If there is one piece of clothing that has become synonymous with the financial industry, it is the vest. Walk around Manhattan at lunchtime on any weekday and you'll see plenty of sleeveless coats in all their glory.
Their omnipresence was nicknamed many years ago: Midtown uniform. It became an internet meme, the first item in a finance bro's starter kit, and fodder for hipsters who don't like the basics.
Christian Rodriguez for BI
So, even though the waistcoat craze has passed its peak, why are they still so popular on Wall Street? I went outside to find out.
One common reason I've heard is that bankers just like to flex their arms – not necessarily with visible arms, but where they work – since many firms give out company vests.
“It's an earned status. You put a lot of work into doing equity research for your team to get the PM position on the team to be able to get into that firm,” one analyst told me. “That's why you wear it.”
Christian Rodriguez for BI
But the status signal goes beyond your company logo on your chest. In fact, many of the vests I came across were more generic, from stores like Charles Tyrwhitt, Zara and Arc'teryx.
Wearing any vest seems to mean that you are part of the club, that you belong.
“People like to wear a vest to let them know they're part of it,” said Jonathan Grossman, who has been at UBS for two years.
Christian Rodriguez for BI
According to Grossman, bankers will wear them even in the office, citing the low air temperature in an air-conditioned room.
“They claim it’s cold inside, but I don’t buy it,” he said. “They want to look cool. They want to look like they're part of the show.”
Even those who work in finance-related industries such as commercial real estate have started wearing vests. Despite its casual nature, the vest gives you a certain level of credibility with financial industry clients, says Laz Rabanales, who works at Okada & Company.
Christian Rodriguez for BI
“I’m not a banker, I’m a commercial real estate agent, and I kind of want to bring attention to this industry,” Rabanales said. “When you're dressed like that person, they're more likely to want to talk to you and work with you.”
But there is not always a deeper meaning behind a sports vest. As November approached, practicality often seemed like a good enough reason.
As one banker succinctly explained: “It’s cold outside.”
