If you are an entrepreneur in a technology business, you probably don’t wear a suit and tie to the office. If you run a company trying to get the best out of millennials, insisting that they truss themselves up in formal dress to come to work is probably not going to maximise your recruitment appeal.

That realisation has just prompted the investment bank Goldman Sachs to relax its dress code. A requirement for formal business attire has given way to a flexible dress code, acknowledging what the bank says is a more casual working environment. Employees will in future be relied on to exercise their “good judgment” in what they wear. “All of us know what is and is not appropriate for the workplace,” declared…