Second largest French lender Société Générale (SocGen) has proposed to cut hundred of jobs in its French corporate and investment bank by the end of first quarter of the next year to comply with new capital rules, Financial News reports. The bank will have to lay off its staff in France, freeze pay and decrease bonuses to meet the European Union's new capital rules.

The bank is also expecting to sell some activities from its global investment management and services and specialized financial services and insurance businesses. It will also be decreasing its dollar activities by a third.

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