Banks must disclose how much they pay top employees, a UK government sponsored report recommended on Thursday in a bid to quell public anger over "bonuses as usual" in a sector shored up by taxpayer bailouts.

Stocks posted modest gains Wednesday, but it was enough to propel the Dow and S&P to new 13-month closing highs, as economic data buoyed recovery hopes.

Stocks clawed higher Wednesday after a report showed new-home sales rose more than expected.

Stocks clawed higher Wednesday after a report showed new-home sales rose more than expected.

US stock index futures climbed further Wednesday after a batch of data signaling that the US economy was building on strength but also that the recovery would be gradual.

American International Group, the insurer that received billions of dollars in a U.S. bailout, has been authorized by its board to pay Chief Executive Robert Benmosche's $7 million compensation, after it laid to rest concerns that he may quit the post.

"Bonus" has become a dirty word on Wall Street, prompting image consultants to advise the biggest financial firms to use euphemisms that carry less stigma as the season of lavish payouts approaches.

Some of Goldman Sachs Group's largest shareholders have asked the company to cut the size of its bonus pool and pass along more of its profits to investors, the Wall Street Journal reported, citing people familiar with the situation.

Citigroup says its chief financial officer and co-head of global markets are getting raises, while CEO Vikram Pandit will continue to collect a salary of $1 per year.

Goldman Sachs apologized for the role it played in the financial crisis, by taking part in the credit boom which preceded the bursting of the bubble the Financial Times reported Wednesday.

Bill Gates said on Wednesday he believes Wall Street pay is "often too high" and that U.S. government ownership of American International Group worries him because it has devalued the giant insurer.

General Motors could be hurt by pay restrictions on senior executives set by the U.S. government, the automaker's chairman said, urging an overhaul of the salary caps.

Bankers aren't really bankers, but are more like bookmakers and insurance agents, and they don't actually get bonuses, but profit share, Peter Brown, partner from MM&K, told CNBC Monday.

The chief executive of Goldman Sachs, which has attracted widespread media attention over the size of its staff bonuses, believes banks serve a social purpose and are doing "God's work".

There, now do we feel better?  I sure hope so, now that President Obama’s finger-wagging pay czar has intimidated Bank of America’s much-maligned chief, Kenneth D. Lewis, into giving up all compensation for this year.