{
  "docId": "019dd923-622b-71dc-a6db-3b6193a98eb8",
  "docSlug": "7d018feb2bc4",
  "documentTitle": "State Street Corporation (STT)",
  "authorId": "06_Trian_Partners",
  "authorName": "Trian Partners",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2011-10-16 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 21,
  "pageCount": 41,
  "prevPage": 20,
  "nextPage": 22,
  "slideType": "before_after",
  "function": "diagnose_problem",
  "density": "dense",
  "nDataPoints": 4,
  "notes": "The slide uses a before-after comparison to frame the company's underperformance for shareholders.",
  "elementsJson": [
    "headline_text",
    "bullet_list",
    "bar_chart_vertical",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6db-3b6193a98eb8/21",
  "deckHref": "/decks/019dd923-622b-71dc-a6db-3b6193a98eb8",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6db-3b6193a98eb8.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6db-3b6193a98eb8#slide-21",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Since 2006, EPS has declined 7% and State Street's earnings multiple has contracted significantly",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-14d7-73fd-9f4c-f7a37ea123f3",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.5,
        "w": 0.45,
        "x": 0.05,
        "y": 0.3
      },
      "kind": "chart",
      "text": "State Street Operating EPS (2006 vs 2010)",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "84bfbcb8-676d-40ac-92f3-4c0ce8091475",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.5,
        "w": 0.4,
        "x": 0.55,
        "y": 0.3
      },
      "kind": "chart",
      "text": "State Street Price / LTM Operating EPS (2006 vs 2010)",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8a2727b7-0e02-4fb9-a1f4-9ab7d814d682",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.9,
        "x": 0.05,
        "y": 0.85
      },
      "kind": "disclaimer",
      "text": "Source: SEC Filings. Consensus estimates from Bloomberg. (1) Excludes investment security gain, insurance reserve recoveries, and provision for loan losses. (2) Calculated as year end share price divided by prior year operating EPS. (3) 2011 Consensus Estimates.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "09b5df70-c9da-46e4-84a0-2d9e5e62fa46",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.9,
        "x": 0.05,
        "y": 0.12
      },
      "kind": "list",
      "text": "Despite significant asset and revenue growth, State Street has not delivered shareholder value\nSince 2006, EPS has declined 7% and State Street's earnings multiple has contracted significantly\nToday, after deducting $4.50 of excess capital from its share price, State Street trades at only 8.0x consensus 2011 EPS",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "dfa095c9-0bd9-4a2d-aa1c-dc3559f89da4",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "EPS: (7)%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-14d7-73fd-9f4c-f96543e38a8e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.9,
        "x": 0.05,
        "y": 0.05
      },
      "kind": "title",
      "text": "The Result: Shareholders Have Suffered EPS Declines & Multiple Contraction",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "23c44994-120a-449d-9a03-aac0841499ae",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "before-after-framing",
      "slug": null,
      "matchId": "d6020b63-7543-4bac-97c4-e0b1eb1541ad",
      "evidence": "Compares 2006 performance metrics to 2010 to demonstrate decline.",
      "confidence": 1
    }
  ],
  "arcBeats": [],
  "loops": [
    {
      "to": 21,
      "from": 21,
      "name": "Cost Of Inaction",
      "slug": "27-cost-of-inaction",
      "bestFor": "Urgent budget requests, compliance, risk mitigation",
      "matchId": "c63916f5-ba8f-41ea-9f39-243c51fe31bf",
      "evidence": "The document highlights the cost of inaction by showing the decline in EPS and multiple contraction",
      "position": 0,
      "objective": "Highlight the cost of inaction",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
      "confidence": 0.8,
      "description": "Quantify what happens if the audience does nothing"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}