Societe Generale
Société Générale S.A.
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.
Company history
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.
- 1864Founded in Paris
- 1945Nationalised by the French state
- 1987Privatised
- 2008€4.9 billion rogue-trading loss revealed
- 2024Launches Bernstein cash equities and research JV with AllianceBernstein
- 2026Bernstein entities combined; Societe Generale holds 51%
Research
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's own equity ratings were absolute: Buy (at least 15% total shareholder return over 12 months), Hold (0-15%) and Sell (negative).
Coverage12M
- Stocks
- 2
- Ratings
- 4
- Price targets
- 0
- Upgrades
- 1
- Downgrades
- 3
- Initiations
- 0
- Reiterations
- 0
- Positive0%0
- Neutral100%2
- Negative0%0
Sectors
Ratings
Listing
Activity24M
Most covered24M
| Stock | Rating | Target |
|---|---|---|
| SCSCGLY | Neutral | — |
 AUAngloGold Ashanti Plc | Neutral | — |
Recent actions
| Stock | Rating action | Rating | Target | Date |
|---|---|---|---|---|
| AngloGold Ashanti PlcAU | Downgrade | Neutral | Sep 2 | |
| SCSCGLY | Downgrade | Underperform →Neutral | Sep 1 | |
| SCSCGLY | Downgrade | Buy →Underperform | Aug 21 | |
| SCSCGLY | Upgrade | Hold →Buy | Jul 6 | |
 Merck & Co., Inc.MRK | Downgrade | Hold →Sell | Mar 11, 2024 | |
| PMPhilip Morris International Inc.PM | Upgrade | Sell →Hold | Feb 13, 2024 | |
| IHInterContinental Hotels Group PLCIHG | Downgrade | Buy →Hold | Feb 7, 2024 | |
| CTCognizant Technology Solutions CorporationCTSH | Downgrade | Hold →Sell | Jan 5, 2024 | |
 International Business Machines CorporationIBM | Downgrade | Hold →Sell | Jan 5, 2024 | |
 SLB N.V.SLB | Target | $81 | Dec 22, 2023 | |
 Morgan StanleyMS | Downgrade | Buy →Hold | Nov 28, 2023 | |
| DBDeutsche Bank AGDB | Downgrade | Buy →Hold | Jul 10, 2023 |
References
- Société Générale - Wikipediaen.wikipedia.org
- Societe Generale Universal Registration Document 2026societegenerale.com
- Societe Generale US program disclosure: Bernstein partnership structure (2026)usprogram.socgen.com
- Bernstein JV to deepen coverage as SG steps up in ECM (IFR, April 2026)ifre.com
- Societe Generale presents its strategic roadmap (September 2026)societegenerale.com
- Societe Generale Private Banking publication with SG equity research rating definitionsprivatebanking.societegenerale.com