Societe Generale has unveiled a strategic plan aimed at improving profitability, tightening costs and returning more than EUR 21 billion to shareholders through 2029. The French lender targets return on tangible equity of 13%-14% in 2029, compared with roughly 11% expected in 2026, and above 15% from 2030 onward. It plans to reduce its cost base below EUR 16.3 billion, bring the cost-to-income ratio below 55%, achieve average annual revenue growth of about 3% and maintain a net cost of risk between 25 and 30 basis points. Gross savings of approximately EUR 1.9 billion are intended to offset around EUR 1 billion of inflation and EUR 600 million of additional investment, producing a net cost reduction of roughly EUR 300 million. Artificial-intelligence initiatives are expected to generate EUR 500 million to EUR 600 million in group savings, including roughly EUR 500 million in lower IT spending, while an agreement with Anthropic is intended to accelerate adoption. Societe Generale also plans to reduce approximately 1,800 roles in France, mainly through natural attrition. Ordinary distributions should exceed EUR 13 billion between 2026 and 2029, while excess capital above a 13% CET1 ratio could provide an additional EUR 8 billion, including an already announced EUR 1.5 billion extraordinary distribution. The plan follows a difficult 2023 strategy launch and marks a new phase in Chief Executive Officer Slawomir Krupa’s turnaround effort.