Employee and former-employee shareholders of Société Générale sold heavily in 2025 to capture the 153% share-price rally, with the stock rising from €26 to €70. Their stake in the capital fell to 9.11% at 31 December 2025 from 10.23% at end-2024 — despite the July launch of a worldwide employee shareholding plan (PMAS) subscribed by more than 50,000 staff, which issued 7.5 million new shares (0.97% of equity).
In total, employees offloaded more than 19 million shares, about 2.5% of the capital. At the 2025 average price of roughly €48, that represents a little over €900mn in gross proceeds — though the exact gain depends on individual entry prices. Société Générale still ranks third in the SBF 120 for employee ownership (behind Bouygues and Eiffage) and first in its sector, well ahead of BNP Paribas (4.4% held by staff) and the banking-insurance sector average of 4.2%.
Employee ownership has been central at Société Générale since its 1987 privatisation, and chief executive Slawomir Krupa accelerated it on arrival, launching one plan a year instead of every three: the employee share stood at 7.93% end-2022, 9.84% end-2023, 10.23% end-2024, before this year's profit-taking. The CFDT union disputes calling it remuneration, and internal engagement is reportedly at an all-time low. Source: Les Echos, 23 April 2026, Gabriel Nédélec.
The story in one line. Société Générale employees took their money off the table after a 153% rally in 2025 — roughly €900mn gross on 19 million shares sold.
Key numbers
- +153% Société Générale share performance in 2025 (from €26 to €70)
- 9.11% of capital held by employees at 31/12/2025, vs. 10.23% end-2024
- >19 million shares sold (about 2.5% of capital)
- ~€900mn gross proceeds (at ~€48 average 2025 price)
- >50,000 subscribers to the PMAS launched in July 2025; 7.5 million shares issued (0.97% of capital)
- 3rd rank SBF 120 for employee ownership (behind Bouygues and Eiffage)
- 4.4% at BNP Paribas; 4.2% SBF 120 banking-insurance average
Why it matters
Société Générale is running two narratives at once: the stock-market success of CEO Slawomir Krupa (shares nearly tripled in a year) and the erosion of the historical employee shareholder base — which had acted as a stabiliser since the 1987 privatisation and famously helped fend off BNP’s 1999 hostile bid. The stake’s rise and fall (7.93% end-2022 → 10.23% end-2024 → 9.11% end-2025) tells a simple story: when your stock triples, you sell. The paradox: internal engagement is at an all-time low despite the wealth created — the CFDT union argues the plans are accessible only to those who can already afford them.
Takeaway
Employee ownership has served as a wealth-creation vehicle for those able to participate, but not as a tool of alignment with the group. Krupa inherited a discount and closed it; what remains is a social climate that equity compensation does not repair.
Source: Les Echos, 23 April 2026, Gabriel Nédélec.