Since the financial crisis left them shaking in their Cleverley bespoke shoes and Christian Louboutin heels, bankers say they have started dressing for work more casually, Camilla Hall and Maija Palmer report.
Some 59 per cent of bankers said their colleagues dressed less smartly than in 2009, with just under half of respondents saying that colleagues did not wear ties to the office, according to an FT poll of 135 bankers in response to the news that Savile Row tailors were feeling the effects of US tax crackdown.
The post-crisis Wall Street backlash and the spread of the dress-down trend in the tech world may have helped to make bankers scruffier.
Still, bankers are not letting up on the spending. About 40 per cent of bankers polled said they spent between $1,000 and $5000 on their work outfits.
A mere five per cent said they spent more than $5,000 on their work wear – that top tier would encompass the Savile Row suit buyers who are now having to pay more for luxury suits as a result of the US tax authorities scrutiny.
The shift marks a broader trend across different business sectors, the FT poll results show. Some 70 per cent of the 285 people polled agreed that their colleagues dressed less smartly than five years ago.
In the recent winter on Wall Street, bankers – even the most senior – were spotted sporting fleeces with their own bank logo or even sleeveless gilets with the logo of the latest company they helped to take public, such as Twitter.
Could it be long before bankers bring out their shorts or crop tops?