Slawomir Krupa has been appointed as the new CEO of Societe Generale, France’s third-largest lender. His mission is to remake the bank as a top-tier bank with a distinct identity. Krupa must improve returns for shareholders without taking undue risk against a shaky backdrop for bank stocks. He is due to lay out his plans for the bank by the autumn.
Krupa is seen as an outsider, having spent his whole career at SocGen, and his hard-driving style is seen as a contrast to his predecessor. He is focused on operational questions, such as finalising a joint venture with AllianceBernstein for global cash equities and equity research. This may offer a platform to grow in the United States.
Krupa has said that a big merger is not on the cards in the near term, but some investment bankers suggest that ultimately the group could be combined with a European rival. Ultimately, Krupa must find a way to improve profitability without mergers.