SocGen CEO expects earnings growth in 2022 to be more moderate

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Societe Generale’s Chief Government Officer Frederic Oudea attends the Euronext inventory alternate’s annual convention in Paris, France, January 14, 2020. REUTERS/Benoit Tessier

PARIS, Oct 17 (Reuters) – French financial institution Societe Generale SA in 2022 ought to report a “extra reasonable” development in its outcomes than within the present 12 months, Chief Government Frederic Oudea stated on Sunday.

In an interview with weekly Journal du Dimanche, Oudea known as 2021 an atypical 12 months, citing a really low value of danger, which displays provisions in opposition to unhealthy loans, a powerful post-pandemic financial rebound, and a movement of financial savings in direction of extra dynamic investments.

“Subsequent 12 months will undoubtedly be a 12 months of extra reasonable development,” Oudea stated.

SocGen, France’s third-biggest listed lender, stated this week it might minimize 3,700 jobs between 2023 and 2025 because it merges its retail community with that of its Credit score du Nord unit, however added there could be no compelled redundancies.

To strengthen its profitability and monetary solvency, the financial institution has restructured its operations in recent times, notably with the sale of companies in Central and Japanese Europe and by refocusing its company and funding banking.

Reporting by Sybille de La Hamaide and Matthieu Protard; enhancing by Jonathan Oatis


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