Casual Wear Out of Style With Employers

N E W  Y O R K, Sept. 29 -- At many workplaces, the dress-down policy is showing signs of going belly up. Tougher financial times and concerns about public perception are forcing many casually dressed employees back into the closet.

Wall Street firms from Lehman Brothers to Deutsche Bank are requiring that employee attire reflect a more serious, professional image. And at Bear Stearns, a recent memo to employees was as straight as a Brooks Bros. suit.

"It said, 'Beginning next week, dress-down policy has been altered," recalled Ted Serure, who works in the firm's private client services group. "We're now obligated to dress formally." No more khakis, no more open collars, and definitely no more sneakers.

With a deadline of Sept. 30, young Bear Stearns staffers had little time to buy a whole new wardrobe. Said Maria Lau, a Bear Stearns lawyer: "The first thought that went through my mind was, 'God. I'll have to spend all this money again on suits.' "

Back to Basics

At one time, all businessmen (and it was pretty much only men) were expected to wear suits and hats. BBC Radio announcers, for example, used to dress formally, even though their audience couldn't see them.

Then, during the height of the Internet boom many companies began relaxing their dress codes. With profits rolling in and markets bullish, many firms seemed willing to overlook their less buttoned-down employees.

But now the dot-coms that drove the casual trend have largely disappeared, stock prices have tumbled, and many firms are returning to more traditional attire.

A survey by the Men's Apparel Alliance, a group representing menswear retailers and manufacturers, found that one in five of the big companies with a formal dress code reinstituted their policy in the past year.

‘Dress Nicely, Think Better’

Not surprisingly, suitmakers and other retailers are falling all over themselves to help — staying open late, serving wine and cheese — and cashing in after a rough decade in which casual wear at the office became popular.