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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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      "text": "Management has re-defined “operating leverage” three times in the past year",
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      "text": "Management claims to be focused on operating leverage but offers no consistent benchmark to be held accountable against\nManagement has re-defined \"operating leverage\" three times in the past year",
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      "text": "Source: Company transcripts, 2Q14 Earnings Release, 3Q14 Earnings Release, 10/28/14 Investor Day",
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      "text": "Operating Leverage Adjustments table showing inconsistent inclusion of line items across 2Q14, 3Q14, and 2014 Investor Day.",
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      "text": "Lack of Accountability on \"Operating Leverage\"",
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