City dress code ties graduates in knots

Brown shoes, loud ties and ill-fitting suits have all scuppered the chances of graduates hoping to become investment bankers, according to a report written for the Social Mobility Commission that says “polish” still helps you get ahead in the City of London.

The report, entitled “Socio-Economic Diversity in Life Sciences and Investment Banking”, found that dress codes were still among the “relatively opaque codes of conduct” in the City.

“Issues relating to dress may seem both superficial and relatively simple for individuals from all backgrounds to adopt,” the report says. “However, interviewees suggested that they do play a material role in the selection process as demonstration of ‘fit’.”

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In 2014, a report by the Sutton Trust examined the educational background of 500 leaders and 1,800 new recruits in financial services. It found that 34 per cent of new entrants had attended a fee-paying school, against just 7 per cent of the population. In private equity, some 69 per cent had been to private schools.

Read the full report here. (£)