lloyd Blankfein, who paid out and received record bonuses to employees during the crisis, became notorious for saying that he was only doing „God’s work“.
