Goldman Sachs is going casual.
The investment bank told employees on Tuesday that they could start dressing down for the office. It’s a notable shift for the pedigreed Wall Street firm, which has historically favored collared shirts and suits.
In a memo outlining a new “flexible” dress code, CEO David Solomon, President John Waldron and Chief Financial Officer Stephen Scherr noted “the changing nature of workplaces generally in favor of a more casual environment,” as well as the desire to build a cohesive culture across the company.
That doesn’t mean Goldman employees will be wearing jeans to client presentations.
Solomon and his team noted that it’s up to employees to use their discretion about what is and is not appropriate.
“Goldman Sachs has a broad and diverse client base around the world, and we want all of our clients to feel comfortable with and confident in our team, so please dress in a manner that is consistent with your clients’ expectations,” they said.
The new policy comes as Goldman Sachs and other Wall Street giants compete with Silicon Valley for top young talent. Tech companies are known for their laid-back work environments and competitive pay.
It also aligns Goldman with changing demographics inside the firm. About two-thirds of employees are Millennials.
Goldman Sachs (GS) already permitted more casual dress in some divisions. But the announcement gives flexibility to all 36,000-plus employees.