Société Générale unveils 2029 strategic plan to boost profitability

Société Générale has unveiled an ambitious strategic roadmap for 2029, aimed at revitalizing the French banking giant through aggressive cost reduction and digital expansion. Under the leadership of CEO Slawomir Krupa, the bank targets a return on tangible equity (RoTE) of 13% to 14% by 2029, with ambitions to exceed 15% from 2030 onwards.

Central to this plan is a significant reduction in the cost base, which the bank aims to bring below €16.3 billion by 2029—a 2% decrease from 2026 levels. The group expects to achieve approximately €1.9 billion in gross savings through reduced procurement, optimized IT spending, and a smaller workforce achieved primarily through natural attrition. Artificial intelligence is expected to be a primary driver of these efficiencies, with the bank leveraging partnerships with companies like Anthropic and utilizing Microsoft Copilot to automate tasks and reduce IT costs by an estimated €500 million.

On the growth front, Société Générale plans to scale its digital subsidiary, BoursoBank, aiming to increase its customer base from 9.1 million to 14 million by 2029. The bank also intends to focus on wealth management and insurance, targeting significant increases in assets under management. To reward investors, the bank has pledged to distribute at least €21 billion through dividends and share buybacks over the next four years.