{
  "id": 8862485,
  "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",
  "topic": "business",
  "section": "Business",
  "published": "2026-09-21T06:40:34.000Z",
  "source": {
    "name": "Business Recorder",
    "slug": "business-recorder",
    "url": "https://www.brecorder.com/news/40440488/socgen-hikes-profitability-target-in-new-strategic-plan"
  },
  "original_language": "en",
  "account": "Societe Generale has raised its profitability target to 14% for 2029, up from 11% currently, as part of a new strategic plan unveiled on Monday. The French bank aims to further reduce costs to below 16.3 billion euros by 2029, a 2% decrease from 2026 levels, through various measures like spending less on procurement and IT, leveraging AI for productivity gains, and natural attrition leading to reduced staff numbers. The bank anticipates a 3% annual revenue growth on average. CEO Slawomir Krupa emphasized accelerating profitable growth while maintaining strict risk and cost discipline. Despite recent improvements driven by higher interest rates and a cost-cutting program, SocGen lags behind peers and faces stiff competition from digital lenders and US banks. The bank will maintain its current dividend and buyback payout policy to shareholders.",
  "summary": "LONDON: Societe Generale lifted a key performance target out to 2029 and said it would trim costs further under a new strategic plan unveiled on Monday that forms the next phase of CEO Slawomir Krupa’s effort to drive a turnaround of the French lender. France’s second-biggest listed bank said it was targeting a return on tangible equity of between 13% and 14% in 2029, up from around 11% this…",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 3,
    "also_reported_by": [
      {
        "outlet": "The Business Times - Companies & Markets",
        "title": "SocGen hikes profitability target in new strategic plan",
        "url": "https://urgent.news/2026/09/21/socgen-hikes-profitability-target-in-new-strategic-plan",
        "published": "2026-09-21T05:03:46.000Z"
      },
      {
        "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."
}