Big banks will become the big winners in the second half, according to Moshe Orenbuch, managing director at Credit Suisse.
Presuming that the economy doesn't weaken, Orenbuch said, the KBW Index will gain.
"We've had a couple of bright spots in the last few days even."
Orenbuch's Stock Picks with 'Outperform' Ratings:
-JPMorgan is selling at a premium to Bank of America, Orenbuch said.
JPMorgan "has to stand out because it is already earning 15 percent on its capital and that's what banks are striving to do. It is also returning capital to shareholders."
-Bank of America's $8.5 billion settlement wipes out a substantial portion of profit, but there still are some residual and securities claims, according to Orenbuch.
"But we do think they can now move forward and people can be confident in the book value of $12.5."
In reference to the Fed's capping swiping fees as 21 cents, Orenbuch said, the cap is manageable in that banks can raise fees elsewhere to make up for lost swipe fee revenue.
CNBC Data Pages:
Moshe Orenbuch owns no shares in the companies mentioned above. Credit Suisse provided non-investment banking services, which may include sales and trading, to the subject companies within the past 12 months. The company expects to receive or intends to seek investment banking related compensation from companies.