Sartorial correctness isn’t necessarily easy when you’re a woman in an investment bank. If you consult UBS’s ‘dress code’ (since withdrawn), the woman in finance should never display her toenails, never wear a shirt that’s ‘tight against the chest’ or a coloured bra beneath a white shirt, and should always wear a nicely folded necktie in the style of a cabin assistant. And if you listen to Nomura, you should never wear a skirt with a deep slit, or ‘gay colour nail polish.’
If this guidance is insufficient, there is – fortunately – additional help at hand. Heidy Rehman worked as an equity research analyst at Citi for 13 before quitting just as promotion to MD was beckoning. Three years later and she’s running her own ‘ethical’ fashion label, Rose & Willard, which aims to appeal to professional women looking for quality clothing without a designer price-tag, and is designed and made in the UK.
Similarly, Libby Hart, a former vice president at Deutsche Bank and director at SocGen, quit banking three years ago to devote herself to dressing professional women. You can see her collection of ‘office appropriate workwear’ here.
Suffice to say, despite ongoing efforts by investment banks and other financial service organisations, gender parity on pay and opportunities remains a distant aim in the sector. Financial services is far from alone in failing to address this - as Audi's Superbowl advert Daughters has been causing a fuss in the US. The ad calls for more gender diversity, and yet Audi's board is entirely male. Moreover, entirely predictably, Trump has told his female staff to "dress like a woman" and follow the example of counsellor Kellyanne Conway.
This is what the two women say about the appropriate dress code when you’re a woman who works in finance.
“The more senior you get, the more you want to be taken seriously, but if you put too much effort into your appearance, women in front office roles can often mistaken for a secretary,” says Rehman. “You can’t wear a designer suit every day, but following high-street trends looks cheap.”
“Following the latest trends means that you’ll be constantly buying cheap, bad quality clothing that will fit badly and inevitably sit in your wardrobe most of the time,” Rehman says. “Look for something timeless and high quality.”
Hart refers to her clothes as “investment pieces.” Costing around £200 for a dress, they’re not cheap, but Hart says – as is to be expected – that they’re worth it. Moreover, you need a few of them. “It’s easy to slip into a routine of wearing two or three outfits on rotation, especially when you’re starting at 6.45am. But if you really dress up, it will give you a confidence boost. It’s sad but true that you will be judged by what you wear in a masculine environment like banking.”
The last thing you want to be wearing when you’re advancing up the ranks in investment banking is a pencil skirt and cheap blazer, says Rehman. Yes, you can’t wear a designer suit every day, but investing in a well-tailored suit that you can go back to again and again is important.
“Hunt out quality – that means premium, not necessarily luxury. You need to focus on fit and quality of material, not just the label. Invest in something that will last,” she says.
"If you’re out and about speaking to clients, the last thing you need is to be restricted into keeping your jacket on throughout the day. “Your blouse needs to speak for itself,” says Rehman. “It needs to be professional and high-quality. No sleeveless blouses and nothing that reveals too much cleavage.”
When you’re shopping for seasonal clothes to wear to work in banking,you need to remember that every season in the office is fundamentally the same thanks to air conditioning. It’s just outside that’s different.
“The summer work wardrobe is a real challenge – it’s freezing in the office and boiling on the Tube,” says Hart. All her dresses have sleeves to allow wearers to survive the office micro climate.
Don’t even think about displaying cleavage. A v-neck top with a tiny “hint at cleavage” is fine, says Hart. Too many people go lower. “You see a lot of men ogling women’s cleavage in meetings. As a senior woman, that will undermine you.”
There’s no need to show some leg. “If your skirt is a bit short you will spend your whole life trying to pull it down,” says Hart. “You shouldn’t be worrying about what you wear all day long. You want to look at good as you can. It’s all about looking amazing whilst looking demure, that’s the key.”
It’s not the 1990s and you don’t have to wear a pant suit and in a world where banks are at least admitting to unconscious bias in the recruitment and promotion cycle, don’t try and emulate your male colleagues.
“Dressing in a feminine manner is actually quite empowering,” says Rehman. “We’re seeing a big trend towards smart casual among women in both banking and management consulting – dressing professionally doesn’t mean wearing a suit every day.
“Precision is the most important thing when choosing a professional outfit, and again this is down to quality of materials and fit,” says Rehman. “Most women quickly try something on in the shop, think that it’s OK, take it home and then never wear it again. Most women only wear 20% of their wardrobe.”
Think Teresa May. “I’m pro-shoes,” says Hart. “The higher the better. The extra height gives you gravitas and a better posture.”
In an industry where client-interaction means projecting the right image, the last thing you want is to be tottering on very high heels, says Rehman. That said, she recommends some form of heel over flat shoes.
“Stick with heels, but make sure they’re a sensible height. You need to maintain a confident stride,” she says. Lastly, absolutely avoid anything that exposes your toes.