SHOCKING REVAMP! Société Générale’s CEO Says “Nothing is Sacred” as He SLASHES Costs!
Hold onto your wallets! Slawomir Krupa, the audacious CEO of Société Générale, just dropped a bombshell: "NOTHING IS SACRED!" In a jaw-dropping vow to chop the French banking giant’s skyrocketing expenses, he revealed plans to wield the axe on IT spending and cut back on pesky external consultants!
Krupa, who’s been at the helm of France’s third-largest bank since 2023, laid bare the cold hard facts: SocGen is engulfed in a swamp of inefficiency and overspending compared to its rivals. With an outrageous cost-to-income ratio hovering around a staggering 69% at the end of 2024, it’s clear drastic measures need to be taken!
👀 “EVERYTHING IS UP FOR GRABS!” Krupa declared in a tell-all interview! From consulting costs to internal structures, nothing will escape the fury of his relentless cost-cutting crusade!
But the stakes are higher than ever! With a series of scandalous setbacks haunting SocGen since the 2008 financial crisis—think a €4.9 billion rogue trading fiasco and a crushing €3.3 billion loss from its Russian exit—Krupa is in a race against time to rescue this sinking ship!
The CEO is not just talking a big game; he’s already making moves! Cutting jobs, selling off unprofitable businesses, and fortifying their capital reserves are all part of his SPARTAN transformation strategy. Last year alone, a jaw-dropping €613 million was shelled out on restructuring costs, but Krupa optimistically claims these will be “disappearing progressively”!
🔥 “WE NEED LESS CONSULTANTS!” he declared! Last year, SocGen dished out a shocking €1.25 billion in consulting fees, although this was a slight dip from €1.32 billion. Krupa is ready to ditch the faceless advisors and implement simpler, self-made solutions!
Of course, not everyone is sold on Krupa’s grand plan. Some critics lashed out, claiming he’s shrinking SocGen’s stature and selling off too many businesses. The initial investor response was tepid, even leading to fears that he might jeopardize the bank’s reputation.
But the tide may be turning! In a twist of fate, SocGen’s share prices have surged over 70% in just one year. Thanks to external factors aligning perfectly—like government cuts on regulated savings account rates—Krupa’s efforts might finally be paying off.
📈 With a common equity tier one ratio surpassing an impressive 13% at the end of 2024, the bank is on a clear path to meet its ambitious 2026 targets!
Is Krupa the banking superhero Société Générale desperately needed, or will his cost-cutting crusade backfire? Only time will tell! But one thing’s for sure: NO STONE WILL BE LEFT UNTURNED as this audacious CEO charts a bold new course!
photo credit: www.ft.com
