Fairly soon, the tacit dress codes became clear to them. Number one: black shoes only. “Brown shoes or tan shoes are an ultimate no-no,” Webber says. Likewise, the colour of your suit can quickly mark you out as an outsider (although don’t expect anyone to tell you so in your starter pack). In the pilot episode, working-class Oxford graduate Robert (Mr Harry Lawtey) is mocked by colleagues for wearing a black suit. The accepted hues are navy or grey and there’s no room for much else.

“I have a dark navy suit that in certain lights looks black and I’ve had so many comments such as, ‘You look like you’re going to a funeral,’” says Jamie (not his real name), a thirtysomething director at a bank in the City, who has a similar background to Robert’s. “People are quite happy to comment on things like that.”

Shirt colours for men are similarly prescriptive – typically white, but you can branch out into soft blue, cream or pink if you’re feeling adventurous.

With such a rigid uniform, it is the finer details that allow for some personal expression and, more importantly, offer clues to one’s status. As you move up the corporate ladder, the famously hefty pay packets and bonuses give you the chance to upgrade to a more luxe wardrobe. Anyone who reaches associate level might invest in their first bespoke suit (Jamie opted for Hackett).

Watches are a key status signifier, too, but should be understated. “You can have a Rolex, but not the huge chunky gold one,” Webber says. “Or you can have a Cartier watch, but maybe it’s a family heirloom.” The ultimate sign that you’ve made it? An Hermès tie – Jamie describes it as a “badge of honour” and almost all the executives at Pierpoint & Co wear them.

But there is a heft in being able to stick up two fingers to the rules, too. That Eric (Mr Ken Leung), the bullish but brilliant American managing director of the cross-product sales desk, can strip down to his boxers and get changed on the trading floor is essentially a power flex. “You have to earn the right to be able to get comfortable,” Webber says.

Industry also captures the US-UK divide in its outfits. Eric represents a more contemporary style of dressing that sets him apart from his British counterparts. “There was a clear distinction,” says Webber. “Eric was in a really tailored Brioni suit and he wore navy most of the time. His style was a lot more slick, which I think reflected how Americans dress compared to the Brits, who are a little bit more traditional.” For finishing touches, they opted for Loake shoes, skinny ties with single knots and a “more modern” Omega watch.

On the other hand, the posh British old guard favour bespoke Savile Row suits (double-breasted if they are especially old-fashioned). At one point we see Clement, one of the vice-presidents, take Robert under his wing and get him fitted for his first fancy suit. The shoemaker of choice for this crowd is Church’s and most of them have public school-style ties with double Windsor knots.

With the characters’ styles established in the first season, the focus for season two costume designer Ms Colleen Morris was to build on these foundations. The show’s increased profile meant she could feature more luxury brands, but she also wanted to push the envelope a little and convey a more rebellious Gen Z mindset. “Where you once really stood with the establishment and kind of did exactly as the older bankers did back then, the younger generation, they’re a lot more individual than they used to be,” she says.

Even with the older guys, Morris was keen to inject some panache. “I wanted to add a bit more texture without changing the look so much. There’ll be a bit more pattern to the shirts, which, you know, you wouldn’t necessarily see, but it just gives a bit more of a 3D look. There’s a bit more warmth.”

The evolution of the characters is charted in their clothes. The bright-eyed graduates of season one are now hardened third years (having spent their second year in lockdown). Their salaries have shot up, which means they have more money to spend on clothes. They are also well-versed in the dress codes, but have a better sense of who they are as individuals.

Robert, whom Morris kitted out in Hugo Boss suits, captures this best. “He knew all the mistakes he made in the first year and I made sure he was a bit more polished,” says Morris. “His suits are a nicer cut and I gave him shirts that were a bit more interesting. And very expensive shoes. His shoes were where he was a little more adventurous because he’s not coming from that middle-class background. He has a bit more of an edge.”

This season, we are invited deeper into the out-of-office lives of the lead characters, which gave Morris a chance to explore each character’s off-duty style. Chatting with a handful of young bankers over the phone during lockdown, she learnt more about their sartorial tastes. “They love labels,” says Morris. “They love what all young people love, except they have the disposable income to really be able to do it.”

The costumers on the first season were keen to have Robert own a pair of Common Projects sneakers in season one, an inconspicuous status symbol, she says he would have picked up from other bankers. That polished, stealth-wealth look, which seeks to convey insider status is expanded on with luxe but low-key pieces from Boss and Paul Smith. “It’s very clean, very expensive, very neutral tones, cashmeres – just really beautiful, thoughtful clothing,” says Morris.

Dressing the “showboat” Rishi, a brash mid-level trader, was especially fun. In the first season, Webber sourced an Hermès belt. This season, “He looked like an advert for Moncler most of the time,” says Morris.

With a handful of exciting new arrivals, Morris had the opportunity to design character wardrobes from scratch. First up, Danny, a young hotshot from the New York office. “I had him in a more American-cut suit,” she says. “The jackets are just a little bit longer. I find the American traders to be a lot slicker than the English traders. And to differentiate him, he always had the pocket square.” She opted for double-buckle shoes over Oxfords. “Again, much more Americanised.” At the weekend, he’s in boat shoes and Ralph Lauren, which nod to his Upper East Side background.

We are also introduced to hedge-fund manager Jesse Bloom (Mr Jay Duplass), who embodies that devil-may-care approach to getting dressed that typifies members of the three-comma club. When he’s not in business meetings, where a suit is the go-to, Jesse’s style is understated and ultra laid-back – “very non-label-y”. (See Mr Mark Zuckerberg’s inconspicuous grey T-shirts, which are from Brunello Cucinelli.)

Most of Jesse’s casualwear is Brunello Cucinelli, with some Hugo Boss, plus a few yacht club T-shirts and unflashy New Balance sneakers. “When you’re a millionaire, you want everyone to know you’re a millionaire,” Morris says. “But once you’re the billionaire, everything changes. You don’t need to prove anything.”

Amid all the luxurious Italian tailoring and five-figure watches, it can be the most casual, pared-down pieces that make the biggest impression. After the first season premiered, the purple Pierpoint & Co hoodie worn by Eric became a style meme. “It took on a life of its own,” says Morris. The Off-White designer Mr Virgil Abloh tweeted that he needed it and a version of the hoodie features in his retrospective at the Brooklyn Museum. Without even trying, Industry had somehow made investment-banking stash the height of streetwear cool. How’s that for high-fashion credentials?