Goldman Sachs relaxes dress code for all employees

Banking giant had previously relaxed clothing policy for tech workers

Goldman Sachs has relaxed its dress code for all staff, in a departure from its long held tradition of suits and ties.

In a memo sent to workers on Tuesday, the investment group said the move to a “firmwide flexible dress code” reflected both its “one firm philosophy and the changing nature of workplaces generally in favour of a more casual environment”.

The company’s management, including chief executive David Solomon, who took over from Lloyd Blankfein in September, advised staff to “dress in a manner that is consistent with your clients’ expectations”.

The firm added: “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.

"All of us know what is and is not appropriate for the workplace."

The banking giant said it hopes the change in policy will "provide flexibility for our people and create a welcoming environment for all".

Goldman Sachs previously relaxed its dress code for tech staff, allowing them to dress casually in the workplace, but advising them to consider their outfits when meeting clients.

The group recently launched its first retail bank, Marcus, in the UK. The main product provided by the new bank is an online saving account offering a 1.5 per cent interest rate.

That rate is around three times better than the average rate among existing accounts available to savers.