Aberdeen's Martin Gilbert Not Keen on CS and Other Troubled Banks

Martin Gilbert, CEO Aberdeen Asset Management

Martin Gilbert, CEO Aberdeen Asset Management

«You wouldn't want to work in there, they won't be pleasant places to work as they keep downsizing,» Aberdeen's CEO said speaking to media in Australia.

Aberdeen Asset Management CEO Martin Gilbert said that Credit Suisse, Barclays and Deutsche Bank are in trouble, and a further contraction in staff numbers is likely as they retreat from their global footprint and withdraw from rates businesses – or anything requiring high levels of inventory from regulators.

StanChart CEO «One of the Best»

Speaking to «Austrailian Financial Review» Gilbert said, on the other hand, despite recent poor results both Standard Chartered and HSBC, in which his company is a substantial shareholder, are strong. Gilbert said that the management is doing all the right things.

«Standard Chartered (StanChart) has one of best CEOs in the business in Bill Winters, they are an incredible emerging market bank. HSBC is also an incredible franchise, they are deeply imbedded in every country they are in and that they will be okay,» said Gilbert.

Aberdeen Asset Management is also a big holder of OCBC Group in Singapore and India’s ICICI Bank and HDFC Bank, but has avoided Chinese financial institutions, which he says will be hit with rising bad debts. 

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