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SocGen CEO expects earnings growth in 2022 to be more moderate By Reuters

by Mike Robinson

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© Reuters. FILEPHOTO: Societe Generale Chief Executive Officer Frederic Oudea attended the Euronext Stock Exchange’s Annual Conference in Paris (France) January 14, 2020. REUTERS/Benoit Tessier

PARIS (Reuters) – The French bank Societe Generale, (OTC) SA should see a more moderate growth rate in 2022 than the current year according to Chief Executive Frederic Oudea.

Oudea spoke out in a conversation with the weekly Journal du Dimanche. She called 2021 an “atypical” year. This was due to the low risk of loss, provisions for bad loans and strong economic recovery after the pandemic. Also, savings are being channeled towards better investments.

Oudea stated, “Next year will undoubtedly see more moderate growth.”

SocGen France, the third largest listed lender in France, announced this week that it will cut 3,700 jobs over 2023-2025 when it merges its Retail network with its Credit du Nord unit. However, it added that there wouldn’t be any forced redundancies.

The bank has been restructuring its business to improve its financial viability and profitability. In particular, it sold businesses in Central and Eastern Europe. It also refocused its investment and corporate banking.

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