Suit Culture, NYC, and the Fall of Lehman

[RSN125]

....

 

[bmulford]

All possibilities. However, I've observed that when times get tough, dress becomes more formal. Just the other day I was struck by how many men were wearning (albeit poorly fitted) suits in Chicago, and SF.

I'd expect to see MORE formality across the board, vs less.

 

[Metlin]

Originally Posted by bmulford

All possibilities. However, I've observed that when times get tough, dress becomes more formal. Just the other day I was struck by how many men were wearning (albeit poorly fitted) suits in Chicago, and SF.

I'd expect to see MORE formality across the board, vs less.

+1.

A lot of times, poor dressing at the workplace tends to spring from a sense of entitlement (i.e. I am so good that I can dress the way I want and stick it to the man; what are you going to do about it?).

However, in tenuous times, the last thing you want is to catch someone's attention for the wrong reasons.

Therefore, people are more likely to dress well, just so that they look more professional.

 

[Get Smart]

or couldnt people who were laid off just as easily decide to start their own business and be master of his domain? in which case most would be glad to not have to wear a suit/tie as a work uniform

 

[Twotone]

The subject line in your post has three independent topics: 1) suit culture, 2) NYC and 3) the fall of Lehman. I don't see any relationships between the three.

Twotone

 

[dah328]

No, they're very much related. Lehman was one of the few firms on Wall Street to still require suit and tie from all its employees. Tough times or no, I cannot imagine Goldman or MS reinstating a suit and tie dress code. If Wall St. weathers this particular storm without a resurgence of real business attire, you can count it as one more nail in the coffin of men's tailored clothing.

 

[voxsartoria]

Originally Posted by dah328

If Wall St. weathers this particular storm without a resurgence of real business attire, you can count it as one more nail in the coffin of men's tailored clothing.

Yep. The graying of the NYC bespoke tailor doesn't help either.

- B

 

[djs488]

Originally Posted by dah328

Lehman was one of the few firms on Wall Street to still require suit and tie from all its employees.
I'm sorry, but is this even true? My experience only comes from a summer internship but it sure did appear like EVERYONE wore suit and tie, and this was during August. What Wallstreet firms don't require it??

 

[Will]

Originally Posted by Get Smart

in which case most would be glad to not have to wear a suit/tie as a work uniform

Why is that?

 

[ohm]

Originally Posted by Will

Why is that?

Fit and perception, but mostly fit I think. That said, I disagree that the suit is headed the way of the dodo - as long as professionals want to look professional they'll continue to wear suits. Whether it's to court, pitching a deal or meeting with a client, the suit continues to be the go to choice for the business man doing something important.

edit: best wishes to anyone who works at Lehman.

 

[eHaberdasher]

Originally Posted by RSN125

I am sure many executives, bankers, and salesman will continue to don the suit and tie. But what about the rest?

Yes, people will continue to wear suits.

Originally Posted by RSN125

How does the effect local stores, from department to haberdasher's? I have read on other threads that the B&S forum is seeing less sales due the economy. Will prices come down?

Yes, it will hurt, for sure. Not only are there fewer men on Wall Street wearing suits, but there are fewer jobs on Wall St. period (and far less spending money in general)

 

[dizzhizz]

Originally Posted by djs488

I'm sorry, but is this even true? My experience only comes from a summer internship but it sure did appear like EVERYONE wore suit and tie, and this was during August. What Wallstreet firms don't require it??

i'm quite curious as well given that nearly all of the local brokerage houses here in Asia require suit and tie at all times. i think the term casual friday is non-existant in my field but then again i work sell-side so go figure.

 

[mylesmyles]

Originally Posted by djs488

I'm sorry, but is this even true? My experience only comes from a summer internship but it sure did appear like EVERYONE wore suit and tie, and this was during August. What Wallstreet firms don't require it??

i know the guys over at citi get to go in wearing business casual.

 

[Concordia]

Originally Posted by dah328

Tough times or no, I cannot imagine Goldman or MS reinstating a suit and tie dress code. .

But the employees might be a bit more proactive about interviewing, and will therefore try to look serious.

 

[ohm]

Originally Posted by mylesmyles

i know the guys over at citi get to go in wearing business casual.

There's a fair difference between what they get to go in wearing and what they actually wear. It seems to me that the folks at VP and above tend to wear suits. Once you hit SVP, or executive director or whatever it may be at the particular institution, they're always wearing suits. There's also a bit more leeway for traders than for bankers.