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Gorman to Moynihan Vindicated as Big Banks’ Revenue Gains

First-half revenue at the six biggest U.S. banks climbed for the first time in four years, fueling profits and vindicating Bank of America Corp. and Morgan Stanley leaders who presided over stock slumps.

Revenue through June climbed to $215 billion from $208 billion a year earlier, excluding some accounting charges, according to data compiled by Bloomberg. The increase, the first since 2009, propelled Bank of America and Morgan Stanley’s shares close to where they were when Brian Moynihan and James Gorman became their respective chief executive officers in January 2010.