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Goldman Sachs and Morgan Stanley report a drop in profits, and the Justice Department is offering incentives for companies that report their own misconduct.

If the company does self-reported and cooperates and fixes the underlying problems, they're actually supposed to get what's known as a declination, which means that the government

will just say, essentially, no harm, no foul.

Plus, companies tracking worker activity find themselves in a game of cat and mouse.

It's Tuesday, January 17th.

I'm Ann Marie for Tolly for the Wall Street Journal.

This is the PM edition of What's News, the top headlines and business stories that moved the world today.

A continued slowdown from the deal making boom of 2021 hurt Goldman Sachs.

The bank said quarterly profit was $1.33 billion in the latest quarter, down 66% from a year ago.

Rising interest rates, Russia's war in Ukraine and recession concerns have slowed deal making on Wall Street.

Morgan Stanley reported a 40% drop in profit and a sharp drop in investment banking revenue.

Last week, JP Morgan Chase and Bank of America reported similar declines in investment banking fee revenue, and they've set aside more money for potential loan losses.

That's considered a sign that they're preparing for an economic downturn.

On this morning's show, we talked about how China's economic growth fell to near historic lows last year, and that the country's population declined for the first time since the early 1960s.

But speaking in Davos, Switzerland, China's vice premier Liu Ha told World Business and political leaders that he's confident the country will return to faster growth now that it's ended most of its COVID-19 restrictions.

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