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  "documentTitle": "The Bank of New York Mellon (BK)",
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  "authorName": "Marcato Capital Management",
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  "presentationDate": "2015-03-01 00:00:00",
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  "notes": "Uses a waterfall chart to visualize cost-cutting levers and a comparison table to highlight the divergence between JPM and BNY Mellon.",
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      "text": "JP Morgan is targeting significant net cost reductions in its Corporate & Investment Banking division between now and 2017 (versus significant expense growth for BNY Mellon)",
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      "text": "JP Morgan Corporate & Investment Bank – 2017 Expense Targets",
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      "text": "JP Morgan is targeting significant net cost reductions in its Corporate & Investment Banking division between now and 2017 (versus significant expense growth for BNY Mellon)",
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      "text": "Net Expense Change: -$2.8bn",
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      "text": "\"Every single number that is here is attached to a name and to a particular action. So this is not aspirational at all, just to be clear\" (Daniel Pinto, JP Morgan CEO – Corporate & Investment Bank, 2/24/15 Analyst Day)",
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      "text": "\"Every single number that is here is attached to a name and to a particular action. So this is not aspirational at all, just to be clear\" — Daniel Pinto, JP Morgan CEO – Corporate & Investment Bank, 2/24/15 Analyst Day",
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      "text": "Source: 2/24/15 JP Morgan Investor Day, Company filings (1) Implied expense growth based on flat interest rate scenario",
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      "kind": "title",
      "text": "Case Study: JP Morgan Chase's 2015 Investor Day",
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