SocGen disappoints markets with new strategy update

Shares in Societe Generale, France’s third-largest listed bank, slumped as cuts to revenue and profitability targets in CEO Slawomir Krupa’s first strategy update surprised investors.

SocGen set a goal for average revenue growth of between zero and 2 per cent over the next three years, and slightly lowered a key return metric that some analysts had expected to be lifted. Krupa outlined cost cuts and raised the target for a key measure of capital that ...