NEW YORK - Investment bank Goldman Sachs announced Tuesday that it has relaxed the dress code for all its employees, a move previously considered unimaginable for bankers and partners at the firm. from Wall Street who wear tailored suits.
The code was announced in an internal memo, which said the new measures are due to "the changing nature of workplaces, generally in favor of a more informal environment."
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The note, sent to some 36,000 employees, was written by Chief Executive David Solomon, along with Chief Financial Officer Stephen Scherr and Chief Operating Officer John Waldron.
Known as a traditional investment bank, Goldman Sachs required formal business attire, but since 2017 began relaxing its code for employees in the digital business and technology division.
The situation created a visible divide within the workforce between those who wore denim and those who wore pinstripes.
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Like other Wall Street banks, Goldman has been competing for the best employees. Big tech companies and hedge funds often have more laid-back workplaces.
Tuesday's announcement was also meant to update the bank's policies toward a younger workforce. More than 75% of Goldman employees are members of the Millennial or Gen Z generations, that is, people born after 1981.
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