New York's Hottest New Club Is Gorman

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This place has everything: 22 year-olds willing to work 100 hours/week, an exclusive location next to the Times Square M and M's store, the attention of a Fox Business reporter who obsessively tracks the size of the CEO's balls, a regular who looks like a zombie, $20/night Seamless allowance, 24 year-olds who don't give a FUCK, and a bouncer who'll throw you out for calling him Jim.

Morgan Stanley, owner of the world’s largest brokerage, received about 90,000 applications for its summer program for analysts and associates. More than 1,000 people, or roughly 80 percent who received offers, accepted a spot and began working in the past few weeks, Chief Executive Officer James Gorman, 55, said today in a memo to employees. Mary Claire Delaney, a spokeswoman for the New York-based bank, confirmed the contents of the memo. Wall Street firms have been touting the selectivity of their programs for recruiting junior talent to counter worries that they’re less attractive employers in the wake of the financial crisis. The acceptance rate of less than 2 percent is lower than Harvard College’s 5.9 percent for the coming year’s freshman class.

It's unclear where the applicants who turned Gorman down are headed, but Club Lloyd seems like a pretty good guess.

Morgan Stanley Gets 90,000 Summer-Program Applications [Bloomberg]

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Bonus Watch '13: Jim Gorman Gives Employees The Option To Either Take Their Bonus In Three Easy Installments

Since taking the reigns at Morgan Stanley in 2010, CEO James Gorman has guided the firm with a managerial style that boils down to telling people, more or less: You'll get it when you've earned it, "it" being anything from personal space to money to his respect. On the point of compensation, last year he told employees complaining about what they were paid to either open a newspaper and get over themselves or do everyone a favor and quit. Today brings news that this year, he's doubling down on that mandate and daring anyone to make something of it.