Women‘s Dress and Success in the Icelandic Banking System
Published in: Fashion Style and Popular Culture 2022
Abstract
In this study on the power of dress within the Icelandic banking sector we build on Nentwich et al’s (2015) theoretical framework of change agency. We show that the change agency framework bears relevance to changes occurring after the collapse of the Icelandic banking system in 2008. The aim is to examine the role of dress in the process of change. The data derives from 10 semi-structured interviews with female bank employees; a group that has historically been marginalized within the Icelandic banking sector. The findings reveal that visible changes in dress signalled changes in societal norms and attitude during the economic crisis. The disruption created a window of opportunity for female bank employees to alter dressing norms. This alteration subsequently increased their agency and visibility, thereby facilitating upward mobility, the mirroring with clients, and representing confidence and trustworthiness. We find that changes in dress occur when ideas in society change and in line with Butler, that windows of opportunities are necessary for marginalised groups to expand their agency. Once these windows are created dress can underline and bolster the agency.
Keywords: Change agency, norms, mobility, trustwortiness, work culture, women
Introduction
Dress, which is conceptualised as “an assemblage of modifications of the body and/or supplements to the body” (Roach-Higgins and Eicher, 1992) can make individuals stand out from the crowd or make them invisible by blending in. Dress is a tool for people to establish their identity, to communicate a change in their identity or even create a fictitious identity that deviates from reality, for instance when it comes to class, competence, status, or sex.
Dress is also associated and influenced by societal changes. Historically, dress signalled and promoted the levelling of the classes during the French revolution, the establishment of the communist regimes in the USSR, as well as that of mainland China in the 20th century (Roach-Higgins and Eicher, 1992). Much more recent and closer to our hearts is the global economic crisis of 2007, that lead to the collapse of the Icelandic banking sector in 2008 and put Iceland on the verge of bankruptcy (Snorradóttir et al., 2013). Before the collapse, in the eighties and early nineties, bank employees wore customary uniforms that did not allow for any personal communication. In the mid-nineties, the uniforms were abandoned, and employees could decide on their own dress, albeit under the strict guidance of an (un)written dress code that was characteristic for the sector. As the Icelandic banking sector was blooming, designer clothing and expensive labels became the norm. However, this attitude changed overnight during the collapse of the banking system. Designer clothing that previously had been tokens of financial status and power were deemed inappropriate. Dress in the Icelandic banking sector therefore mirrored the societal situation and communicated changes that were either taking place or about to come.
Changes are interesting occurrence from a sociological perspective as disruptions within societal structures can create ripple effects. In this study we intend to build on the theoretical framework of change agency, which has been defined as “the power and influence of actors to transform the conditions of their existence” (Nentwich et al., 2015). The framework scrutinizes how agency can both keep existing systems in place as well as generate change. We apply the framework to our own data and examine the changes that occurred in the traditionally male dominated and conservative Icelandic banking sector after the banking collapse in 2008. We do so by focusing on women and dress. The theoretical framework, as discussed by Nentwich et al. (2015), combines Bourdieu’s sociological theory on “reproduction and stability” with Butler’s interest in “subcultures characterized by diversity and stability” (Nentwich et al., 2015). Together these different approaches point to the complexity of agency and change (Nentwich et al., 2015) within organisational structures. We discuss how female bank employees created their own agency within the banking sector. We examine the role of dress in this context, and how dress has facilitated the establishment of women’s identity and female workforce within the sector. We ask what is the role of dress in the process of change in the Icelandic financial system, before, during and after the Icelandic bank crash of 2008?
The article unfolds in the following way: first, we provide a brief literature review and further clarify the theoretical framework that we are building on. Then we discuss our study in more detail before moving to the findings section. We illustrate how the call for change from outside the bank sector created a window of opportunity to reflect on dressing norms within the banking sector, and how this has contributed to the upward mobility of women in the sector, their ability to mirror with clients, and a change in their image, from being nearly invisible to being competent and trustworthy employees. We conclude by arguing that the position of women in the banking sector has much evolved since 2008 and that the theoretical framework of change agency as put forward by Nentwich et al. (2015) has been very insightful when analysing these changes. Visible changes in dress signalled changes in societal norms and attitude during the economic crisis.
Literature review
Dress practices are commonly and carefully regulated in the workplace (Stone, 1990). Much of the literature on fashion or dress has indeed been related to the work environment, either examining work cultures (Essex and Bowman, 2021), (Reddy-Best, 2018), (Dellinger, 2002), professional identity (Tsaousi, 2020) (Haynes, 2012) (Kang et al., 2011b) (Gurung and Prater, 2017) (Karl et al., 2013), competence (Karl et al., 2013) (Glick et al., 2005) or upward mobility (Pitcan et al., 2018). The literature on dress expands on the understandings of (un)doing gender (Barry, 2018) (Kelan, 2017) (West and Zimmerman, 1987), and can further address inequality within the workplace. The financial world upholds very clear rules about how people should dress. The rules signal seriousness about work that are not found in other fields. In a capitalist culture where profit is the bottom line, it is not surprising that the business dress marks bankers as serious workers (Dellinger, 2002). According to the literature, the business suit symbolizes work mentality. One´s dress shows one´s skill and dedication to the job. It gives a corporate impression and signals competence, order, and rationality. One´s personality and sexuality must be muted to convey a sense that the „irrational “aspects of one´s life are held at bay or contained in the work sphere. The display of skin is a clear breach of the professional banker ‘s attire (Dellinger, 2002).
People’s appearance is twofold: It includes first a program and then reviews. The program (what you wear) is presented by a person wearing it, then there is the review, and the acceptance from others. The identity of the individual who appears, is validated (or not) and established by others (Stone, 1990). Clothing style can influence self-perception, cognition and behavior (Vingilyte and Khadaroo, 2022).
In banking, there is the belief that the personal sphere is legitimately separated from the work sphere (Dellinger, 2002). Costume is sometime used in the banking sector. Costume is an unchanging dress and is a form of anti-fashion. It is a whole outfit, a whole appearance and does not offer any communication (Roach-Higgins and Eicher, 1992). Dress for the workplace is selected to express the correct work identity and possibly at the same time, suppress other identities (Kang et al., 2011a). Dress in the financial world can be used to get upward mobility, shape others’ impressions, enhance self-perceptions or performance and create cultural capital by distinction (Bourdieu, 2013). „Dress for the position you want not the one you have“ (Kang et al., 2011a).
Banking is a historically a male dominated field, but women have been gaining grounds in the sector. The relative uniformity of men´s clothing and grooming options means that the sexualization of appearance is less likely to be relevant to perceptions of male workers than of female workers (Glick et al., 2005).
Dress tradition in banking
The male suit is possibly the most formally coded dress for men today and the meanings of it are complexed and nuanced (Entwistle, 2000).
A research conducted in Canada in 2018 by Barry et al, (Barry, 2018), where men in finance were asked about their dress, showed that men´s professional social identities were associated with hegemonic masculine ideals. They all used dress to reinforce hegemonic masculinity, gain social advantage and subsequently preserve and control the gender order (Barry, 2018). The purpose of the business suit for them, was to show that they were in charge. Business attire signals competence to others (Barry, 2018).
Kwon (1994) discovered that all those who defined themself as "dressed appropriately" assumed it sent the message that one appeared more personally accountable, skilled, professional, highly qualified, authentic, trustable, smart, reliable, highly motivated, and efficient than those who described themselves as "not appropriately dressed " (Kwon, 1994).
In order to understand the traditions in dress in the financial world it is paramount to look back in history and find their origin. After the French revolution, the new democratic ideals suggested that men should not display their authority through their clothes because it resided inherently in them. This rearticulated hegemonic masculinity in opposition to the flamboyance and fashion of the ruling elite before the revolution (Barry, 2018). The flamboyance and fashion was left for women, who gained no rights during and after the revolution, and the fashion industry that emerged later (Bernier, 1989). This is the origin of what we know today as the male suit. Earlier, or in 1666, the British king Charles II declared that men working in the financial sector would have to wear three piece suit (Fogg, 2005). At that time the suit did not look much like it does today, but it included the same pieces; trousers, a jacket and a waistcoat. The business suit of today has, therefore, many references to history and has accumulated meaning built into it.
Methods that can be used to gain social upward mobility are a few. Education (Ellis and Lane, 1963), sports (Eitzen, 1999), the arts, marriage and by aquiring cultural capital and social distinction (Bourdieu, 2013) are methods that are known. The story of the artist Jean-Michel Basquiat (Emmerling, 2003) who went from being homeless, in the beginning of his career in the arts, to working his way up society and becoming the first superstar of color in the field, is a good example. Social upward mobility in sport is well known, for example in baskeball in the USA and in soccer in Europe. Players often come from poverty and manage to achieve upward mobility in society through their sport.
A study exploring a group of young Western-oriented Chinese consumer called xiaozi in Shanghai, comprised mainly by young individuals from an urban lower middle-class background who attempted to adopt a lifestyle and identity marked by fine taste and foreign culture. The study shows that by means of social distinction through taste and foreign cultural practices the xiaozi youth could attempt at acquiring cultural capital for upward social mobility, to compensate for their lack of economic capital or social connections in Shanghai's society (Ross, 2015).
In a study by Oostram el al (Oostrom et al., 2021), the impact of job applicants dress, depended on the applicant’s qualifications. A low qualified applicant was punished for dressing in a nonconforming way, but high-qualified applicants were granted leeway when violating the norms of attire. So, the results indicated that highly qualified applicants enjoyed greater freedoms when it came to dress and got away with more personal expression (Oostrom et al., 2021).
An Australian study by Bridges et al, investigates the barriers women face when entering male dominated industries such as the construction industry. Male-dominated industries are associated with a range of barriers that exclude women from employment in those particular fields. These barriers include sociocultural gender biases, workplace discrimination and harassment (Bridges et al., 2022).
The study comes to the conclusion that the biggest barrier for women to get into male dominated industries is that they (women) just have the wrong bodies. The female ones (Bridges et al., 2022).
Through history there can be found many examples of women faking their gender with dress in order to get their way into a male dominated profession.
For example the story of Margaret Anne Bulkley who was born in Cork, Ireland in 1795. She became a very successful and respected doctor under the name Dr. James Barry.
One of her accomplishments was that she performed the first c-section in Africa after having had a career as a doctor in the Canadien army (Smith, 1982).
Many women that were writers had to use mens pseudo names in order to get published. Amantine Lucile Aurore Dupin de Francueil (1804-1876) used the pen name George Sand, but she became one of the most popular writers in Europe in her time (Sand, 1991).
Change agency and identity theory
The framework of change agency (Nentwich et al., 2015) which builds on the theoretical perspectives of both Bourdieu and Butler, sheds light on the issue of generating change within gender relations in organisational contexts that are highly structured such as the Icelandic banking system. Bourdieu’s sociological theory on field, habitus, and capital illuminates how people intuitively reproduce these structures through their habitus and their allegiance to the rules of the game as set by the field (Bourdieu, 1984). They are upholding the legitimacy of the system, which therefore appears hard to change. According to Bourdieu adjustments to the field can only take place by “political action” (Nentwich et al., 2015), or pressure that derives from external sources, such as during the global economic crisis and the near bankruptcy of Iceland in 2008. Butler instead focuses on questioning the norms within a field and sees opportunity for change in that way (Nentwich et al., 2015). By working the cracks (Collins, 2000) through a thorough understanding of the field from within, changes in norms and performance as Butler (1990; 2004) advocates for, can eventually lead to legitimate changes within the system. As we will show in the findings, the female bank employees had this inside knowledge and used it to force change from within the field.
We also rely on social identity theory, which suggests that others confirm people‘s sense of who they are and their identities (Burke and Stets, 2009). In this way external aspects of identities connect individuals to society through roles and groups and by giving meaning and connection to those individuals (Burke and Cerven, 2019). As we will show in the findings, and in line with Bourdieu (1984), the confirmation of one‘s identity within the field is crucial for establishing oneself within that same field.
Methodology
This study derives from ten in-depth, semi-structured interviews conducted with female bank employees in Iceland in the period October 2020 – October 2021. The interviewees were selected by means of purposive sampling. The participants were all women, and most of them had worked in banking since before 2008 and had experienced the collapse of the Icelandic banking system. The interviewed women were between 35 and 60 years old and had at least 15 years of work experience in the banking industry, they occupied different positions within the sector from cashier to executives. The interview lasted from 25 to 45 minutes. Informed consent was obtained before the interviews and the purpose of the study explained. Participants were asked about their appearance, work history, workplace clothing, dress codes in the workplace and their experiences with their dress at work. The interviewer also inquired on how important dress in the workplace was to them and if they had been aware of any changes in dress during their work careers. They were asked about the role of dress for upward mobility, and how the work attire of women functioned in a male-dominated sector. Participants were also asked if they could provide examples of colleagues that were not complying with the dress code or had been protesting the dress code with dress. Lastly, they were asked about the role of dress before and after 2008, and if they had witnessed any changes in dress during or after the banking collapse in 2008. Seven of the interviews were conducted face-to-face while three interviews were conducted online due to Covid-19 pandemic. All interviews were recorded and transcribed verbally.
In this study we view data as co-constructed, multi-layered, and shaped by language, culture and prior meanings. Fashion culture and dress has accumulated meaning through history and there are traditions in dress that have origins in a specific culture or have been influenced by historic events that are normally not known to the person wearing it. Therefore, in order to understand fully the meaning of dress one has to trace the accumulated meaning in history and gain understanding of the origin of traditions in dress and dress culture.
Hermeneutic phenomenology is used to view tradition in dress in a historical context and to fully understand its meaning that has accumulated over time. Hermeneutic phenomenology is not only a research method but a stance, a way of being in the world, a willingness to undergo a process so that “what is” may emerge and show itself (Wilcke, 2002). The term “hermeneutics” refers to the study and interpretation of biblical texts (Wilcke, 2002). In this study, “dress” is the text and hermeneutics is the method to understand its accumulated meaning over time. Phenomenology means a study of what appears. Hermeneutic phenomenology attempts to discover meanings that are rooted in history (Kafle, 2011).This method, we believe is the best one to use in order to view tradition in dress in a historical context to fully understand its meaning that has accumulated over time. Hermeneutic phenomenology is not simply a research method but a stance, a way of being in the world, a willingness to undergo a process so that “what is” may emerge and show itself (Wilcke, 2002). The term “hermeneutics” referrers to the study and interpretation of biblical texts (Wilcke, 2002). In this study, “dress” is the text and hermeneutics is used as a method to understand its accumulated meaning over time. Phenomenology means a study of what appears. Hermeneutic Phenomenology seeks to go beyond description in order to discover meanings that are not immediately apparent but are rooted in history (Kafle, 2011) like for example the history and the accumulated meaning over time of the male suit shows us.
We looked for meanings and discourses for example “experience of clear rules of dresscode” , “experience of change in dress code”, “male banker identity”, “female banker identity”, “IT worker identity”, “upward mobility”, “experience of mirroring the client”, “change during crash”, “change in male dress”, “communication of competence and trustworthiness”, “implemention of change with dress”, “women’s workforce/ women bankers”, “creation of new identity”.
After that the researchers read each interview with only one theme in mind for example: “experience of change after crash”, “ new workforce with new dress”, “new identity created”, “experience of rebellion against dress code with dress”, “importance of appropriate dress”, “experience of power game with dress”, “experience of women with more power have more freedom with dress”, “more power leads to more importance of dress”, “women with more power understand better that dress is a tool”, “Nordic women confidence” and “good understanding of dress as a tool”.
Then we used theoretical coding and coded the themes “change of the hierarchies of identities”, “appearance management”, “upward social mobility”, and “creation of new identity”.
The material provided by each interviewee was examined through comparative interpretation with direct reference to other testimonies and historical data. For example, it was important to understand the origins of ideas and what they stand for today and where they came from.
We looked for experiences in the text and constant comparison method was used by looking for keywords and repeated themes in the data. After that we used theoretical coding where we attempted to connect and explain themes and codes with the theories of identity. We created analytic memos through the whole analytical process, about a page for each interview and attempted to remain open to all theoretical understandings of the data and systematically check which one best accounts for it.
Our view of data reflects how we view the world through our values. Our prior knowledge and experience in the fashion industry affects our viewpoint. We view fashion as a medium for communication and that all of us are participating even though we don’t want to. We were personally interested in understanding how dress code works in the financial workplace and since the researchers come from the arts, we had never ourselves experienced any restrictions of freedom when it came to dress. We were pleasantly surprised by what we discovered and impressed by the grit of Icelandic female bankers.
We believe fashion communicates identity, status and creativity and is an important tool in the process of change and in order to communicate identities and to create new ones.
All data will be eliminated after the research comes to an end. Anonymity and confidentiality are of uppermost importance. Names have been changed or not used, both participants and the companies they work for. Participants gave a written consent, and we will keep their identity enclosed. An approval from the ethics committee of Icelandic universities has been received.
We found three different themes when analysing the interviews, describing how female bank employees use dress as a tool to communicate skills and to facilitate and implement micro and macro changes in the field.
Findings
In this section we will discuss three themes that show how a call for change in society led to change agency within the banking system. This subsequently led to a change in dress within the banking sector, creating opportunities for women for upward mobility, for mirroring their clients and for displaying competence and trustworthiness.
To communicate competence and trustwortiness
From the interviews it became evident that there are strict rules about dress within the Icelandic banking sector. The purpose of the dress code is then to manage and communicate a certain image to society, which from the interviews appear to be “professionalism” and “trustworthiness”. This image was completely lost after the collapse of the Icelandic banking system in 2008. Some young male bankers, that were highflyers before the crash, did not seem to understand the changes that the financial crash was having on society and on their dress. One interviewee explains:
„They thought it was 2007 long after 2007 was gone. They were still wearing their crocodile shoes and Armani suits and we made fun of them. They were just still wearing that gear and did let the taxis wait while they came in to sign a few papers.“
Those young bankers failed to understand that the rules of the field (Bourdieu, 1984) had changed overnight, calling among other things for a shift in dress. The mutual truths and goals within banking and in the society at large had changed overnight and what was before considered appropriate was no more.
Within the banking sector, dress is also used as a tool to distinct different branches and power positions. Employees working at the headquarters were said to be noticeably better dressed than employees in other branches, and employees handling larger sums of money, by catering more powerful customers were also described as better dressed.
One interviewee summarized the difference as: „The managers are better dressed than the tellers.“ The dress-code system is actively kept in place by middle-managers such as the following example shows. One middle-manager explains:„I am very strict when it comes to dress, and people need to comply with the rules.“ Bankers who do not dress correctly are believed to be talked about, loose the trust of colleagues, and indeed be criticised by their superiors.
The written dress codes are usually described by general guidelines and do not go into detail or specific style. The dress code has however become more liberal over the years with casual Fridays and neat jeans (without holes) being allowed in most places these days. Nevertheless, one interviewee recalls a meeting in 2015 in which the new dress code guidelines for the firm were discussed; banning garments with animal prints. In that same meeting an older lady was present in the front row, always dressed impeccably, wearing an elegant blouse with an animal print. The interviewee recalls how embarrassed she felt for her colleague and that she did not think this decision regarding the animal print was fair or inclusive. With animal prints come regularly in and out of fashion the dress code clearly failed to take fashion changes into account.
Overall, there were few recollections of employees openly protesting to the dress code with dress. One participant told of a colleague, a Nordic woman working in London who had made the decision early in her career to always wear a short skirt and fishnet stockings to work. As she was usually the only woman in meetings, and did not always get the opportunity to talk, she wanted the men to remember her nevertheless. By dressing in this way she was protesting against the male-oriented dress code and the lack of power she had as a woman. The interviewee recalling this story was however certain that this act of rebellion must have had negative consequences, and that in the end it did not bring about any change.
In this recollection the token women is making herself visible (Benschop and Doorewaard). However, changing the norms by performance as Butler (1990; 2004) suggests requires a critical mass (Dahlerup, 1988) rather than just one individual.
One group within the banking sector that has been successful in disobeying the dress code are Information Technology (IT) employees. Within the interviews IT personnel are linked to “wearing pink cloths”, “Hawaiian shirts” and “flip-flops”. Yet this “systematically protesting the dress code” had little to no consequences for this group. One interviewee confesses she passes over the IT department when a delegation comes over for a firm visit because it “makes the bank look bad” but other than that, little action is taken. One interviewee explained that in a staff satisfaction survey it was manifested that the IT employees did not consider themselves employees of the bank. Rather, they considered themselves a separate brand. This new workforce was created when the big tech companies grew exponentially at the end of last century. Members of this workforce communicated and implemented this new identity by a new dress.
Upward mobility
The interviewees that had more senior positions understood better the questions as they gave more detailed feedback about the appropriate dress and could give more detailed answers. They also had more understanding that dress is a tool for professional upward mobility and can be used strategically to create opportunities. Their own experience may have played a role or perhaps having witnessed the change in dress during and after the financial crisis made them aware of this tool, as we will explain here now in more detail.
Many of the interviewees recognised colleagues that were ambitious and eager for promotion opportunities by the way they dressed. It was manifested that if an employee dressed „well“ and „correctly“, then that person would be more likely to climb up the career ladder. Here we see an example of how the rules of the field are integrated into the employees’ habitus. The interviewees instantly recognise the people who live up to the rules of the game. The wording „better dressed“ refers to visibly putting more effort into appearance and dress and possibly creating a hint of personal style to differentiate oneself, with the aim of getting an advantage in a competitive environment. The interviewees also believed that when an employee did not dress appropriately, it could prevent success in the industry. Consequently, those who have the skill and understanding of what the “appropriate” dress means can improve their possibilities of success in the sector.
As the banking world is still dominated by men in suits, and with the upward mobility competition being tight, eye for detail and appearance are crucial. Men especially pay attention to outfit details to distinguish themselves, while for women it might be more about the overall appearance. One interviewee explains:
„In a competitive work environment like banking, where you can gain upward mobility quickly, they [employees] make sure they are wearing the right clothes and are performing the part, especially if it is a male-dominated environment. “
And other interviewee explains:
„The boys wear well shined shoes and colourful socks, especially if they are ambitious and heading for upward mobility. They have a shoe shining kit in their desk drawer. “
Until the financial crisis in 2008 female bankers had been making serious efforts in their dress to become “one of the boys” by wearing a skirt or trouser suit to fit in. One interviewee says:
“When I was the only CEO at the bank, I would try to fit in and wear a suit like the men.”
And another interviewee explains that while she was aware of the discussion on gender equality, before the financial crisis, she did not feel it was the right time to protest. Instead she tried to work the cracks (Collins, 2000):
„I was the only woman there and I was trying to fit in. Many told me I had to fight for the right to be a woman, but they would just have thrown me out. I accomplished more by staying, making small changes.“
During and after the bank crash however there was a strong call from society for fundamental change within the banking sector. Vacancies in top positions opened, resulting in the upward mobility of women, who suddenly became more visible in power positions within the banking system. As women rose to power they rejected the suit and started to dress more like women. A visible female bank workforce was created a change that was expressed and implemented with dress. No longer did the women feel the need to fake their sex with dress to fit into the field, rather they could finally wear female dress confidently:
„We just threw away those suits and it was very liberating. That is the only way to describe it.“
Some of the women that were interviewed had experience of working in London and the other Nordic countries. They experienced very different attitudes towards women and dress between the Nordic countries and the UK. In the Nordic countries there was more acceptance towards women in banking and the financial world in general, where they could dress like women, and they enjoyed doing that. In the UK there was a much more conservative view to dressing. Most of the women interviewed felt that the power balance of women in banking in Iceland had improved much in the recent years and that they could now wear dresses, colours, blouses, and the more traditional female fashion, not suits.
To mirror the client
Until about 20 years ago, costumes were used for all employees in the banking industry in Iceland. Workers could not decide themselves what to wear but were handed out suits instead. Women got suits with a skirt instead of pants; the equivalent of the male suit. The use of costume creates the idea that dress is so important within banking that the employees were not trusted to get it right, and therefore their dress was controlled by giving them costumes and later as discussed previously the written and unwritten rules.
One interviewee stated that the clothes employees wear are more important than what their verbally communicate to the customer, even though her source of information remained unclear:
„It is a fact that it is imperative what impression we give the customer, and if you look at the literature then I think it goes down to 7% what one says, then there is the body language 38%, the rest is dress.”
The employees that are handling large amount of money were therefore not only believed to dress more carefully to show competence and trustworthiness, but also to mirror the client in appearance and gain his trust.
The fact that bank employees no longer wear customs and can now select their own work clothes means that they can adjust their clothing to their customer and communicate understanding and sameness by mirroring dress. As women are increasingly occupying higher positions within firms and society as a whole, the bank sector with its new visible women work force is now better able than before to mirror these female clients as well. One interviewee talked indeed about the importance of being able to change dress according to the circumstances, not necessarily when it comes to female clients, but for example if bankers go to a factory to meet clients, they would dress in a fitting outfit for that venue. Showing up in a banking suit would look out of place there, and possibly communicate a reduced level of trust worthiness.
Women previously wearing skirt suits to fit in with the boys, have historically been attempting to mirror their clients, as they were predominantly men. However, as the clients are becoming more diverse letting go of the strict dress code means that competence and trust worthiness can be communicated in more personalised ways, and with women being more prominently visible than ever before. Dress however remains a business tool within the banking sector. Many bank employees have two different closets of clothes, which allows them to separate the professional from the personal. Dress at work first and foremost remains a tool to mirror the client rather than to communicate personal identities.
Discussion
The word fashion has two meanings, it means. “dress” but also “change”. If we look at history, when there have been major societal changes where there have been levelling of classes, then dress has changed too, quickly without anyone planning it.
The financial world upholds very clear rules of dress and the employers of the banks are pressured to express the correct work identity and possibly, at the same time, suppress other identities (Kang et al., 2011a). With the dress code in the sector, there is an emphasis on keeping the „irrational“ aspects of one´s life at bay or contained in the work sphere (Kang et al., 2011a). Banks handle people´s money and livelihoods and therefore it is very important that the employees look trustworthy in order for the customer to give his money away and trust the bank. The business suit symbolizes the work culture and mentality of the industry.
Banker´s identity and dress has centuries of accumulated knowledge and meaning built into it and has through the ages been very conservative. If there is breach of trust between the banks and the customers then that would have serious consequences for the industry and as one of the interviewee expresses, a bankers dress is more important than what he says.
The dress in banking manages to communicate a constant continuity of upholding an image of trustworthiness and professionalism no matter who is wearing the dress and this is implemented with written and unwritten rules about dress.
The Icelandic bank in 2007 crash showed us that the Icelandic people had much more trust in the bankers than they maybe should have had, but more that 10 000 Icelandic families lost their homes during that period (heimild). Is it possible that the bankers dress communicated trustworthiness and professionalism that was not there? That the impression management was giving the customers wronga fictitious identity that deviated from reality?
The interviews revealed that those who handle bigger sums of money, and bankers holding important positions who were more visible to others, put more effort into wearing the appropriate dress. This means that the more money one is handling, the more seriously “competent” external identity one has to show with dress and communicate some extra trustworthiness towards the customer. There the banker is mirroring the customer in order to gain his trust, but it is likely that this customer, that is wealthier than the regular customers, will be wearing more expensive clothing.
The banker has a few identities that he communicates with dress and those are used accordingly, depending on the customer. It was mentioned a few times in the interviews that bankers, who would go and visit customers at factories or building sites, would not wear the everyday business attire, the suit, at those meetings. They would use a different identity and dress to communicate that identity with the customer. The employees are seeking to mirror the customer in order to get validation with dress once the “program” has been presented. It is possible that the banker is presenting what the customer accepts rather than what the firms ideals are. With different situation and different customer´s the hierarchy of the bankers identity´s changes in order to get the best professional outcome.
Dress can influence upward mobility as well as prevent it. This is probably the case with all fields and cultures. One can always use dress as a strategy and as a tool to improve their chances in life and work and show with dress that one has cultural capital. What was evident when the interviews were compared was that the more power the interviewee had, the more the interviewee understood the questions and the fact that dress was a tool that could be used to gain professional upward mobility by appearance management. “Dress for the position that you want, not the one you have”. This implies that those who understood that dress is a tool for upward mobility, they can use it, others cannot and those who do, are more likely to be successful at work.
There were visible changes in dress within the Icelandic banking sector around the 2007 bank crash. In a very short time, the shared truths and values changed overnight and so did dress. The change that happened in dress during the bank crash of 2007 was not on a scale of revolutions, but there were still visible changes.
Most bank employees realized immediately that there had been a change during the fall of 2008 and changed their identity with dress. But some bankers kept on dressing like it was 2007 „long after 2007 was over“ and that created a breach of trust between them and other bank employees. Those that did not realize what had happened, and kept on going as there had been no change, exposed themselves with dress. If appearances are twofold, then they had done the „program“ but it just was not excepted by others. They did not understand that the situation had changed and did not change their external identity accordingly. There were other accounts of breach of trust because of dress.
The IT workforce in the Icelandic banks believe that the banking dress code does not apply to them. They do not have the same identity as the bankers and want to state with dress that they belong to “Silicon Valley”, generally used as a term for the technology industry in the United States, just as “Wall Street” is used to refer to finance and “the Capitol” to politics (Schulte, 2021).
In the recent years and decades we have seen the founders and leaders of American tech companies defy common ideas about white-collar workforce dress code, implementing the “casual wear” as the dress code of the tech force and introducing the “no-collar” dress code as opposed to white or blue-collar (Schulte, 2021). They have managed to create a new work identity with a new dress code because of the rise in wealth production of those companies and the trust they have gained within the US and beyond. In 2015, only 21% of the American people had trust in the government but 71% trusted the big tech giants, such and Apple, Facebook and Google (Schulte, 2021). That new workforce, wearing jeans and t-shirts stands for a new type of investment, where the product and not the accumulation of wealth is the main focus. This new identity stands for workers that were technology-savvy, nonconformist, anti-authoritarian, self-directed and entrepreneurial (Schulte, 2021). By using dress, the Icelandic tech workforce in the banks state that they belong to this new no-collar workforce. Standards of the past yield to standards of the present and with that new identities are created. If we look at history, when the “new” has been created, in this case new techniques, a new dress is created each time in order to implement the new.
Women in finance and banking seem to have used a disguise in order to overcome the barrier of having the wrong body and gender, by wearing the traditional male dress, the business suite. They dress in order to „fake“ gender and copy the traditional male banker's dress, to get the same opportunities as them in the sector.
After the 2008 bank crash there were opportunities for changes. Women got promoted and got accepted as female bankers and as consequences did not have to use the disguise, and attempt to fake gender and identity anymore. They threw away the suits and could dress as women in traditional female clothing and the „program was accepted“. A new identity had been created, the female banker, a new workforce, and those changes were implemented with new dress just as the IT workforce had done decades earlier.
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