Societe Generale targets 13-14% return on tangible equity by 2029

These are medium-term targets, not results, so the significance lies in the ambition they set for a bank that has spent years trading below peers on profitability. The guided path from 13-14% in 2029 to above 15% in 2030 implies management sees the improvement as durable rather than a one-off. Execution against a cost-to-income floor below 55% is the metric worth tracking, since cost discipline is typically where such plans slip. Whether the bank can hold both lines simultaneously is the open question.