The fifth-largest U.S. bank by assets told employees in its technology division to “exercise judgment in determining when to adapt to business attire,” according to an internal memo from late June seen by Reuters on Thursday.
It did not specify whether hoodies or sneakers, the ad-hoc uniform of millennial tech workers, constitute acceptable dress.
The move, one of the first by Goldman’s new chief information officer Elisha Wiesel, comes as the bank makes a push to recruit and keep hold of top tech talent in the face of intensifying competition.
Goldman and other Wall Street banks have been struggling for years to compete for the best employees with Silicon Valley firms and hedge funds, which often have better hours and workplace perks for top software developers and engineers.
Wiesel replaced Martin Chavez, now the firm’s chief financial officer, as Goldman’s highest ranking technology executive in January.