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

© Reuters. FILE PHOTO: Societe Generale’s Chief Government Officer Frederic Oudea attends the Euronext inventory trade’s annual convention in Paris, France, January 14, 2020. REUTERS/Benoit Tessier

PARIS (Reuters) – French financial institution Societe Generale (OTC:) SA in 2022 ought to document a “extra reasonable” development in its outcomes than within the present yr, Chief Government Frederic Oudea mentioned on Sunday.

In an interview with weekly Journal du Dimanche, Oudea known as 2021 an atypical yr, citing a really low value of danger, which displays provisions towards unhealthy loans, a robust post-pandemic financial rebound, and a circulation of financial savings in direction of extra dynamic investments.

“Subsequent yr will undoubtedly be a yr of extra reasonable development,” Oudea mentioned.

SocGen, France’s third-biggest listed lender, mentioned this week it could reduce 3,700 jobs between 2023 and 2025 because it merges its retail community with that of its Credit score du Nord unit, however added there can be no compelled redundancies.

To strengthen its profitability and monetary solvency, the financial institution has restructured its operations lately, notably with the sale of companies in Central and Japanese Europe and by refocusing its company and funding banking.

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