SocGen sets 2029 profit and cost targets in fresh turnaround plan

Societe Generale unveiled a fresh strategic roadmap that pushes its cost-to-income ratio target to below 55% and seeks a 13-14% return on tangible equity by 2029, up from roughly 11% this year. The bank plans to reduce total expenses to under €16.3 billion, a 2% cut from 2026 levels, by tightening procurement, leveraging AI for productivity, and allowing staff numbers to fall through natural attrition. Revenue is expected to grow at an average of about 3% per year, and the dividend-buyback programme will stay unchanged, potentially distributing €21 billion through 2029.

CEO Slawomir Krupa framed the initiative as a new phase of the turnaround he began in 2023, after earlier plans saw shares tumble. Since early 2025, SocGen’s stock has nearly tripled, outperforming the Stoxx Europe 600 banks index, yet it remains valued at less than half of BNP Paribas and faces competition from digital lenders and U.S. banks in investment banking.