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People enter the Goldman Sachs headquarters building in New York, U.S., on Monday, June 14, 2021. Michael Nagle | Bloomberg | Getty Images Goldman Sachs is planning on cutting several hundred jobs this month, making it the first major Wall Street firm to take steps to rein in expenses amid a collapse in deals volume. The bank is reinstating a tradition of annual employee culls, which have historically targeted between 1% and 5% of lower performers, in positions across the firm, according to a person with direct knowledge of the situation. At the lower end of that range, which is the size of the expected cull , that means several hundred job cuts at the New York-based firm, which had 47,000 employees at midyear. Goldman declined to comment on the record about its plans. The timing of the cuts was reported earlier by the New York Times. In July, CNBC was first to report that the bank was looking at a return to the annual tradition of year-end job cuts. Steep declines in investment bank...

Late in a summer when Walmart and Target have offered discounts on certain items that had grown into surpluses, other major U.S. department stores have been telling investors they will keep slashing prices as they deal with a glut of unsold items. Kohl's said last week that its inventory was 48% higher than where it stood at the same time last year. Although it attributed some of the increase to investments in its Sephora partnership and other strategy decisions, CEO Michelle Gass said the company plans to increase promotions and get "aggressive" on clearing excess inventory. Gass said Kohl’s was not alone in doing so. "We acknowledge that many others are taking similar actions, which will likely make for a more promotional environment in the near term,” she said. Macy's and Nordstrom also warned Tuesday that they were sitting on more inventory and were moving to cut prices . Macy's said its inventory rose by 7% from a year earlier , while Nordstrom's ...