The Investment Banker Wardrobe Has Changed. a Pro Stylist Explains How to Get It Right.

Side by photos of a man with crisp, white sneakers and a woman in heels — Crisp, white sneakers are in. Heels and sheath dresses are out.

Jessica Cadmus has been dressing Wall Street's top execs since she worked at Goldman Sachs.
But things have changed, and dressing like a rainmaker isn't as simple as it used to be.
Cadmus says heels, pantsuits, and big logos are out, as are three-piece suits.

Whether advising on mega-mergers or convincing a client you can manage their millions, how you look can be as important as what you know.

At least that's how Jessica Cadmus, a personal stylist specializing in dressing Wall Street execs, sees it.

"A lot of these people, because they're so smart and so used to dominating with their brain, think that there's some inherent frivolity in tending too closely to your aesthetic. They could not be more wrong," Cadmus said.

"If you're going to stand in front of someone like a client and you're going to raise money, you need to look like you can handle that money. And there are visual cues that will help you do that," Cadmus explained. "It's not all just about your brain. It's a total package."

Cadmus' past life working for one of Wall Street's most prestigious banks grants her a unique perspective.

She was an associate at Goldman Sachs from 2005 to 2010. Cadmus loved to dress up at the office and said her eye for fashion got noticed by senior colleagues, who enlisted her for help to spruce up their closets. Word of her talent spread, and soon she was helping so many coworkers that she started a personal styling business, Wardrobe Whisperer, in 2007. Her services — doing closet deep-dives, customized shopping trips, and creating "look books" — became so popular that by 2010, she quit Goldman to style full time.

Nearly 16 years later, Cadmus is still dressing bankers and financiers and has founded a luxury accessories line called Rogue Paq. Today about 85% of her clients work in finance. She said they're among the highest-ranking employees — mostly MDs and partners — at major banks and hedge funds.

Cadmus spends her days helping them look both stylish and office appropriate, a task complicated by the move the business casual. The pandemic — and tech boom before that — has done away with ties and made sneakers the new norm even in the very formal finance industry. As employees return to the office, they are turning to her for help to define the new parameters of what's acceptable to wear.

"A suit is a uniform, that's easy," Cadmus explained. "It's the in-between gray area where people are just absolutely struggling."

Cadmus shared with Insider her playbook for dressing VIP finance clients, including her top brands, her top do's and don'ts, and even specific buy recommendations for both men and women.

Of course, following her playbook stands to be pricey. The financial industry is known for big paydays, and some of her recommendations may equal what some readers pay in monthly rent. (See her lower-cost recommendations in Insider's styles guide for summer interns.)

For the well-paid MDs and partner class, a put-together wardrobe is a must-have career investment, Cadmus says.

"You need to invest the time, the energy, and the dollars, frankly, to put yourself together in a way that you are coming from a place of power," she said. "Dressing like a partner is about taking the time to do it. Don't phone it in. And so many of them are still phoning it in."

Matching suit sets and ties are too formal

Male partners and MDs are still mostly wearing suits, said Cadmus. But not in the same way.

"A jacket, pants, a button-down shirt, and a tie — that's not really a formula anymore."

First of all, the tie is an endangered species in corporate America. And the three-piecer, like above, is definitely extinct.

"Mostly, you're gonna be dropping that tie," said Cadmus. "They're basically not going to get a ton of wear, but I do still think you need them."

You need: One plain navy tie, one plain gray tie (that match those two plain navy and gray suits you have), and one tie in a pattern you love. That's it.

"Everything you buy should have maximum options. Nothing should only serve one purpose. That's just ridiculous. Everything should be working together and serving your full lifestyle."

Don't be afraid to mix and match

"Everything was just so straightforward before and it's not that way anymore," she said. "It's more mixing than ever before."

As exemplified in the photo above, mixing in nice dress polos or sweaters under your suit is now acceptable. Though Cadmus wouldn't necessarily go with a rust color, she loves polos in pink, light blue, and white — especially under a suit and paired with a classy white sneaker (more on this later). This slim-fit polo from Reiss is a go-to for Cadmus when shopping for clients.

Buy suits that can be worn together or as separate pieces. Wear the blazer with the pants or map it to other pants. Or wear the pants alone, without a jacket at all.

"This way you're getting more use out of your suit and you're getting a bunch of different looks. Essentially that's what separates are anyway — a suit is really just a matching jacket and pants."

She suggests men wear a navy suit and almost any dress shirt (even patterned ones) with a solid navy tie. Or, pair a subtly-patterned gray suit with any solid shirt and a solid gray tie. It will always work.

The only trepidation is when it comes to mixing patterns. If you do it, go with a small-scale pattern tie with a large-scale pattern suit with the same colorways. If that's confusing, just don't.

Her pro tip for cleaning to preserve the look of your pieces: When you get a suit dry cleaned, make sure to take both those pieces — even if one is not very dirty — because cleaning inevitably alters the tone of the fabric over time, and you always want them to look the same.

Yes to navy and gray — no to black

For men, Cadmus recommends only blue and grey suits. She advises against black, which should be reserved only for significant events like weddings and funerals.

A banker's inventory of suits can be small and simple, she added. She recommends just four variations, all in classic cuts (two buttons, notch lapel) and in this order: A solid navy suit, a medium or charcoal solid gray suit, a navy suit with a subtle pattern, and a gray suit with a subtle pattern.

"Every dude should have a solid navy suit before they get any other variety," said Cadmus.

Cadmus recommends the brand Zegna — she likes their navy Trofeo Wool suit.

Her other go-to brands for men are Armani and Tom Ford.

Brogue shoes are out

Much like the black suits, these shiny, tie-up style dress shoes are way too formal, and can be spared for black-tie events.

Go for loafers instead

The modern alternative to a "dress shoe" is a versatile leather loafer. Cadmus likes the Elkan Twisted Band Loafers from Tom Ford in brown.

Yes to sneakers — but no trainers!

To the dismay of some and the delight of others, there's no denying that sneakers have infiltrated the Wall Street wardrobe. But not all sneakers are created equal, Cadmus said.

That means 'no' to even popular brands like Allbirds and most Adidas kicks, although she makes an exception for Adidas' all-white Stan Smith shoes for interns and junior bankers.

"This is going to be a controversial statement, but in my opinion, they should not be wearing Allbirds to the office. They're not polished enough. That's an activewear everyday sneaker."

What you wear as a senior informs your subordinates and the entire office.

"If they don't want other people doing it, then they should not do it either because that's exactly what happens in a culture as strong as a bank, everybody's looking up. You set the tone, you get to decide."

Go with the Axel Argiato Clean 90 sneaker

If you're going to wear sneakers at all, try to keep it to Fridays, and make sure they are a "brilliantly white sneaker," said Cadmus. This goes for men and women, she said.

Her recommendation for all partners: the Axel Arigato Clean 90 sneaker. They're unisex, and come in both men's and women's sizes.

"Wear a white button-down shirt and put on brilliant white sneakers. The key is that sneakers have to be pristine — do not wear trainers; do not wear a shitty pair that have been kicked around for two years. No. They must be brilliant."

Women, drop the pantsuit

Like men, seeing women in full suits at the office is decreasingly common. Ladies should try to reduce the number of days they wear pantsuits at all, said Cadmus.

Women should also own mix-and-match suits, although black is OK for women, Cadmus said. But wearing a blazer with trousers and a dress shirt is too formal and, frankly, outdated.

"Something I see a lot is senior people still wearing Theory pants suits all the time. And it's like, I'm sorry, but no," she said. "It's not that Theory is crap, but it's just ubiquitous. Everybody in the bank has this very suit on. You're senior — you are setting the tone you need to make your whole aura aspirational. And part of it should be the way that you present yourself."

Invest in knit tops

Instead, pair your trousers with a knit top — something along the lines of the way the Max Mara model above is styled.

"Knits have largely replaced button-downs," Cadmus said. "You can have knits in a tank, short sleeve, long sleeve. Your life is solved."

A knit is stretchier and form-fitting — what you'd think of as a sweater, Cadmus said, versus fabrics like poplin or muslin that are common in more formal tops.

Cadmus' favorite brands for women in general, whether shopping for pants, shirts, or dresses, are Max Mara, Akris, with occasional pieces from Carolina Herrera and Oscar de la Renta.

Ditch the sheath dress

"Women are leaning more into dresses than ever before," Cadmus said. "If I still worked on Wall Street, I'd be in a dress every day of my life."

Though you must keep modesty in mind — nothing too low cut, short, sheer, or tight — avoid boring, overly-corporate-feeling ones like this gray sheath dress.