US

Andrew Milligan, Standard Life on regulatory 'over-reaction'

Part 2 (recorded on Thu Apr 3rd 2008): Andrew Milligan, head of global strategy at Standard Life Investments, says regulators and politicians desperate "to slam the stable door shut" after the credit crisis, could cause an "over-reaction". He tells Gillian Tett, FT global markets editor, the new regulatory environment will "determine the glidepath of future earnings" and that banks can't expect the "supernormal" profits of recent years.