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  "docSlug": "5fc8a35c21e4",
  "documentTitle": "The Bank of New York Mellon (BK)",
  "authorId": "07_Marcato",
  "authorName": "Marcato Capital Management",
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  "presentationDate": "2015-03-01 00:00:00",
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  "notes": "The slide uses a bar chart to illustrate operational inefficiency at BNY Mellon compared to a peer.",
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      "kind": "callout",
      "text": "1x reduction = ~0.40 of potential incremental EPS(1)",
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      "kind": "chart",
      "text": "Staff Expense / Information Technology Expense (FY14)",
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      "kind": "list",
      "text": "Invest in I.T. to drive speed, accuracy and transparency\nBNY Mellon's antiquated I.T. systems and manual processes results in an unbalanced mix of spending on labor over technology and innovation",
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      "kind": "source-note",
      "text": "Source: Company filings\n(1) At constant $620mm of software expense",
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      "kind": "title",
      "text": "2. Raise I.T. Effectiveness To Top Company Priority (cont'd)",
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      "structure": "The Old Way (Pain) -> The Moment of Change -> The New Way (Glory) -> The Measurable Delta",
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