CNBC's Jim Cramer on Wednesday parsed earnings results from JPMorgan Chase, Wells Fargo, Bank of America, Citigroup, which saw losses during the session. He said the numbers were solid, but investors had high expectations and were put off by cautious commentary from management.

"After looking at the numbers, my verdict is that these stocks can keep working this year as long as the economy doesn't deteriorate from here," he said. "But they are taking a breather after coming in way too hot."

Cramer said he's not overly worried about these losses because many of the major banks have had huge runs, so "they were due for a pullback." By close, JPMorgan shed 0.97%, Wells Fargo was down 4.61%, Bank of America lost 3.78% and Citigroup declined 3.34%.

Here's Cramer's analysis of five top banks that reported this week:

• JPMorgan Chase: While JPMorgan managed to beat expectations for earnings and revenue, its investment banking segment came in light. Cramer said the sector was brought down by weakness in both debt and equity underwriting. CEO Jamie Dimon's commentary about serious geopolitical risk and the U.S.'s ballooning budget deficit might have also contributed to the stock's decline, Cramer added.
• Wells Fargo: Wells Fargo missed on the top and bottom lines, and Cramer attributed a large part of the earnings shortfall to the bank's higher severance expenses as it laid off workers to cut costs. Cramer said he thinks business is going well, but not as well as Wall Street was hoping. He stressed that Wells Fargo just escaped its government-mandated asset cap and is now able to grow more aggressively in certain areas. He said he believes in the stock for the long term, but conceded that it could weather more losses.
• Bank of America: Cramer said Bank of America posted a solid quarter, noting that it had a small top and bottom line beat. He was also encouraged by management's optimistic commentary for the rest of the year. While he said Bank of America's debt and equity underwriting came in a little light, the stock got hit mainly because Wall Street "paints out with a broad brush — this decline was, I think, pure guilt by association."
• Citigroup: Citigroup delivered another positive quarter Cramer said, indicating that the bank's successful turnaround seems to be sticking. He suggested that Citigroup had the best net interest income growth of all the banks. However, the quarter wasn't enough to give the stock a boost because Wall Street was unimpressed with the banking sector as a whole, Cramer added.

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Disclaimer The CNBC Investing Club holds shares of Wells Fargo.