SocGen Employee Morale Slides as Krupa’s Turnaround Takes Toll

Slawomir Krupa has convinced investors that he can turn around Societe Generale SA. He still has some work to do to persuade his staff.

Employees of the French lender indicated in a recent poll that their faith in decisions taken by the chief executive officer and his lieutenants is shrinking. The share of staffers who say they trust the choices made by top management fell by 8 percentage points to 46%, according to an internal memo to staff discussing the results.

In the memo to staff, seen by Bloomberg News, Krupa said employees’ optimism about the future, pride in ...