It can. You want to dress for the impression you want to make. For Wall St. financial types you probably do want to dress like a banker, since what they're really looking for is professionalism and reliability.

But you wouldn't necessarily want to wear a three piece suit while pitching a media company in Northern California, since what you want to say is "We're not staid, boring people who can't tap into trends and fads."

Interviews are the same way. Overdressing is as bad as underdressing.