Venerable Wall Street investment firm Goldman Sachs has just announced it is relaxing its dress code for all its 36,000 employees.

The significant update of the company’s dress code was announced in an internal memo earlier this month and was broadly in line with “the changing nature of workplaces generally in favour of a more casual environment”.

The bank has been adopting a less stringent dress code since 2017 – driven by requests from its technology and new digital businesses.

Like many well-established enterprises, Goldman Sachs is competing to secure the services of the best young talent against technology companies such as Apple and Google – which are considered to have more laid-back offices and better perks.

More than 75% of Goldman Sachs’ workforce is Millennial and Gen Z-aged and the move away from formal business attire is seen as a move to get in tune with its younger employees.