{
  "docId": "019dd923-622b-71dc-a6db-bdca37d75b59",
  "docSlug": "5fc8a35c21e4",
  "documentTitle": "The Bank of New York Mellon (BK)",
  "authorId": "07_Marcato",
  "authorName": "Marcato Capital Management",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2015-03-01 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.2941177,
  "pageNumber": 66,
  "pageCount": 153,
  "prevPage": 65,
  "nextPage": 67,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 11,
  "notes": "The slide uses a negative framing to critique the company's capital allocation strategy.",
  "elementsJson": [
    "headline_text",
    "bullet_list",
    "bar_chart_vertical",
    "bar_chart_vertical",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6db-bdca37d75b59/66",
  "deckHref": "/decks/019dd923-622b-71dc-a6db-bdca37d75b59",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6db-bdca37d75b59.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6db-bdca37d75b59#slide-66",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "BK will incur hundreds of millions of dollars of expenses to pursue strategic investments that will only become accretive to earnings in 2017 and 2018",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-0933-75bb-9bfd-64ed000f0e24",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.52,
        "w": 0.44,
        "x": 0.51,
        "y": 0.32
      },
      "kind": "chart",
      "text": "Estimated Incremental Margin Contribution from Strategic Platform Investments",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "72d46259-c283-4072-8d80-4dd4f30a3123",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.52,
        "w": 0.44,
        "x": 0.06,
        "y": 0.32
      },
      "kind": "chart",
      "text": "Projected Margin Impact of Initiatives",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "866b0e62-45d5-4fe0-b743-0def73e03be5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "margin impact: (2%)",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-0933-75bb-9bfd-6be7ee16e605",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.88,
        "x": 0.06,
        "y": 0.18
      },
      "kind": "paragraph",
      "text": "BK will incur hundreds of millions of dollars of expenses to pursue strategic investments that will only become accretive to earnings in 2017 and 2018",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "18738e3f-f870-470a-bfdf-f9a1147ef199",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.12,
        "x": 0.26,
        "y": 0.91
      },
      "kind": "source-note",
      "text": "Source: 10/28/14 Investor Day",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "fea3ca4f-4a94-4616-a108-bb95c69d34cb",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.45,
        "x": 0.06,
        "y": 0.11
      },
      "kind": "title",
      "text": "Speculative Investments in \"Growth\" Initiatives",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0cf9d3d1-e74f-4126-90f1-dd8bacc9f276",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "34779592-7870-4565-9a9b-99018be3912b",
      "evidence": "The slide frames management's growth initiatives as 'speculative' and 'non-accretive' to undermine their strategic narrative.",
      "confidence": 0.85
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}