The Bank of New Zealand (BNZ) has hired Craig Herbison, the general manager of brand and marketing communications at Telstra's directories business in Melbourne, to fill its new chief marketing officer role.
Herbison was born in Invercargill and will join BNZ's leadership team at the end of the month, BNZ CEO Andrew Thorburn said.
"We know that he (Herbison) has the drive, fine tuned customer focus and proven track record to move our brand forward and we welcome him to our leadership team,” Thorburn said.
Prior to Sensis, Australia's equivalent of New Zealand's Yellow Pages Group, Herbison worked as director for marketing and brand at Telecom's retail division, and was regional general manager for brand and communications at Vodafone. He has also worked for advertising and marketing agencies including STW Group in Australia, WPP in London; TBWA-GGT in London; and Ogilvy Interactive also in London.
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The second great financial truth is that the financial sector has long been detached from the real economy. The real economy is for chumps; the "no-risk" skimming of monetary legerdemaine is the raison d'etre of the entire financial sector, a point brilliantly made in this "must read" essay posted on Zero Hedge: MF Global Shines A Light On Monetarism's Incapacity To Enhance The Real Economy. Granted, some of the financialization schemes described are not that easy to grasp, but here's the primary point:
That is why this system has to change at some point. It is exactly designed to be misleading, and the reason is so very simple. In any fractional system there will be a desire to amplify that fraction to the maximum degree. But in doing so, participants recognize that the process of maximization entails creating negative human emotions and perceptions since history is not really that kind to this manner of fractionalization. So the system has institutionalized, abetted by the very regulators that are supposed to cap fractions and leverage, these methodologies of hiding just how much financial entities have engaged in maximizing themselves under the cover of mathematical precision.
The Panic of 2008 was supposed to correct these excesses and remedy the fact that risks have not been accurately priced for decades. Yet the system has resisted every effort, simply settling for redefining the appearance of safety yet again. Somewhere in that mathematical pursuit of maximum fractions, the very goal of finance changed, as if traditional banking was no longer sufficient to support the pursuit’s ever-growing ambitions. So the financial economy has broken away from the real economy, using the ironic cover story of enhancing price discovery to the process of intermediation.
The fact that money is disconnected from the real economy never enters the consciousness of monetarists since money is always the answer. But make no mistake, the primary reasons for this global malaise are that money has lost its productive capacity and its proper place as a tool within the system.
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