"Disappointing" SocGen strategic plan puts down the bank's shares by 7%📉

9:44 AM September 18, 2023

The start of the new trading week is proving to be less than optimistic for investors in bank Societe Generale (GLE.FR), which unveiled the company's "disappointing" strategic plan, thus initiating a sell-off of nearly 6% on the institution's shares. 

As reported by Bloomberg, such a pessimistic reaction results in particular from the lack of concrete decisions on the restructuring of the bank's troubled investment banking unit, which, combined with the lack of plans to expand the share buyback programme, creates a pessimistic mix of sentiment today. 

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Societe Generale (GLE.FR) shares fell the most in six months as revenue and profitability cuts in Chief Executive Officer Slawomir Krupa's first strategy update surprised investors. Source: Bloomberg Finance L.P.

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