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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 table to contrast claimed program savings against targeted savings.",
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      "text": "BK claims that has significantly exceeded its targets through 2013 but there is no observable evidence in support of this claim",
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      "text": "Margins have deteriorated despite \"Operational Excellence Initiatives\", where BK laid out savings targets of $650 - $700mm by 2015\nBK claims that has significantly exceeded its targets through 2013 but there is no observable evidence in support of this claim",
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      "text": "Gross savings: $636",
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      "text": "Source: BNY Mellon 10K 2013",
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      "kind": "title",
      "text": "Unobservable \"Cost Reductions\"",
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