Goldman Sachs is loosening up.
The Wall Street behemoth issued a company-wide memo to its 36,000 employees Tuesday saying it will be relaxing its historically uptight, business-formal dress code, reports said.
The internal memo detailing the new “firm wide flexible dress code,” which outlined no specifics on what is allowed, is a result of “the changing nature of workplaces generally in favor of a more casual environment,” Reuters reported, citing the memo.
The unprecedented move comes as Goldman Sachs continues to compete for the country’s best talent, many of whom are opting for the more relaxed atmosphere of startup companies that offer perks and don’t require a business suit for day-to-day operations. It also would be more in line with its millennial workforce, with 75 percent of the company being born after 1981.
The memo was sent by Chief Executive Officer David Solomon, who took the role in October after a career as an investment banker, along with Chief Financial Officer Stephen Scherr and Chief Operating Officer John Waldron, the outlet reported.
In 2017, Goldman Sachs first waded into the waters of a relaxed dress code for employees in its technology division and other digital operations, which included a new San Francisco outpost that boasted no dress code and kombucha on tap, Bloomberg reported at the time.
The memo declined to get into specifics and instead left it up to individual employees to decide what’s appropriate under the new code.
“All of us know what is and is not appropriate for the workplace,” the memo read, according to Reuters.
It also included a reminder for employees to dress in line with clients’ expectations.
“Of course, casual dress is not appropriate every day and for every interaction, and we trust you will consistently exercise good judgment in this regard,” the memo said.
By Gabrielle Fonrouge