SocGen raises profitability target to 13% and plans to cut up to €600 million in costs using AI

From the Newshound archive · first published 21 September 2026.

Société Générale chief executive Slawomir Krupa on Monday unveiled a new strategic plan targeting a return on tangible equity of 13%–14% by 2029, rising above 15% from 2030. The French bank has earmarked AI as a vehicle for achieving €500 million to €600 million in cost reductions, with around €350 million of those savings already factored into forecasts through 2029. Krupa called cost reduction "at heart" of the strategy, with annual revenues projected to grow at roughly 3% on average through 2029. Regulatory constraints on AI adoption were flagged as a primary risk to meeting the plan's objectives.

SocGen has targeted returning more than €21 billion to shareholders under the new plan.

Krupa cautioned that regulatory hurdles limit the speed at which banks can deploy AI across their businesses.