Refile: BUZZ-SocGen gains as higher profitability goal cheers investors

Societe Generale SA

21/09/2026 08:16

Specifies in the first bullet point that consensus was cited by Jefferies
** French bank Societe Generale SOGN.PA rises 3.7% after setting a 13%-14% 2029 Return on Tangible Equity (ROTE) target, above consensus of 12.6% cited by Jefferies 
** Jefferies says management "clearly have visibility on the cost trajectory," pointing to €1.9 billion ($2.18 billion) of structural cost reductions, including €900 million in procurement savings
** The broker says the plan's 3% revenue growth target is "somewhat low ball," which should be taken positively as the strategy is "not driven by any further Corporate and Investment Banking (CIB) revenue growth on the 2026 base."
** It adds that the 13%-14% ROTE range was "what was needed for today to be a positive catalyst"
** Up to the previous session's close, shares were up 5.6%​ YTD.
($1 = 0.8715 euros)

(Reporting by Nathan Vifflin in Gdansk)
((nathan.vifflin@thomsonreuters.com; gdansk.newsroom@thomsonreuters.com; +48 58 769 67 13;))