{
  "id": 8850163,
  "title": "SocGen hikes profitability target in new strategic plan",
  "url": "https://urgent.news/2026/09/21/socgen-hikes-profitability-target-in-new-strategic-plan",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-09-21T05:03:46.000Z",
  "source": {
    "name": "The Business Times - Companies & Markets",
    "slug": "the-business-times-companies-markets",
    "url": "https://www.businesstimes.com.sg/companies-markets/banking-finance/socgen-hikes-profitability-target-new-strategic-plan"
  },
  "original_language": "en",
  "account": "Societe Generale has raised its profitability goals, aiming to achieve a cost-to-income ratio under 55% by 2029. This is a significant improvement from the current target of 60%. CEO Slawomir Krupa has unveiled a new strategic plan to drive a turnaround for the French bank, with the objective of cutting costs further and increasing returns on tangible equity. The bank anticipates revenues to grow by an annual average of around 3% and has set a target of 13-14% for 2029, rising to 15% in subsequent years. SocGen plans to reduce overall costs by 2% by 2029, mainly through lower procurement and IT expenses, AI-related productivity gains, and staff reductions due to natural attrition. The bank's performance has improved in recent years, with rising profits due to higher interest rates and cost-cutting programs. Krupa expressed his ambition to accelerate profitable growth, maintain cost discipline, and reassure investors who had previously reacted negatively to his previous strategic plan in September 2023.",
  "summary": "It is aiming for a cost-to-income ratio of below 55% by 2029, against a current target of 60%",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 3,
    "also_reported_by": [
      {
        "outlet": "Business Recorder",
        "title": "SocGen hikes profitability target in new strategic plan",
        "url": "https://urgent.news/2026/09/21/socgen-hikes-profitability-target-in-new-strategic-plan-8862485",
        "published": "2026-09-21T06:40:34.000Z"
      },
      {
        "outlet": "Bloomberg",
        "title": "SocGen Lifts Profitability Target in New Plan",
        "url": "https://urgent.news/2026/09/21/socgen-lifts-profitability-target-in-new-plan",
        "published": "2026-09-21T07:54:25.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}