The CEO of SocGen expects the profit in 2022 to be much lower by Reuters

© Reuters. FILE PHOTO: Societe Generale Chief Executive Officer Frederic Oudea attends the annual Euronext stock exchange meeting in Paris, France, January 14, 2020. REUTERS / Benoit Tessier

PARIS (Reuters) – The French bank Societe Generale (OTC 🙂 SA in 2022 should record a “slight” growth in its results than this year, Chief Executive Frederic Oudea said on Sunday.

In an interview with the Journal du Dimanche last week, Oudea cited the year 2021, citing the lowest price, which reflects contributions to bad credit, strong post-epidemic risk, and the security of excess assets.

“Next year will no doubt be a year of great growth,” Oudea said.

SocGen, France’s third largest lender, said this week it would lay off 3,700 jobs between 2023 and 2025 as it merged its retail sales with the Credit du Nord unit, but added that there would be no forced labor.

To strengthen profits and economic solvency, the bank has reshaped its operations in recent years, mainly in retail businesses in Central and Eastern Europe and in the reorganization of banks.

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