{
  "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": 26,
  "pageCount": 41,
  "prevPage": 25,
  "nextPage": 27,
  "slideType": "peer_benchmark",
  "function": "compare_peers",
  "density": "dense",
  "nDataPoints": 12,
  "notes": "The slide uses a series of bar charts to contrast STT and BNY Mellon, emphasizing that STT's operational advantages are not translating into margin superiority.",
  "elementsJson": [
    "headline_text",
    "bullet_list",
    "bar_chart_vertical",
    "bar_chart_stacked",
    "callout_box",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6db-3b6193a98eb8/26",
  "deckHref": "/decks/019dd923-622b-71dc-a6db-3b6193a98eb8",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6db-3b6193a98eb8.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6db-3b6193a98eb8#slide-26",
  "components": [
    {
      "bbox": {
        "h": 0.1,
        "w": 0.18,
        "x": 0.78,
        "y": 0.4
      },
      "kind": "callout",
      "text": "Despite advantages, State Street generates little margin benefit",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "08345919-9c90-42f8-a4fb-849ec25365ea",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.5,
        "w": 0.2,
        "x": 0.52,
        "y": 0.3
      },
      "kind": "chart",
      "text": "Capital Market and Net Interest Revenue / % Total Revenue",
      "attrs": null,
      "subkind": "bar-stacked",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "326c32ed-d92b-43fe-90b2-11d47a5134f7",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.5,
        "w": 0.2,
        "x": 0.76,
        "y": 0.3
      },
      "kind": "chart",
      "text": "EBT Margins comparison",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6b8f62cb-bbf7-4c97-9925-d9d9cdb40b24",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.5,
        "w": 0.2,
        "x": 0.05,
        "y": 0.3
      },
      "kind": "chart",
      "text": "Revenue ($mm's) comparison between State Street and BNY Mellon",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8e026c47-f87c-4f93-973e-4166b63fa97a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.5,
        "w": 0.2,
        "x": 0.28,
        "y": 0.3
      },
      "kind": "chart",
      "text": "Net Revenue / Average AUCA (BPS) comparison",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b011b59f-e023-4ba0-8db2-30a6319d48dc",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.9,
        "x": 0.05,
        "y": 0.12
      },
      "kind": "list",
      "text": "Benchmarking State Street's Investment Servicing revenue mix and margins versus its largest competitor, Bank of New York Mellon, suggests State Street's margins are too low\nWe believe State Street should structurally have higher margins than Bank of New York Mellon given its superior scale, higher value-added products and significantly greater net interest revenue",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b0dd2c6b-fb05-40ff-9b58-71e6799925c9",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "EBT margins: 27.3%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-14d7-73fd-9f4c-5c7f2bd5d8c3",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.4,
        "x": 0.05,
        "y": 0.95
      },
      "kind": "source-note",
      "text": "Source: SEC filings. Note: Adjusted margins on a taxable equivalent basis. See Appendix C.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "555a7153-adc7-4c4b-aac1-ce757994d30a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.9,
        "x": 0.05,
        "y": 0.05
      },
      "kind": "title",
      "text": "Benchmarking Investment Servicing Margins -> A Significant Opportunity",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0a1501a1-38ff-47d8-8692-d0a1f2fc4d97",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "comparison_frame",
      "slug": null,
      "matchId": "5cd8cbc2-2657-4822-9148-018f1b7e0e78",
      "evidence": "Direct benchmarking of two competitors across multiple financial metrics to identify a performance gap.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [
    {
      "to": 26,
      "from": 26,
      "name": "2x2 Matrix",
      "slug": "30-2x2-matrix",
      "bestFor": "Portfolio analysis, prioritization, strategic positioning",
      "matchId": "397d9cc1-4c2b-409c-a320-b3fd5cbb0cf4",
      "evidence": "The document compares State Street's margins to peers using a 2x2 matrix",
      "position": 1,
      "objective": "Compare State Street's margins to peers",
      "structure": "Dimension 1 (X-axis) -> Dimension 2 (Y-axis) -> The Four Quadrants -> The Sweet Spot",
      "confidence": 0.6,
      "description": "Plot options on two critical dimensions to reveal the optimal quadrant"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}