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Productivity prioritised at ANZ

ANZ yesterday announced the newest member of its management team: an executive charged with concentrating on lifting productivity.Margaret Payn scores the job title of senior executive, strategic business productivity. One theme of the short tenure of ANZ's chief executive, Michael Smith, is the need for greater efficiency and much lower cost ratios at the bank, even though ANZ on some measures is the most productive in the industry in Australia.According to the short biography supplied by ANZ, Payn was previously chief financial officer of the bank's personal division, having joined the group in April 2006.Before that she was general manager, group finance at Westpac, and worked at Citigroup Global Investment and Schroders before that.

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