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  "documentTitle": "The Bank of New York Mellon (BK)",
  "authorId": "07_Marcato",
  "authorName": "Marcato Capital Management",
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  "presentationDate": "2015-03-01 00:00:00",
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  "notes": "The chart illustrates a clear downward trend in NIM over a decade.",
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      "text": "BK's earnings are cyclically pressured by decade-low net interest margins due to a prolonged period of low global interest rates and a growing mix of excess deposits on the balance sheet",
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      "text": "Net Interest Margin (FTE) %",
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      "text": "BK's earnings are cyclically pressured by decade-low net interest margins due to a prolonged period of low global interest rates and a growing mix of excess deposits on the balance sheet. Low global interest rates depress net interest revenue, depress trading volatility, increase money market fee waivers, and depress securities lending spreads.",
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      "text": "Net Interest Margin: 0.90%",
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      "text": "Source: Company filings",
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      "text": "Net Interest Margin Pressure",
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