Goldman Sachs eases dress code for tech division

The firm advised its tech employees to exercise judgment in determining when to adapt to business attire

Goldman Sachs eases dress code for tech division
Major Wall Street bank Goldman Sachs has taken steps to ease the dress code in its tech division, as it competes for talent in a competitive labour market.

The firm advised its tech employees to “exercise judgment in determining when to adapt to business attire,” according to a report by Reuters, citing an internal memo. But the document did not specify whether or not the banks deemed hoodies and sneakers acceptable, the report said.

The change comes from Elisha Wiesel, the bank’s new chief information officer, who assumed the bank’s highest ranking technology executive role in January.

Wall Street banks have been competing for years for top software developers and engineers with Silicon Valley firms and hedge funds, which usually offer techs with better hours and workplace perks, Reuters said. Most Goldman employees still follow a professional business dress code unless their group managers advise otherwise.

Goldman is not the first Wall Street bank to ease its dress code. Last year, JPMorgan Chase & Co. started allowing employees to wear business-casual attire for certain occasions. Barclays modified its dress code as far back as 2013 when it introduced casual Fridays.

Engineers comprise about a quarter of the bank’s 33,000 employees. Since the 2007-2009 financial crisis, tech workers have contributed to Goldman’s transformation through more efficient trading and the establishment of new businesses including the consumer-lending platform Marcus.

Related stories:

Bosses can ban workers from wearing Islamic headscarves, says EU’s top court

British man sent home for wearing shorts returns to office in bright pink dress

Why remote work is not a perk or privilege

 

Recent articles & video

Alphabet layoffs later this year to be 'much smaller in scale': reports

Elon Musk: Jobs to be optional in 'benign' AI future

2 in 3 Australians OK with date change for Australia Day

Former security services firm fined for failing to act on Compliance Notice

Most Read Articles

1 in 8 new hires leaving during probation: report

FWC finds early notice of end to fixed-term contract amounts to dismissal

Spotless entities plead guilty to long service leave underpayments