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  "docSlug": "7d018feb2bc4",
  "documentTitle": "State Street Corporation (STT)",
  "authorId": "06_Trian_Partners",
  "authorName": "Trian Partners",
  "documentKindSlug": "activist-deck",
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  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2011-10-16 00:00:00",
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  "pageNumber": 15,
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  "slideType": "expose_contradiction",
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  "density": "dense",
  "nDataPoints": 12,
  "notes": "Uses a 2x2 layout of bar charts to illustrate a causal chain of financial mismanagement.",
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      "kind": "callout",
      "text": "But unsustainable levels of high margin trading, securities lending, and net interest revenue swelled... Which masked a significant increase in expenses",
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      "text": "Average AUCA ($bn's)",
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      "text": "Capital Markets, Net Interest & Other Revenue ($mm's)",
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      "text": "Adjusted Earnings Per Share",
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      "text": "Adjusted Non-Interest Expense ($mm's)",
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      "kind": "disclaimer",
      "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. (2) Represents State Street's operating earnings and adjusted to exclude investment gains / losses, insurance recoveries, and provision for loan losses.",
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      "text": "Adjusted Non-Interest Expense: $6,780",
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      "kind": "title",
      "text": "The Lesson: A Need to Manage Through the Cycle",
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