Goldman Sachs has relaxed its dress code, allowing its bankers to swap their bespoke suits for a more casual look.

The change was signalled by the new chief executive of the US investment bank, David Solomon, a veteran banker who also DJs under the stage name D-Sol, and two other senior executives in a memo to staff on Tuesday.

They wrote: “We believe this is the right time to move to a firm-wide flexible dress code.” The memo cited the “changing nature of workplaces generally in favour of a more casual environment”.

However, they cautioned that staff should “exercise good judgment” and that casual dress would not be appropriate for every situation.

Goldman had already loosened its dress code for its technology staff but had maintained formal business attire for the remainder of its 36,000 employees.

It becomes the latest Wall Street bank to take a more casual approach after JPMorgan Chase moved to a more casual dress code three years ago.

Goldman is competing with hedge funds and large technology firms, which have more relaxed work environments, to attract the best employees. More than 75% of the bank’s workforce are millennials – people born after 1981.

This week Virgin Atlantic said its female cabin crew will no longer be required to wear makeup. The airline will also provide female crew with trousers as part of their standard uniform, rather than providing them only on request.

This article was written by Julia Kollewe, for on Wednesday 6th March 2019 08.00 Europe/London © Guardian News and Media Limited 2010