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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": "Uses a 'before-after' style comparison of claimed targets vs. actual results to undermine management credibility.",
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      "kind": "callout",
      "text": "Mellon merger synergies are unobservable based on post-merger results",
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      "text": "FY2007 - FY2014 Total Growth %",
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      "text": "BK claims it achieved $850mm of expense synergies and $325 - $425mm of revenue synergies from the Mellon merger (claiming that it even exceeded its initial goals)\nDespite claimed synergies, revenue growth has been tepid and actual expenses have significantly outgrown revenues\nClaimed synergies are dubious, as gross expenses would have massively outgrown revenues without synergy benefits",
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      "text": "Core Expenses: 17%",
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      "kind": "source-note",
      "text": "Source: M&A presentation 12/4/2006, Company presentation 11/11/08, 10K 2014. (1) Core revenue... (2) Core expenses... (3) Assumes $850mm of cost synergies and $375mm of revenue synergies",
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      "text": "2007 Mellon Merger Targets: On schedule, Strong fit, Excellent client retention, Revenue synergies $325-425MM, Expense synergies $850MM, Asset Servicing retention > 99%",
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      "text": "Dubious Claimed Merger Synergies",
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