Societe Generale's new CEO Slawomir Krupa pledged on Monday to cut costs to boost profits by 2026 amid stalling sales, in his first strategic plan for the bank.
Krupa, who took the reins of the bank in May, said he ambitioned to make SocGen a "rock solid" bank after years of lackluster performance.
Krupa, who took the reins of the bank in May, said he ambitioned to make SocGen a "rock solid" bank after years of lackluster performance, as he sought to set achievable goals in a challenging environment marked by slowing economic growth. "We will strengthen the group by shaping a simplified business portfolio, while taking the right actions to build-up capital and increase flexibility, structurally improve our operating leverage and maintain our best-in-class risk management", Krupa said in a statement.
SocGen said its new targets were based on annual revenue growth expectations between 0 and 2% by 2026. SocGen didn't give any update on potential sale of non-core assets, after Krupa said last month he intended to run a "tight ship" in terms of portfolio of assets.
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