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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 red boxes to highlight specific companies (JPM, BK) and red text to emphasize 'real' expenses being excluded from margins.",
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      "text": "Within asset management, JP Morgan is delivering strong actual margins for shareholders, as opposed to adjusted, \"pro-forma\" illustrative margins that do not ultimately create shareholder value",
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      "text": "Presented pre-tax margins are adjusted for: Distribution and servicing expense (real), Money market fee waivers (real), Amortization of intangible assets",
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      "text": "Source: 2/24/15 JP Morgan Investor Day, Company filings",
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      "text": "Case Study: JP Morgan Chase's 2015 Investor Day",
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