Societe Generale, France's No. 2 bank by market capitalization, plans to cut "several hundred" jobs in its corporate and investment unit in France, the company's trade union representatives said.
Chief Executive Frederic Oudea told trade union representatives Tuesday morning during a meeting scheduled to discuss third-quarter results, that in order to meet the European Union's new capital rules, the bank will need to cut "several hundred" jobs in France, freeze salaries and reduce bonuses, said trade union la Confederation Generale du Travail in an emailed statement. The bank also "hopes" to sell one or two activities from its Global Investment Management and Services and Specialized Financial Services and Insurance businesses, said CGT. A spokeswoman for Societe Generale didn't comment immediately.
