Even before heightened political uncertainty in France sparked new worry about its sovereign debt this summer, Societe Generale’s share price was struggling.
After becoming chief executive in May last year, Slawomir Krupa brought a reality check to SocGen in the form of a three-year plan unveiled last September. He raised the capital target to 13%, more in line with the sector, and promised to bring the efficiency ratio down to 60%. But it failed to inspire investors.
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