Live

Watch CBSN Live

Goldman Sachs relaxes dress code -- at least by Wall Street standards

Goldman Sachs is loosening its dress code, reflecting a more laid-back approach by the investment bank's new boss, David Solomon, who has a hipper side job as a D.J.

Goldman told employees in a widely cited internal memo on Tuesday that the Wall Street firm is moving to a flexible dress code. Signed by Solomon, Goldman's CEO, and two other top executives, the missive gives Goldman workers the go-ahead to lose their ties and expensive suits -- with a caveat:

"Casual dress is not appropriate every day and for every interaction and we trust you will consistently exercise good judgment in this regard," they wrote. "All of us know what is and is not appropriate for the workplace."

The condition makes it that much more unlikely that Goldman's globe-trotting bankers will be cutting deals adorned in hoodies and sneakers, as the firm alluded to in a tongue-in-check post on social media. "What should Goldman Sachs employees wear to work tomorrow? Asking for a friend..." the bank tweeted in offering an informal survey:

The firm's move comes nearly three years after Wall Street competitor JPMorgan Chase broke its buttoned-down tradition and adopted business casual for its everyday dress code.