Goldman Sachs announced on Tuesday its new dress code for employees to move toward a more casual workplace and appealing job for young talents.

The new "firm-wide flexible dress code" was published by the Wall Street investment bank in an internal memo due to "the changing nature of workplaces generally in favor of a more casual environment."

"Casual dress is not appropriate every day and for every interaction and we trust you will consistently exercise good judgment in this regard," the memo read.

The memo was penned by Chief Executive Officer David Solomon, a former investment banker who took the role at Goldman Sachs in October 2018.

The new dress code is also aimed at bringing the bank's traditional policies up to date for its younger workforce because more than 75 percent of Goldman Sachs employees were born after 1981.

Known as a high-class investment bank, Goldman Sachs traditionally required formal business attire. But it loosened the dress code for its technology division and other new digital businesses in 2017 to compete with other investment banks to secure the best employees.

Other investment banks like JP Morgan have taken similar steps.