"We are negatively surprised by lack of revenue growth, increased capital target, payout & ROTE cut, and by the lack of details," Jefferies analysts said in a note. It also said its new targets were based on annual revenue growth expectations between zero and 2% between 2022 and 2026, but that it would aim to improve its cost-to-income ratio. A SocGen veteran and former head of its investment bank, Krupa said he would streamline the bank's activities but didn't elaborate. The share price decline put SocGen on course for the biggest one-day drop since March. "It will take time for the shares to discount the cost improvement given SG's mixed track record," they said.

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Persons: Gonzalo Fuentes, Krupa, Slawomir Krupa, SocGen, JP Morgan, Tassilo Hummel, Silvia Aloisi, Elisa Martinuzzi, Michal Alexandrowicz, Mathieu Rosemain, Ingrid Melander, Mark Potter Organizations: Societe Generale, La Defense, REUTERS, BNP, Jefferies, Thomson Locations: La, Paris, France, Russia