{
  "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": 68,
  "pageCount": 153,
  "prevPage": 67,
  "nextPage": 69,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 4,
  "notes": "The slide uses a bar chart with dashed boxes to represent growth ranges, highlighting the gap between BK and State Street.",
  "elementsJson": [
    "headline_text",
    "bullet_list",
    "bar_chart_vertical",
    "footnote",
    "logo_grid"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6db-bdca37d75b59/68",
  "deckHref": "/decks/019dd923-622b-71dc-a6db-bdca37d75b59",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6db-bdca37d75b59.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6db-bdca37d75b59#slide-68",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Despite a commitment to “investments”, Management does not appear equally committed to “growth”",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-0933-75bb-9bfd-d31151e8201c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.75,
        "x": 0.08,
        "y": 0.45
      },
      "kind": "chart",
      "text": "Long-term Guidance: Normalized Organic Revenue Growth",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "af7ad7ce-da93-4b7f-93ba-70bc35d73768",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.85,
        "x": 0.08,
        "y": 0.18
      },
      "kind": "list",
      "text": "Despite a commitment to \"investments\", Management does not appear equally committed to \"growth\"\nBK's normalized revenue growth targets are well below State Street's\nRevenue growth disparity is striking because:\n1. BK has greater interest rate sensitivity than State Street\n2. BK derives a greater mix of revenue from faster-growing asset management business lines\n3. BK has greater breadth of capabilities that should drive superior growth from cross-selling",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7b97cb16-01de-4c11-a763-c3b0a8792a06",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "normalized organic revenue growth: 6% - 8%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-0933-75bb-9bfd-d5e1a10aef94",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.6,
        "x": 0.26,
        "y": 0.86
      },
      "kind": "source-note",
      "text": "Source: 10/28/14 Investor Day\n(1) Per State Street 2/17/14 Investor & Analyst Forum. Reflects revenue growth targets attributable to cross-selling to existing clients",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "43f6d129-a300-487f-bd5b-aa870277db4e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.65,
        "x": 0.06,
        "y": 0.11
      },
      "kind": "title",
      "text": "Investments in \"Growth\" Initiatives – Where's the Growth?",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "dbd81c87-323b-4197-b530-6684c55b3f61",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "expose_contradiction",
      "slug": null,
      "matchId": "9ef121a0-d93f-44ce-99bd-0186771b08e7",
      "evidence": "The slide explicitly contrasts management's stated investment strategy with their actual growth targets to highlight a performance gap.",
      "confidence": 0.95
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}