Societe Generale SA

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Societe Generale: Recovery Is Real, but Structural French Headwinds Cap Returns

Johann Scholtz

Sep 28, 2026

Business Strategy and Outlook

Société Générale will continue down the path that has led to its recovery over the last three years. It believes a lower absolute cost base, modest revenue growth, stable cost of risk, and returning 80% of earnings to shareholders should deliver its 2029 return on tangible equity target of 13%-14%.

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Societe Generale SA

Societe Generale: Recovery Is Real, but Structural French Headwinds Cap Returns

Business Strategy and Outlook

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