Originally Posted by drizzt3117
I'd agree with this although I think they're liberalizing a little bit. When I worked in Boston and NY in IB it was pretty much straight up business formal short hair but as we approached the end of the 90s they were relaxing the guidelines a little bit in terms of office attire when not around clients. I'm not sure what the situation is like now, though, as I haven't been in the industry for the last 8 years.
Most banks had gone business casual by year 2000. Then the 2002 meltdown came and some banks shifted up to formal. From what I understand the hints were subtle, yet not so: An MD who had been dressing business casual for a while, walked in formal one day, and went by directors and just mentioned as a "by the way" that they "may want to reconsider how they and their team dressed for work".
Even today, most sell side people will wear a suit, but some without a tie, and only very few while seeing clients.
But that is as dress goes, I am not sure that the "standards" for how you wear your hair relaxed any, even when dress was business casual.