Societe Generale SA

GLE: XPAR (FRA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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For Société Générale, Strategy Reshuffling Pays Off

Johann Scholtz , Svetlana Menshchikova

Feb 6, 2025

Business Strategy and Outlook

Société Générale, or SocGen, has not been able to generate a level of profitability ahead of its cost of capital since 2006. We do not anticipate any changes that will position the bank to outearn its cost of capital on a consistent basis. Cost-cutting can potentially improve profitability, but there is also an inflection point where further cost-cutting will result in damage to the franchise.

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Societe Generale SA

For Société Générale, Strategy Reshuffling Pays Off

Business Strategy and Outlook

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