Societe Generale
Societe Generale is a Paris-based universal bank listed on Euronext Paris. Its Cross Asset Research team publishes economics, strategy and quantitative research, while its single-stock equity research and cash equities moved in 2024 into Bernstein, a joint venture with AllianceBernstein.
Activity24M
RatingsPrice targetsKey figures
- Stocks covered
- 212M
- Actions
- 412M
- Ratings / Price targets
- 4 / 0
- Upgrades / Downgrades
- 1 / 3
- Buy-rated
- 0%of 2 rated
- On record
- Jan 2012 – Sep 2026
Overview
Societe Generale's cross-asset research covers economics, strategy and quantitative work; the 2025 Extel Europe survey ranked it first for index and multi-asset research. Bernstein, which absorbed its single-stock equity research in April 2024, covered about 1,000 companies at launch and about 1,200 by April 2026.
Societe Generale was founded in Paris in 1864. The French state nationalised it in 1945 and privatised it in 1987. In January 2008 unauthorised trading by Jérôme Kerviel caused a €4.9 billion loss. In April 2024 the bank and AllianceBernstein launched Bernstein, a cash equities and research joint venture; in January 2026 its two entities were combined into one, 51% owned by Societe Generale, which is set to take full ownership in 2029.
Milestones
- 1864
Founded in Paris
- 1945
Nationalised by the French state
- 1987
Privatised
- 2008
€4.9 billion rogue-trading loss revealed
- 2024
Launches Bernstein cash equities and research JV with AllianceBernstein
- 2026
Bernstein entities combined; Societe Generale holds 51%
Firm facts
- Legal name
- Société Générale S.A.
- Type
- Full-service
- Founded
- 1864
- Headquarters
- Paris, France
- Listing
- Euronext Paris: GLE
- Chief Executive Officer
- Slawomir Krupa
- Rating scale
- BuyHoldSell12 months
- Website
- societegenerale.com
Research philosophy
SG CIB Cross Asset research helps investors to incorporate insights from other assets into their investment decisions.
Societe Generale introduced its cross-asset approach in 2005, combining the views of its equity, credit, equity derivatives, fixed income and currency, commodity and economics teams without merging them, which it said preserved each team's expertise and independence. In 2019 it said its research showed ESG integration to be a long-term financial performance factor; from 2020 its equity reports added a systematic ESG review to fundamental analysis.
Rating methodology
Societe Generale's own equity ratings were absolute: Buy (at least 15% total shareholder return over 12 months), Hold (0-15%) and Sell (negative).
Coverage12M
Sectors
Most covered24M
| Stock | Rating | Target |
|---|---|---|
| SCSCGLY | Neutral | — |
 AngloGold Ashanti PlcAU | Neutral | — |
Recent actions
| Date | Stock | Rating action | Rating | Target | Analyst |
|---|---|---|---|---|---|
| Sep 2 | AngloGold Ashanti PlcAU | Downgrade | Neutral | ||
| Sep 1 | SCSCGLY | Downgrade | Underperform →Neutral | ||
| Aug 21 | SCSCGLY | Downgrade | Buy →Underperform | ||
| Jul 6 | SCSCGLY | Upgrade | Hold →Buy | ||
| Mar 11, 2024 |  Merck & Co., Inc.MRK | Downgrade | Hold →Sell | ||
| Feb 13, 2024 | PMPhilip Morris International Inc.PM | Upgrade | Sell →Hold | ||
| Feb 7, 2024 | IHInterContinental Hotels Group PLCIHG | Downgrade | Buy →Hold | ||
| Jan 5, 2024 | CTCognizant Technology Solutions CorporationCTSH | Downgrade | Hold →Sell | ||
| Jan 5, 2024 |  International Business Machines CorporationIBM | Downgrade | Hold →Sell | ||
| Dec 22, 2023 |  SLB N.V.SLB | Target | $81 | Guillaume Delaby | |
| Nov 28, 2023 |  Morgan StanleyMS | Downgrade | Buy →Hold | ||
| Jul 10, 2023 | DBDeutsche Bank AGDB | Downgrade | Buy →Hold |