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  "documentTitle": "The Bank of New York Mellon (BK)",
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  "authorName": "Marcato Capital Management",
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      "text": "Where is the operating leverage?",
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      "text": "Key Management Guidance Drivers: 4% Revenue Growth, 8% EPS Growth, 70% Buyback Ratio, ~$600mm of share dilution per annum",
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      "text": "Source: 10/28/14 Investor Day, Marcato estimates",
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      "text": "Guidance Implies Virtually No Operating Leverage on a \"Core Margin\" Basis",
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