The market will likely face headwinds again in early 2015, he added.
"Three to 5 percent correction's very possible," Banks said. "Nothing too dramatic but nonetheless a little bump in the road."
Banks retained his S&P 500 year-end target of 2,000.
"Our range has been 1,950 to 2,000 since the beginning of the year, so we haven't changed that, but we're just acknowledging the fact that if you had some cash, we wouldn't put it into the market now," he said. "I think you'll have a better opportunity. If you're fully invested, we wouldn't pull money out, but I think there's an opportunity to take advantage of some weakness."
Banks said that U.S. Trust was "neutral" on Europe.
"On the EM side, we think where they're benefiting is No. 1, global growth is good," he said. "No. 2, a lot of the elections that were going to take place have taken place, a few more to go, and valuation is very compelling in the emerging market area. So, that's why we think we've seen a lift. But what you need to see is still more structural reform for there to be a long-term sustained move in the emerging market space."
—By CNBC's Bruno J. Navarro