Stock market fluctuations may cause jitters, but what really has Wall Streeters floundering is the latest decree from the powers-that-be at a growing number of firms. Places such as J.P. Morgan and Goldman Sachs have recently declared a 24/7 DD policy (that’s dress-down in layman’s terms, and we’re not just talking Fridays), and it’s rumored that Credit Suisse/First Boston and Morgan Stanley Dean Witter are to follow suit. “It’s a total crisis,” says Lincoln Ellis of Morgan Stanley. “Everybody’s freaking out. You should see Fridays as is. They’re a total fashion disaster.”

Whatever is a boy to do? We asked Simon Doonan, creative director of Barneys New York for counsel. “Don’t be fashion-y if you don’t feel it. Think of the American film heroes of the 40’s and 50’s: Robert Mitchum, William Holden. Otherwise you’ll to end up looking like one of the guys from The Sopranos.” “Which,” he added, “is a valid look, but not right for finance.”

Other wisdom from Doonan: “Top-Siders are a real drag,” and “Avoid sock exposure.”

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