In 2023, Slawomir Krupa could still explain the bank’s underperformance: too much complexity, high costs, weak returns, poorly allocated capital.
His first plan disappointed. The stock fell nearly 12%.
Krupa did not blink.
He sold, simplified, cut, refocused—and restored discipline.
Three years later, the stock is up more than 240%. Return on tangible equity has risen from 4.2% in 2023 to roughly 11% expected in 2026.
The repair worked.
But his new plan changes the rules:
13% to 14% RoTE by 2029.
More than 15% beyond 2030.
3% annual revenue growth.
Costs below €16.3 billion.
Up to €21 billion returned to shareholders.
Krupa will no longer be judged by what he removes.
He will be judged by what he creates.
And that is far more dangerous.
A restructuring CEO can show immediate evidence: a business sold, a position eliminated, a cost removed.
A growth CEO must deliver more without recreating the disorder he just eliminated.
He is now managing human contradictions:
Demand initiative while tightening control.
Invest for growth while returning capital.
Reduce headcount while retaining scarce talent.
Deploy AI without weakening trust, compliance, or decision quality.
The first warnings may not appear in quarterly earnings.
They will surface in behavior:
Top performers leaving first.
Every decision moving upward.
Managers protecting their metrics.
Warnings softened to avoid discomfort.
Teams still delivering—but no longer proposing.
Attrition does not choose who leaves.
And AI cannot repair an organization learning to stay silent.
Krupa’s contract with the board has also changed.
His mandate was unanimously renewed through 2031. William Connelly, a former ING executive, now chairs the board.
This is a governance pact:
The CEO is staking his credibility.
The board is staking its judgment.
Neither will easily blame the other.
Deutsche Bank is crossing the same line. After years of restructuring, Christian Sewing says it has moved “from defense to offense” and is also targeting RoTE above 13%.
Same message:
“We are no longer a bank to be repaired. We can now join the best.”
The market will no longer settle for progress.
It will demand proof of superiority.
But another threat is moving closer.
Revolut must learn to master the complexity of a bank. Société Générale must stop that complexity from slowing down the bank.
By strengthening BoursoBank, AI, and customer segmentation, Krupa is not merely moving from repair to growth.
He is organizing Société Générale’s defense against a Revolut model now entering its territory directly.
Krupa has proved he can impose discipline.
Now he must unlock growth without becoming the organization’s bottleneck.
Because after a successful turnaround, a CEO’s greatest risk is no longer the legacy of his predecessor.
It is becoming trapped by the method that built his own success.
#HumintAdvisory
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