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  "documentTitle": "State Street Corporation (STT)",
  "authorId": "06_Trian_Partners",
  "authorName": "Trian Partners",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2011-10-16 00:00:00",
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  "pageNumber": 25,
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  "notes": "This is a classic activist investor slide diagnosing a problem (margin decline) and proposing a specific operational solution.",
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      "text": "Commit to a mid-30% consolidated EBT margin (35% servicing and 40% Investment Management) by 2014 and to leveraging compensation and non-compensation expenses",
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      "text": "Source: SEC Filings, Company Presentations, and State Street Investor Calls. (1) Pro forma for Investors Financial and promised cost synergies. (2) Excludes $115mm insurance recovery and investment security gains. (3) Bloomberg estimates as of October 14, 2011.",
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      "text": "Management has attempted to address margin declines by announcing a $575-$625mm savings initiative through 2014. We believe there are several problems.",
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      "text": "We believe the company should: Commit to a mid-30% consolidated EBT margin by 2014, set interim targets, and provide more details on savings.",
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      "kind": "list",
      "text": "State Street's EBT margin declined 480 bps from 2006 through 2010, from 32% to 27%.",
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      "text": "EBT margin: 35%",
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      "kind": "title",
      "text": "1. Commit to Grow Margins & Profitability",
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