Get ready for more bloodletting in the banking sector. JPMorgan Chase ( JPM), Bank of America ( BAC), Wachovia ( WB) and SunTrust ( STI) are due to report earnings this week. Wall Street is eager to get a look at the writedowns that the banks are expected to take tied to this summer's credit crunch. "The issues that came to the forefront during the quarter will be evident in all the big banks," says David Honold, a financial services analyst at Turner Investment Partners. Lately, investors have been embracing the message that the worst of the summer's credit crunch is over. Citigroup ( C) stock has added over 3% since the bank said Oct. 1 that it would take $3.3 billion in losses tied to the souring debt markets. JPMorgan Chase is up 3.6% since then and Bank of America is up 5.1% in the same period. The gains come in spite of huge losses at a variety of big institutions on leveraged loans, structured products and mortgage backed securities. Citi took a $3.3 billion hit and Merrill Lynch ( MER) a $5.5 billion charge. Washington Mutual ( WM), Credit Suisse ( CS) and UBS ( UBS) also announced big losses tied to fixed-income setbacks. Analysts aren't sure what to expect from JPMorgan Chase, which is due to report Wednesday morning. John McDonald, an analyst at Bank of America, expects JPMorgan to take a $1 billion hit to write off 3% of its total loan financing commitments. McDonald estimates that the firm will also write down about $300 million tied to subprime mortgage exposure. Sanford Bernstein's Howard Mason predicts JPMorgan Chase will take a $2 billion hit.