And some firms, notably Cazenove, London's most conservative broker, have eschewed casual wear altogether.
That should be a mildly toothsome prospect: Cazenove has lots of close relationships with British companies.
They will also retain control of Cazenove's asset-management and private-equity businesses, though neither of these is big.
Unlike Goldman Sachs, which floated last year, Cazenove does not need a lot of capital for cash-hungry trading businesses.
"The performance was pretty solid, " said Cazenove analyst Mike Tattersall, who estimates annual revenues grew by a fifth at the division.
Morgan, but also for Cazenove's shareholders, most of whom are its employees.
Morgan Cazenove, who handled the sale, said Sir Ian had "no current intention to sell or transfer any of his Wood Group shares".
It also likes Cazenove's equity-broking and corporate-finance businesses, though it thinks both will be more profitable if they have more things to offer.
Founded by Philip Cazenove 181 years ago, Cazenove was a partnership until it incorporated in 2001, but withdrew a flotation because of the bear market.
Mr Mayhew and his fellow partners insist that changing the firm's ownership is not a signal that Cazenove wishes to cash in its chips by selling out.
Morgan will have the right to buy Cazenove out, and the latter will have the right to sell to the bank, at a price to be set independently.
The biggest of these is Cazenove, a private partnership which counts more than half of Britain's 100 largest companies among its clients and has unrivalled, though diminishing, influence among instititional investors.
The flotation, according to the document, is also attracting investment from Hargreave Hale Limited, Artemis Investment Management LLP, Margarita Funds Holding Trust, Cazenove Capital Management Limited, Legal and General Investment Management Limited and Insight Investment Management (Global) Limited.
First, while claiming that staff retention is better than at its rivals, Cazenove wants a currency to pay its staff that is more immediately alluring than the prospect of a partnership after a decade and a half of service.
Lazard also has a general problem similar to Cazenove's (see article): it lacks the ability to offer its employees share options, one reason why it has recently lost some of its top partners in both New York and Paris.
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