"You might say, 'Gee, that's a lot of turnover in a short period of time, ' " Graseck said about the recent management turnovers. "Remember we have had, I would argue, a generation's worth of experience in the last five years."
An improving economy and housing industry will drive banks to release some of their loan loss reserves (the money that banks have set aside for future loan losses), Graseck predicted.
Following a $25 billion national mortgage settlement, the nation's largest mortgage lenders have been modifying some loans — one requirement of the deal.
"And as they modify, they're going to be recognizing losses and releasing the reserves associated with those losses, " she said.
The improving housing industry also fueled Graseck's "overweight" rating on Wells Fargo shares.
Her earnings forecast is 88 cents a share, which is slightly above the Thomson Reuters consensus estimate of 87 cents per share.
"This is another one where as housing improves slightly, we've got an opportunity to benefit in particular from Wells and the (loan) origination cycle, " she said.
Bank earnings season continues next week with reports from Citigroup on Monday, Goldman Sachs on Tuesday, Bank of America on Wednesday, and Morgan Stanley on Thursday.
—By CNBC.com's Katie Little; Follow Her on Twitter @katie_little
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Morgan Stanley owns shares of JPMorgan Chase and Wells Fargo.