Monday, June 6, 2016

Competition Forces JPMorgan to Go Business Casual

JPMorgan Chase has loosened its dress code by allowing employees to dress in business-casual attire when appropriate, reports WSJ.

Notes CNBC:
The move is unusual given the staid image normally cultivated by Wall Street for years, in a sector closely identified with expensive pin-striped suits. Even during its heyday, the industry eschewed trends like 'Dress Down Fridays' embraced by other companies.... big banks are trying to compete with the laid-back atmosphere found at technology companies and start-ups, the better to keep Silicon Valley from coaxing away the finance industry's employees. In recent years, tech upstarts have raided Wall Street banks for talent, and vice versa.

Last November, Uber poached three Goldman Sachs bankers, while earlier this year, hedge fund giant Bridgewater Associates lured Apple executive Jon Rubenstein away from the tech behemoth.

Markets always have a major tendency to respond to competition and desires--even power Wall Street labor markets.


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