SocGen disappoints markets with new strategy update

The update is the first from new CEO Slawomir Krupa

Shares slumped after the release of the 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 ...