Saturday, 15 July 2017
Goldman Sachs relaxes its dress code for staff to lure hip young technology workers
One of the world's most powerful banks has relaxed its dress code in a bid to lure hip young tech workers. The 148-year old Goldman Sachs, which has offices in New York and London, has told technology staff they are free to dress casually – but could consider smartening up in front of clients. The giant bank is battling hip Silicon Valley firms and hedge funds for the talent it needs to boost its digital capabilities. It is famous in the City for its strict dress code - which specifically bans items such as shorts.
Top software developers and engineers can take their pick of roles at newer firms offering workplace perks, better hours and a more relaxed, personal management style than typically exist in the City. So now to woo staff, even the most traditional organisations are having to change their rules. Chief information officer Elisha Wiesel has now sent a memo to Goldman's technology and engineering staff saying their departments are adopting a 'year-round casual dress code'.
He added: 'Please exercise judgement in determining when to adapt to business attire as circumstances dictate, particularly if you have a client meeting.'
About a quarter of Goldman's 33,000 employees are engineers helping make trading more efficient and build new businesses such as its consumer lending platform.
The bank is pushing to keep hold of them amid increasingly stiff competition.
Mr Wiesel, Goldman's highest ranking technology executive, reportedly told workers he hoped the plan 'would enhance the work environment and experience of our people'
He did not specify whether hoodies or sneakers were appropriate. But a worker told the Financial Times 'totally casual' clothing was now allowed for the departments around the world. It is believed the policy has been in place for around three weeks, while bankers still have to stick to a stricter dress code, including no shorts. Most of the bank's other employees also have to stick to a professional business dress code unless told otherwise by their manager.