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  "documentTitle": "State Street Corporation (STT)",
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  "authorName": "Trian Partners",
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      "text": "An increase in scale and an improvement in revenue mix (lower mix of servicing fees, higher mix of net interest revenue) should have driven margins above the 2006 pro forma levels",
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      "text": "Net Revenue ($mm's) growth from 7,142 to 8,656",
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      "text": "AUCA and Net Revenue both +21% since 2006; Net Interest Revenue +600bps; Servicing & Management Fees decreased 300bps; Scale and mix improvements should have driven margins above 2006 levels.",
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      "text": "Source: SEC Filings. (1) Represents FY 2006 State Street and Investors Financial combined financial statements pro forma for management's publicly targeted cost synergies. See Appendix A.",
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      "text": "...Meanwhile, Profits Should Have Increased as Scale and Mix Have Improved",
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