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  "documentTitle": "The Bank of New York Mellon (BK)",
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  "notes": "Uses a comparison of two different reporting methods to expose management's opportunistic data presentation.",
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      "text": "\"Our operating leverage was up 245 basis points year-over-year...\" (Todd Gibbons)",
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      "text": "\"This is one of our real focuses, delivering positive operating leverage and improving the operating margins of our company...And so you can see over the last 12 months, the operating margin has in fact, improved by 78 bps across the firm\" (Gerald Hassell)",
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      "text": "\"Our operating leverage was up 245 basis points year-over-year...\" — Todd Gibbons. \"This is one of our real focuses, delivering positive operating leverage and improving the operating margins of our company...And so you can see over the last 12 months, the operating margin has in fact, improved by 78 bps across the firm\" — Gerald Hassell.",
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      "text": "Source: 10/28/14 Investor Day, Marcato estimates. (1) Method 1: Adjusted revenue defined as GAAP revenue - investment and other income - net securities gains - minority interest. Adjusted expenses defined as GAAP expenses - M&I and restructuring charges - amortization of intangibles - charges related to investment management funds. (2) Method 2: Adjusted revenue defined as GAAP revenue - gains (losses) on assets and investments - minority interest - accretable discount + fully-taxed equivalent. Adjusted expenses defined as GAAP expenses - M&I and restructuring charges - amortization of intangibles - charges related to investment management funds",
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