Article source:Fortune   Posted in:2014-8-23

According to Google auto-fill,one of the most searched terms relating to Goldman Sachs CEO Lloyd Blankfein is,"What watch does Lloyd Blankfein wear?"

We have the answer:It's a Swatch,a simple plastic timepiece that retails in the allpark of $100.In fact,the executive has several of them-including a black one for formal events.

If you work on Wall Street, you’ve probably seen the look before: good suit, unremarkable shoes, digital watch. Witness Steve Schwarzman, CEO of Blackstone. Schwarzman not only owns multiple Swatches, he wears them in funky colors and designs. One particularly bright-colored edition bears the landmarks of his vacation home in St. Tropez.

The list of power players who sport Swatches goes on: Tony Blair has one, as does French president Francois Hollande. U.K. hedge fund trader Chris Hohn has had a black one for years. AllianceBernstein CEO Peter Kraus is a fan of the brand. Even the boss of luxury watch maker PatekPhillipe reportedly wears one while skiing.

Increasingly, though, minimalism is in. Even at Baselworld, classic watches were resurgent. Collectors have become less concerned with ostentation than with authenticity.

Yet it’s more than the vagaries of style, or even simple reverse-snobbery, that has prodded executives to buy Swatches. At a big bank, a plastic watch is as intimidating in its own way as a diamond-studded PatekPhillipe. It signifies a passion for function and disdain for form. Goldman has long been known for its understatement when it comes to dress. A plastic watch exudes that characteristic aversion to flashiness, commitment to modesty, and, in a way, the maniacal work ethic endemic to finance.