Societe Generale’s Cost-Cut Plan Targets €1.9B in Savings by 2029
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Société Générale Shares Gain 3.4% After Bank Maps Up to €21 Billion in Payouts
Paris, September 21, 2026, 10:25 (CEST) Shares traded 3.39% higher at €75.05 during Monday's Paris session.The bank targets 13%-14% tangible return on equity in 2029.Potential 2026-2029 distributions could exceed €21 billion. Société Générale (EPA:GLE) shares gained 3.39% after the French bank raised its long-term profitability goal. The stock traded at €75.05 at 10:22 CEST, against…
French major bank Société Générale expects that increased use of AI can reduce the bank's costs by 500-600 million euros, equivalent to 5.6-6.8 billion SEK, in the future.
In addition, he noted that he expects to benefit from a strategic partnership with the US company Anthropic that includes a “repeated development” of the Claude model.
How much can save artificial intelligence to a bank that manages hundreds of billion euros of assets? Societe Generale has just given a concrete and measurable response. The cost cuts Societe Generale will aim to free 1.9 billion euros of gross savings by 2029, with artificial intelligence as the main engine of the reduction of [...]
Societe Generale’s cost-cut plan targets €1.9B in savings by 2029
Societe Generale has unveiled one of the most sweeping Societe Generale cost cut plans in its recent history, betting heavily on artificial intelligence to reshape how the French banking giant spends money over the next several years. The roadmap, unveiled on September 21, sets a target of €1.9...
Société Générale announced that it would aim for a profitability of 13% to 14% in 2029 and accelerate the reduction of its costs.
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