How the bank industry's gym bag came to be seen as a 'badge of honour'

Doctors wear scrubs. Cops carry guns. Lawyers wear suits. Bankers carry the bag.

You know the one. It's normally a muted green, blue, or gray. You may not notice it until you've seen it a hundred times on the subway in New York City - that perfectly sized canvas bag with two ribbons emblazoned with the name of a bank. It's a subtle sign that the carrier is a member of a trade.

Traditionally, banks supply each of their new analysts with a bag, usually on their first day of work. At one point, it was as common as getting your first business cards. Show up for orientation, figure out where the bathrooms are, take a photo for your security badge, and get handed a small canvas bag with the name of your bank embroidered on it.

Considering its ubiquity, the history of the bag is murky to most. How did these small canvas totes become the go-to satchel of Wall Street?

The tradition started 23 years ago, with Lisa McCullagh, a new mum with a background in advertising who saw an opportunity. When it came to professional promotional merchandise, "there was the very high end, like Tiffany's, then junk," she said. "I thought there was a middle ground."

She decided to focus on a versatile everyday bag, something people could use at the gym or as an airplane carry-on. It had to be large enough to fit the essentials for a whole weekend, but small enough so that people would want to carry it every day.

McCullagh took over a cut-and-sew factory, decided to call her company Scarborough & Tweed, and set to work. "JPMorgan was my first client," McCullagh said.