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  "documentTitle": "State Street Corporation (STT)",
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  "notes": "Uses a three-part structure to frame management's strategic failures.",
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      "text": "Why the lack of specific targets?",
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      "text": "Is the new cost reduction plan real?",
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      "text": "Does management understand the purpose of growth is to generate total shareholder returns?",
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      "text": "State Street's investor day provided little clarity on promised initiatives and underscored the lack of focus on total shareholder returns.",
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      "text": "Management has not committed to consolidated profit or margin targets. Past restructuring initiatives do not inspire confidence.",
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      "text": "Little mention of total shareholder returns, EPS growth or return on invested capital. Scale seems to be the only lens through which State Street defines progress. Much of the discussion centered on State Street's \"global expansion\"",
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      "text": "$400-$450mm of capital spend. Half of the savings are derived from a ~12% reduction in non-comp expense. Reductions in force represent less than 5% of 29,000 employees. Two-thirds of savings achieved outside of 3 years.",
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      "text": "Source: State Street Investor Day transcript, SEC Filings, Company Presentations, and State Street Press Releases.",
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      "text": "2011 Investor Day Left Investors With More Questions Than Answers",
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