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  "documentTitle": "State Street Corporation (STT)",
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  "notes": "Uses 2006PF (pro forma) as a baseline for comparison against 2010 data.",
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      "text": "Non-compensation expenses have grown faster than revenue (+34% expense growth vs. +21% revenue growth) since 2006",
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      "text": "Non-compensation expenses have grown faster than revenue (+34% expense growth vs. +21% revenue growth) since 2006. While we are in favor of investments in technology to improve efficiency and service, over time IT investments should deliver positive returns on investment. Moreover, IT costs should be scalable and should benefit from operating leverage.",
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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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