The country's third largest listed bank expects its return on tangible equity to be between 9 and 10 percent in 2020, down from a previous target of 11.5 percent.
Societe Generale also said it would not meet its 3 percent revenue annual growth target after revenue fell 6.3 percent in the fourth quarter to 5.93 billion euros ($6.7 billion), in line with analyst forecasts collected by Infront Data.
SocGen had issued a profit warning three weeks ago, hitting its shares. The stock was down 3.7 percent in early afternoon trading on Thursday.
Big European banks have found it tough to boost profitability after years of low interest rates have limited returns in retail banking, while corporate and investment banking had a difficult fourth quarter due to volatile markets.
December's stock market selloff hit European and French banks hard as they are strong on equity derivatives and not on the cash market, like U.S. banks, David Hendler, analyst at consultancy Viola Risk, said.
SocGen will also sell or close down some businesses and has already closed its proprietary trading desk in Hong Kong.
SocGen's CEO Oudea also said the macroeconomic outlook had become more challenging for the bank in the past quarter with geopolitical uncertainties, an economic slowdown in the eurozone and lower expected interest rates all having an impact.
The bank will step up its plan to dispose assets. SocGen will now target selling businesses handling a total of 6 percent to 7 percent of its total assets, up from 5 percent until now.
The bank has said that asset sales would partly finance acquisitions in areas where it is strong, but Oudea said on Thursday SocGen would mainly focus on its own profitability.
As for Germany, Oudea said: "We are rather in a logic of organic growth."
($1 = 0.8799 euros)
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)