While it may be inadvisable to "wear brown in town" in the UK capital, the report notes it is permissible for M & A bankers from Europe. It also notes some bankers in corporate finance may "get away" with wearing brown shoes if they are sufficiently senior.

'Not polished enough'

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

The study quotes one anonymous employer complaining applicants from non-privileged backgrounds don't have the right sort of haircut, always wear "too big" suits and "don't know which tie to wear".

One prospective employee describes being told by a mentor after an interview that they did "really well" but would miss out out on the position because of their appearance.


"He [the mentor] said you're clearly quite sharp, but . . . . you're not quite the fit for [this bank] . . . you're not polished enough . . . he looked at me and said, 'see that tie you're wearing? It's too loud. Like you can't wear that tie with the suit that you're wearing'. . . what kind of industry is this where I can be told that I'm a good candidate, I'm sharp, but I'm not polished enough?"

Polish is described in the report as having middle or upper class speech patterns, accent, behaviour and dress.

'Arcane matters of dress'

Exactly what constitutes modern corporate dress has been the subject of ongoing debate in Australia.

In June, PricewaterhouseCoopers staffers were told they would no longer have to worry about being sent home for not wearing stockings or chastised not polishing their shoes after the professional services giant tore up its dress code in a bid to "unlock the creativity and diversity of our people".

The Commission concedes dress codes within investment banking do help reassure clients they will receive quality service. However, it argues "relatively arcane matters of dress" are generally "remote" from the requirements of job and are in danger of being over-emphasised.

"Indeed, the evidence presented here suggests that aspirant bankers can be ruled as unfit for the profession on the basis of speech, accent, dress or mannerism, even where their technical aptitude is exceptional," the study says.

"Though this might be positioned as a rational strategy by investment bankers wishing to build business with other professionals, it does on the other hand undermine the positioning of the sector as entirely technocratic and meritocratic, according to its own definition."