But Cannon's comment highlights the possibility of an upside earnings surprise from JPMorgan Chase, along with upward EPS estimate revisions from sell-side analysts, which can only be good news for investors.
JPMorgan's shares were up over 1% to close at $49.25.
Analysts expect Wells Fargo to report first-quarter earnings of 88 cents a share, declining from 92 cents in the fourth quarter, but increasing from 75 cents in the first quarter of 2012.
Wells Fargo's mortgage loan origination and sale revenue is expected to suffer a major decline this year, although the decline may be largely offset by increases in loan servicing revenue and accounting adjustments.Wells Fargo's shares rose slightly to close at $37.57.
Bank of New York Mellon
Shares of Bank of New York Mellon have returned 12% this year, following a 32% return during 2012. The shares trade for 2.5 times tangible book value, according to Thomson Reuters Bank Insight, and for 11.1 times the consensus 2014 EPS estimate of $2.58. The 2013 EPS estimate is $2.25. The company on Thursday raised its quarterly dividend to 15 cents from 13 cents. Based on an increased quarterly payout, the shares have a dividend yield of 2.10%. Following the completion of the Federal Reserve's annual stress tests in March, Bank of New York Mellon announced that the regulator had approved its capital plan, which in addition to the dividend increase included common share buybacks of up to $1.35 billion through the first quarter of 2014. Bank of New York Mellon will announce its first-quarter results on April 17, with analysts expecting operating earnings of 48 cents a share, declining from 53 cents during the fourth quarter, and 52 cents in the first quarter of 2012. After losing a court ruling related to the disallowance of some foreign tax credits for 2001 and 2002, the company said it would take an after-tax charge of $850 million for the first quarter, which will pretty much wipe out its earnings for the quarter on a GAAP basis. Jefferies analyst Ken Usdin rates Bank of New York Mellon "hold," with a $29 price target, and said in a note to clients on April 5 that he expects the company's "core to be in line."
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