Having worked on Wall Street for 16 years (at two major brokerage firms -- one for 12 years, the other for 4 years), I completely disagree. I miss seeing men dressed in suits every day, and women dressed as ladies, instead of floozies looking like they are heading for the beach (summer "casual dress" is the absolute worst). Say what you want about the corruption in this industry, I have always felt proud to be a part of it. Wall Street has always been one of the most competitive and most esteemed industries to be a part of. There ARE ethical people who work on the Street, and they are definitely not all rich and self-indulgent (such as myself). Clients walk in and out of corporate offices all day long, every day, and setting the right tone is a sign of respect and dignity. I hope this silliness of casual dress dies and goes away for good, and old-style tradition returns.
I also don't like seeing people going to church in "casual dress." It's disrespectful as well.