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  "documentTitle": "State Street Corporation (STT)",
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      "text": "36% consolidated margins in 2015",
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      "text": "Source: SEC Filings, Capital IQ. (1) Source: Capital IQ. Denotes average forward P/E multiple over 2000 – 2010 time period.",
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      "text": "Revenue Growth: +6.3% blended organic growth vs. management's 7-10% organic target (+6.0% Investment Servicing, +8.0% Investment Management)",
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      "text": "Margins: Cost base reduced ($600mm Investment Servicing, $80mm Investment Management); expense growth < revenue growth; 36% consolidated margins in 2015",
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      "text": "Trian's Operating Plan for State Street:",
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