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2026-09-21 15:40:15
[Société Générale ramps up AI and automation: Further cost cuts within three years, aiming for cost-to-income ratio below 60% by 2029] (1) Société Générale is seeking to leverage artificial intelligence and automate processes in its investment banking division as part of its profit improvement goals, and will further cut costs over the next three years. (2) The bank aims to reduce the cost-to-income ratio of its global banking and investor services division to below 60% by 2029, down from the current target of 65%; while also seeking to increase investment banking and trading revenue and cut costs. (3) Société Générale plans to grow revenue by an average of about 3% annually over the next three years and raise its return on tangible equity (ROTE) target to between 13% and 14% by 2029. (4) The bank stated that it will cut costs by reducing IT spending and procurement costs and by using artificial intelligence. (5) It expects to reduce staff supply through "natural attrition," but did not provide specific figures.
