Société Générale, France's second largest bank by market value, plans to cut "several hundred" jobs in its French corporate and investment bank in 2012 as part of its push to conform with new capital rules, the company's trade union representatives said yesterday.

Chief executive Frederic Oudea told union representatives at a meeting to discuss third quarter results that 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 Confédération Générale du Travail in an emailed statement.