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Bank of New York Mellon Corp (NYSE:BK) Ripped in Presentation by Marcato Capital Management, Full Presentation Inside

Mick McGuire‘s Marcato Capital Management has released a damning presentation on Bank of New York Mellon Corp (NYSE:BK) as it continues to push for the ouster of the current Chairman and CEO Gerald Hassel, which it demanded in a letter to the lead director last month. In the presentation, which can found in its entirety below and on the following pages, Marcato shreds the operational practices and performance of Bank of New York Mellon Corp (NYSE:BK), beginning with the company’s shareholder returns. Marcato emphasizes that the company’s returns have largely been achieved through expansion rather than earnings or dividend growth, the latter of which they rank well behind other investment banks like Morgan Stanley (NYSE:MS).

Marcato also took umbrage with a quote from a Bank of New York Mellon Corp (NYSE:BK) spokesman from March 10, following the recent letter it sent, in which the spokesman said that under CEO Hassell, Bank of New York Mellon Corp (NYSE:BK) has improved shareholder value, reduced costs, and streamlined the organization. Marcato makes the point that if management believes that statement to be true considering its aggressive expansion, bloated employee base, and missed earnings targets, then shareholders should be concerned. Bank of New York Mellon Corp (NYSE:BK) has a number of prominent shareholders with large positions including Nelson Peltz, Warren Buffett, Andreas Halvorsen, and Mario Gabelli.

Check out Marcato’s full presentation on Bank of New York Mellon Corp (NYSE:BK) below and on the following pages.

BK_2015.04.07_vF-page-001

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