(exclusively on Reuters)
By Lionel Laurent
PARIS Tue Nov 15, 2011 12:41pm EST
PARIS Nov 15 (Reuters) - The chief executive of Societe Generale is not ruling out a recession in France in 2012 and says the bank will have to cut "hundreds" of jobs to beef up its balance sheet and restore investor confidence, according to a trade-union memo obtained by Reuters.
Frederic Oudea, who met with trade unions on Tuesday to discuss planned job cuts, also said there would be asset sales at the bank's GIMS asset-gathering arm and its Specialised Financial Services arm by mid-2012, according to the memo.
"Oudea does not rule out a recession in France in 2012," the memo sent to union members said. "He does not believe he can avoid - as at other banks - layoffs (several hundred in France and internationally)."
The chief executive also said that there would be a freeze of the highest salaries at the bank and that broader salary policy was for an increase of below 1 percent and below 2.5 percent for the bottom earners.
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