GOVERNMENT“It Is More Relaxed Than I Anticipated” – Bankers Abandon Suits And Ties Amid Post-COVID Return To Office

invesBrain ^ | 8-16-21 | Tyler Durden

[Brookhaven]

The changes are superficial, but they hint at a bigger cultural shift in an industry where well-cut suits and wingtips once symbolized swagger, memorialized in popular culture by Gordon Gekko in the movie “Wall Street” and Patrick Bateman in the film adaptation of Bret Easton Ellis’s novel “American Psycho.” Even as many corporate workplaces around the country relaxed their dress codes in recent years, Wall Street remained mostly buttoned up.

Consider the informal new dress code a "consolation prize" for staff frustrated about their return to the office.

Like so much else, that changed in the pandemic. Big banking firms, including Goldman Sachs, JPMorgan Chase and Citigroup, have realized that their employees are loath to reach for their corporate attire, after more than a year of working from home dressed mainly in loungewear, or Zoom-appropriate shirts on top and sweatpants below. As banks get their workers back to their desks — even as some other companies have paused such plans — senior executives are easing up on dress codes as a concession to their weary staffs.

One Goldman "legal analyst" said the new dress code is even more relaxed than they had expected.

"It’s a little bit more relaxed than what I anticipated," said Melissa Cortes, a legal analyst who recently joined Goldman. "I’m wearing sneakers right now, and people are wearing jeans with blazers or shirts," said Ms. Cortes, who sported a white jacket, black wide-leg trousers and white sneakers on Wednesday.

In a way, the trend started before the pandemic: Goldman declared suits and ties optional back in 2019. But most employees were too timid to ditch their ties, given that Wall Street's pecking order has been, in a way, defined by dress since time immemorial.

But in banking, the strict hierarchies were embedded in unwritten fashion rules. Colleagues would ridicule those wearing outfits considered too flashy or too shabby for the wearer’s place in the corporate food chain. Superiors were style guides, but wearing something swankier than one’s boss was considered a faux pas. An expensive watch could be seen as a mark of success, an obnoxious flex, or both.

[Brookhaven]

The men's suit has been a dying relic for the last few decades.

Unfortunate, because you can take even the dumpiest looking guy and put him in a well fitting suit, and he'll look fantastic.

People will always find ways to differentiate themselves by their clothing. Steve Job's all black outfit is one example.

I've noticed in the business I work in that the higher ups, while dressed casually, wear clothing that fits well, is pressed, and is of a higher quality. It's not unusual to see them wear a suit style sport jacket.

The lower levels wear clothing that is obviously off the rack and rarely pressed. Often it looks like it came right out of the dryer before they put it on--wrinkled all to hell.

I grew up in the dry cleaning business; I notice these things. The difference between these two pictures is subtle, but it demonstrates a common difference between the dress of upper management and the cube-warriors in modern offices.

[Codeflier]

Style over substance. Who performs? That is the question. The only question.

[Brookhaven]

In a theoretical world you would be right, but in the real world it doesn’t work that way.

Style often wins out over substance.

I read a study a decade ago about who people would choose as leaders:

A: arrogant, loud, but incompetent
B: humble, quiet, and competent

The vast majority of people choose to follow A—the incompetent person. Even if they knew he was incompetent compared to B.

People prefer to follow leaders that exude confidence, even if they know they aren’t the most competent person. And most people mistake arrogance and loudness as confidence.

If you are trying to make it through the world by only relying on your skills, you are handicapping yourself.

[1Old Pro]

I believe it’s the generation of current 40-50ish year olds that stopped dressing up. I noticed it about 10-15 years ago, people going to nice restaurants dressed like bums.

[Codeflier]

Aren’t you kind of proving my point with your A and B choice? Style over substance.

[Codeflier]

Proud bum here. My flight attire might give you heart palpitations.

[Magnum44]

many corporate workplaces around the country relaxed their dress codes in recent years

[T.B. Yoits]

The men's suit has been a dying relic for the last few decades. Unfortunate, because you can take even the dumpiest looking guy and put him in a well fitting suit, and he'll look fantastic.

It's a costume. New York City firms insisted on them to pretend you can trust them with your money. Bernie Madoff wore a suit.

The suit hides who people really are which is why politicians, talking heads of the Propaganda Media, mobsters, game show hosts, and criminal defendants favor them.

A suit enables companies to pretend the low-level employee serving you is more than they are. The staff at the airline or rental car counter can be extra-trusted because they dress "professionally". The driver from the car service must be professional because he's wearing a suit. It also tells the employees that they're replaceable with someone in a similar uniform.

A suit is a sign of failure.
-It's limited by weather. You can't imagine the stench coming off many men who wear suits in cities in the summer time.
-It requires chemicals to "dry" clean.
-You can't sit down with it if your chair has a back.
-It limits what you can carry with it. We passed a point decades ago that men in particular need pockets and loops for the gear they need to carry; keys, phones (sometimes two), wallets, papers, a firearm, pocket knife, etc.

Men would be better served with something closer to tactical gear, a flight suit, or coveralls.

[Brookhaven]

“Men would be better served with something closer to tactical gear, a flight suit, or coveralls.”

I keep waiting for men’s fashion to come up with the equivalent of a woman’s purse, but the only thing they come up with looks like...a woman’s purse.

I suppose a backpack is about as close as we’ve come to a men’s bag.