Jim Cramer reviews the earnings of JPMorgan, Wells Fargo, Bank of America, and Citigroup.

CNBC’s Jim Cramer on Wednesday talked about JPMorgan Chase, Wells Fargo, bank of america, citygroupa loss occurred during the session. He said that while the numbers are solid, investors have high expectations and are balked by management’s cautious comments.

“My judgment after looking at the numbers is that unless the economy deteriorates further, these stocks will continue to perform this year.” “But we came in such a hot weather that they’re taking a breather.”

Mr. Kramer said he wasn’t too worried about the losses because many of the big banks had huge runs and “we were supposed to be out.” By the close, JPMorgan was down 0.97%, Wells Fargo was down 4.61%, Bank of America was down 3.78% and Citigroup was down 3.34%.

Here’s Cramer’s analysis of the top five banks reported this week:

JPMorgan Chase: JPMorgan managed to beat expectations on earnings and sales, but there was some light in its investment banking division. Cramer said this was due to the sector’s weakness in both debt and equity underwriting. Cramer added that CEO Jamie Dimon’s comments about serious geopolitical risks and the growing U.S. budget deficit may also have contributed to the stock’s decline. Wells Fargo: Wells Fargo missed out on sales and bottom line profits, and Cramer attributed much of the revenue shortfall to higher severance spending as the company furloughed employees to cut costs. Mr. Kramer said he thinks business is doing well, but not as much as Wall Street expected. He emphasized that Wells Fargo had just emerged from government-imposed asset caps, allowing it to grow more aggressively in certain areas. He said he believed in the stock long term, but acknowledged it could survive further losses. Bank of America: Kramer said Bank of America had a strong quarter, noting that sales and bottom line growth were modest. He was also encouraged by management’s optimistic comments about the remainder of the year. He said Bank of America’s bond and equity underwriting business has certainly brightened up a bit, but the stock has taken a hit primarily because of Wall Street’s “public condemnation. I think this decline was purely association guilt.” Citigroup: Citigroup posted another positive quarter, indicating that Bank of America’s successful turnaround appears to be taking hold, Cramer said. He suggested that Citigroup has the best net interest income growth of all banks. However, the quarter wasn’t enough to boost stock prices, as Wall Street didn’t have a very good impression of the banking sector as a whole, Cramer added.

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Disclaimer CNBC Investing Club owns shares of Wells Fargo.