Société Générale is set to shift the focus of its investment banking to financial and technical companies as the French lender tries to break away from the business environment that has plagued him for years at a time.
The company said on Monday it would introduce a “customer support system”, and provide “rather than cash, technical and banking services” to reduce their reliance on unstable traffic.
The coup comes after his cash-strapped business, which has been known to the bank for years, pushed SocGen to losing last year The epidemic will force companies to cut back on distribution, and drill some holes in products the bank was sold to customers.
As a result, SocGen reduced the risk of being taken over by its distribution. That top groups and developed new remodeling that offered up to € 250m in funding but should reduce costs by € 450m by 2023.
This segment of the business has resumed operations since 2015, and is encouraging Profits of SocGen first quarter and reduce the pressure of profound change.
The lender has now tried to “provide functionality” in the market for its business, regional director Jean-François Grégoire told the sellers on Monday.
“Last year, the complexity of the special market turmoil led us to reconsider the management of the commodities that were particularly difficult in the major markets,” Grégoire said. “Soon we decided to take a risk.”
On Monday, SocGen reported that its global banking solution (GBIS) business, which includes investment and investment, will help repay “spending expenses” – banking transactions – by more than 10% since 2023, against about 7% at present.
The bank aims to achieve a 3% increase in cash flow between 2020 and 2023 in the financial and technology business while the market business wants to “stabilize”.
SocGen wants to “convert” money into GBIS at around € 5bn in 2023, while it wants to spend € 5.5bn- € 5.7bn in 2023. It stopped at around € 5.8bn in 2020.
“All of this, combined with SocGen’s new goal can bring [roughly] 8% off for the benefit of the agreement in 2023, “some experts at Morgan Stanley said.
SocGen shares rose about 3% in daytime sales in Paris, bringing their profits this year by about 50%.
However, the share price of the bank, at € 25.64, remains the same as when the chief executive Frédéric Oudéa started in 2008, after Jerome Kerviel Shame on business.
Oudéa’s tenure as CEO runs until 2023 and the restructuring of the savings bank is part of a process that could change his legacy.