Ted Pick became chief executive of Morgan Stanley earlier this year. In a recent letter to shareholders, he touted “the integrated firm” as a model for the bank's future. But it’s not a new idea, and it’s one that has proven very hard for banks to actually do. Today on the show, Rob Armstrong asks the FT’s US banking editor, Josh Franklin, if it’s even a good idea. Also we short the US housing market and summer in New York City.

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You can email Robert Armstrong at robert.armstrong@ft.com and Katie Martin at katie.martin@ft.com.

Read a transcript of this episode on FT.com

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Can Morgan Stanley's CEO build a better bank? 16:58 Share

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Can Morgan Stanley's CEO build a better bank?