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  "documentTitle": "State Street Corporation (STT)",
  "authorId": "06_Trian_Partners",
  "authorName": "Trian Partners",
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  "presentationDate": "2011-10-16 00:00:00",
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      "text": "Trian believes the mindset and culture at State Street has prioritized growth (in AUCA, AUM and revenue) over profitability. The “land grab” mentality must transition to a focus on EPS growth, return on invested capital and maximizing total shareholder returns",
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      "text": "To re-earn investor’s confidence and trust, Trian believes State Street must commit to the following:",
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      "text": "Redefine success as growth in profitability and shareholder returns, not growth in revenue and headcount\nSet an explicit long-term earnings before tax (“EBT”) margin target of ~35% by 2014 as well as interim targets. Trian believes State Street’s Operations and I/T Transformation Program targeting $575-$625mm of savings lacks credibility in the absence of explicit consolidated margin targets. Management must provide more transparency and detail around its savings plan to assure shareholders of a credible path to value creation and positive operating leverage\nPrioritize returning capital to shareholders over dilutive mergers and acquisitions\nEliminate non-recurring charges\nConsider a separation of Investment Management and Investment Servicing to unlock value\nImprove State Street’s corporate governance profile",
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      "text": "Trian Action Plan:",
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