London is one of the fashion capitals of the world, yet dress codes in its banking sector remain steeped in tradition.
Business Insider spoke to bankers at Citi, Credit Suisse, HSBC, ING and a Spanish institution to find out what people are really wearing to work in the City.
The most important thing to remember if you’re joining a big London bank is not to stray too far from the norm.
In fact, blending in is the unwritten rule at most institutions, according to insiders, particularly if you are joining the middle or lower ranks of a bank.
Most banks give guidelines on dress when hiring new recruits. "It's not very specific, along the lines of no flip flops, etc.," said a banker at Citi. "But there’s also a general rule of thumb that if you’re unsure it’s probably inappropriate."
Here's what you need to know about dress codes if you're joining one of London's big banks, according to their employees.
1. Stick to the palette.
Colour schemes for men and women are pretty dark and conservative. “Your suit is navy or grey and your shirt is white or blue,” says a Citi banker.
Suits are usually slim-fitting and have no pattern. Pinstripes are a "no-no."
If you see a guy walking around in a pinstripe suit then they're either from New York or work in equities on the trading floor, according to bankers we spoke to.
Equity trading has historically been viewed "lower market" than fixed income by some, leading them to suggest the dress code here is "less sophisticated".
A female analyst or associate will usually go for a classic white top with black pants, and only really start mixing colours and styles at the VP/director level. "Women are advised to wear suits so that they are promoted as much as their male counterparts" an analyst says.
2. Facial hair is OK, but only if you can grow a full-on beard.
Despite the rise of the hipster beard, clean shaven is still preferred at most London banks. And facial hair is more often something experimented with by seniors.
One banker said: "Either you can grow one or not — no one wants to see a load of 'bum fluff'. I think over the last 10 years in the city beards have become commonplace and there is generally no issue unless perhaps you are a client facing M&A banker."
"Even then I know a few with a beard."
3. Make sure your suit fits.
No one really cares what make of suit you have as long as it fits you right.
The suits being worn at most UK banks in the City are not considered very fancy.
"Most guys buy off the rack, there are only one or two on my floor who get custom suits," says a trader at HSBC.
That is, unless, you're working at a French bank, such as BNP Paribas, Société Générale or Crédit Agricole, where tailored suits are far more commonplace, and you may even catch people wearing a three-piece.
According to an employee of Dutch bank ING: "The French banks are much more 'dapper' in general."
An employee of a Spanish bank recommends buying tailor made suits in South-East Asia. "If you spend £300 on a tailor-made suit out there you know it will be a worthwhile investment!"
See the rest of the story at Business Insider
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