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Public-transit systems—from buses to subways to commuter railroads—are as varied as the cities they serve and the routes they run. But almost all transit agencies share one unfortunate characteristic: chronic operating deficits. McKinsey’s work benchmarking 48 public-transit agencies on four continents identified best practices and important trade-offs that could help operators close the gap.
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US investment banks are cutting costs by shrinking employment, but they can trim other types of spending without causing serious damage to their culture or morale.
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