Activist Client Marcato Capital Makes Headlines with its Call for Change at Bank of New York–Mellon
In an interview with CNBC, Mick McGuire, principal of Olshan client, Marcato, argued the venerable financial institution is in need of fresh perspective and new executive talent and should replace its CEO, Gerald Hassell. Earlier that day, Marcato published a detailed presentation demonstrating that BNY–Mellon is falling behind in key areas of asset management and revenue generation. Marcato also delivered a letter to the Board stating its concerns that BNY-Mellon’s Board does not recognize the magnitude of inefficiency at the company or the opportunities to drive growth. Steve Wolosky represents Marcato in connection with its investment in BNY–Mellon.