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  "documentTitle": "The Bank of New York Mellon (BK)",
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  "authorName": "Marcato Capital Management",
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  "presentationDate": "2015-03-01 00:00:00",
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      "text": "BNY Mellon went from a 2%+ margin surplus versus State Street to a 5% margin deficit",
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      "text": "LTM Core Pre-Tax Margin %",
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      "text": "Source: Company filings. (1) Adjusts revenue for net securities gains, accretable discount, FTE adjustments, other gains/losses on asset sales, net income attributable to noncontrolling interests in consolidated investment management funds. Adjusts expenses for amortization of intangible assets, M&I, litigation & restructuring charges, net charge related to investment management funds, and other one-time charge. BK margins also adjusted for sale of Shareowner Services and GIS / BHF acquisitions",
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      "text": "BK's Margins Have Deteriorated While State Street's Margins Have Improved",
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