Societe Generale, Governance: ceiling and floor

Societe Generale, Governance: ceiling and floor

Posted Oct 2, 2022, 11:35 AM

“Chase the natural, it comes back at a gallop”. By choosing Slawomir Krupa, Societe Generale lifts the “ceiling rod” of Franco-French hyper-elitism, an expression forged by the London site eFinancialCareers from the feminine “glass ceiling”.

The Franco-Polish boss, however, remains a real house product. Without being in the mold of the General Inspectorate of Finance, he went through another inspection which accelerated the careers of young recruits, that internal to the banking establishment.

All his experience accumulated then _ during the Kerviel affair, the euro crisis or the scandals sanctioned by American justice_ will reassure global investors. They viewed insufficient earnings consistency as an Achilles’ heel, and they waited to see the promised improvement in corporate and investment banking performance.

More severe haircut

Without being at the historic pandemic floor, the share price is very depressed with regard to the net assets per share (0.26 times) or the forecast profit (4.3 times). This discount linked to the risks of recession remains above all more severe than that of the average for the European sector, by around half and a third.

The future ex-boss Frédéric Oudéa has launched huge internal transformation projects in quick succession for two years. His successor has his work cut out for him. Fortunately, there are over 200 varieties in Poland .

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