jp morgan chase  J.P. Morgan Chase & Co
jp morgan chase J.P. Morgan Chase & CoReuters file

J.P. Morgan Chase & Co., the largest American bank by assets, has said that formal business attire is not mandatory on all occasions. The move is being seen as "relatively unusual" for a Wall Street bank.

Citing an internal memo issued by J.P. Morgan Chase & Co., the Wall Street Journal said that the bank is "allowing employees to wear business-casual attire on most occasions" and wrote that the bank is "trading pinstripes for pullover sweaters".

The move, the publication said, is a reflection of the trend that is being witnessed in the world of banking, wherein financial institutions are adapting to stay relevant in the wake of stiff competition from financial technology firms who are eating into their share.

What's allowed

Casual pants, capri pants, polo shirts and dress sandals.

What's not

Athletic clothing, including sweatpants, leggings and yoga pants, halter tops, flip-flops, hats or hoods. "Distracting, tight, revealing or exceptionally loose or low-cut clothing" isn't allowed either, WSJ said, quoting from a copy of the dress code.

At present, J.P. Morgan Chase & Co. has casual Fridays in many locations, with some of its 2.37 lakh employees wearing business casual attire if they don't have clients in the building.

In India, formal wear was in the news last June when Vishal Sikka, the MD & CEO of Infosys, said employees can wear casual jeans on all days and not just on Fridays.

"'From Monday, June 1, you can flaunt your smart business casuals all week long! This was a change that many of you had voiced and requested on various platforms, so we are really excited that it is official now!" Sikka said in an internal communication to employees, the Economic Times had reported.

A year before that, Sikka had scrapped the mandatory wearing of ties for male employees, in response to a request.