A slang term for a broker-dealer firm that is strongly against hostile takeover practices.
The white-shoe firm's name is derived from the white buck shoes that were a fashion requirement within elite social organizations in the 1950s.
-investopedia
A broker-dealer that does not engage in hostile takeovers on principle. That is, white-shoe firms believe hostile takeovers to be an unfair business practice.
-Farlex Financial Dictionary