Societe Generale SA at Barclays Global Financials New York Conference (Virtual) Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Omar Fall - Barclays Bank PLC, Research Division - Analyst : Great. Then shifting a bit to CIB. Having announced the restructuring of the equity derivatives business, if you could just highlight what the likely restructuring expense associated to this might be? I'm feeling lucky, so I'll ask you that. And then more broadly, how do you reassure investors that the execution risk on this restructuring is low and that there won't be a broader impact on the business you want to maintain? Similarly, historically, the structured products business has been the jewel in the crown of CIB for as long as I can remember with double-digit returns. So what would you say to those who highlight that maybe this is a bit of an overreaction to short-term volatility and unprecedented environment with the mass dividend cuts that we saw in particular.

Question: Omar Fall - Barclays Bank PLC, Research Division - Analyst : Yes. And on that note, actually, maybe more broadly, you're targeting EUR 16.5 billion of expenses, which is significantly lower than what the market thinks you could do. Can you walk us through the moving parts and, in particular, what do you see is sustainable beyond 2020, i.e., not just COVID-related savings on travel and marketing, et cetera? I know we'll get the detail at your strategic presentation for future years, but I'm more interested in where you see the opportunities for savings. Since you've already, as you've said, achieved a lot historically. I know that you personally have kept a close eye on support functions, group support functions, for example. Is that still an area that you're exploring as a source of savings?

Question: Omar Fall - Barclays Bank PLC, Research Division - Analyst : That's okay. And then on capital, you're at 12.5% CET1. You've got a bit more coming -- some more benefit coming from disposals and some regulatory changes around software amortization and things like that. So could you walk us through the moving parts of why you still foresee yourself only ending the year at around -- at the top end of your 11.5% to 12% range. Is there some conservatism embedded within that target? I know that there's TRIM to come, but it still seems quite conservative. Then do you have a bit more visibility on -- the question we were all asking ourselves earlier this year, which is the scale of potential risk-weighted asset inflation from credit migration. It doesn't really seem to be coming through yet. Then beyond that, of course, once the ECB recommendation lapses on capital return next year, would you then target going back to a kind of buyback dividend payout structure as you've announced at the end of last year.

Question: Omar Fall - Barclays Bank PLC, Research Division - Analyst : Great. So we have 5 minutes left because time has flown by. It's been that fascinating. So maybe 1 final question, which ties in nicely to -- and audience, 1 from the audience, which is just on French retail. You and your peers have quoted a V-shaped rebound in loan production across a variety of products. Can you give some color as to where we are in that V? Do you expect volumes ex state guaranteed lending to return to pre-lockdown levels by the end of the year already? And which areas do you really see us normalizing ahead of others? And which areas are somewhat lagging?

Question: Omar Fall - Barclays Bank PLC, Research Division - Analyst : I thought I'd try.

Question: Omar Fall - Barclays Bank PLC, Research Division - Analyst : That's it. Well, I think we can leave it at that. Thank you so much, William. That was great, and it's great to have you -- to have you back at the conference. We really appreciate it.