"I think at the end of the day, the outcome seems to be not as bad as it might have been," he said. "The trading numbers look pretty good."
JPMorgan posted a third-quarter loss of $380 million, or 17 cents per share, compared with net income of $5.71 billion, or $1.40 per share, a year earlier.
(Read more: JPMorgan earnings marred by massive legal bill)
Excluding legal costs arising from legal and regulatory issues, JPMorgan handily beat earnings estimates.
On CNBC's "Fast Money," Cannon said that the stock was still attractive.
"If you can get past the headlines, this is still an extremely strong franchise, both in the U.S. and globally," he said, calling the mortgage settlements "an opportunity, not as more of a distraction from a long-term value."