The headwinds facing banks seem to be dying down, at least judging by fourth-quarter earnings from JP Morgan and Wells Fargo. Too bad it will take longer for the tailwinds to really kick in.

That isn't necessarily a terrible thing for the banks, both of which posted results mostly in line with market expectations. At Wells, net income for the quarter rose 10% from a year earlier to $5.6 billion. JP Morgan's net of $5.3 billion was down 7% compared with the prior year, although this was in part due to legal charges that remain elevated.