Morgan Stanley has fined some of its own bankers more than $1 million each for conducting business on WhatsApp and other messaging platforms.

Credit Suisse Group AG is offering its senior bankers an upfront cash award for the second year in a row, in an effort to motivate them to remain with the company during its restructuring process.

S&P Global Inc. has predicted that the trailing 12-month speculative-grade corporate default rate will increase to 3.25% by September 2023, a rise from the 1.4% rate seen in the previous year.

Deal makers are hoping that initial public offerings from Chinese companies will make a resurgence in Hong Kong and New York in the coming year, though they may have to begin with smaller offerings.

European stocks were mixed on Friday as traders assessed a flurry of US economic data before the Christmas holiday.