Fiscal cliff worries are being compounded by concerns that the Obama administration will continue its stance on stronger financial regulation. Before the election, industry participants had been hopeful that Republican candidate Mitt Romney would be softer about financial reform and regulation, possibly even scaling it back if he were elected.
"The concern now with Obama is it's kind of status quo and further implementation of the Dodd-Frank regulation," he said.
Although only about one-third of Dodd-Frank rules have been written, Goldberg forecasts that regulation will not get worse.
But with doubts surrounding the fiscal cliff and regulation fogging Wall Street's clarity, investors are proceeding with caution.
"Clearly you're in uncertainty right now, and bank stocks and stocks in general tend not to like uncertainty," he said.
—By CNBC.com's Katie Little; Follow her on Twitter @katie_little
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One of the analysts on the coverage team (or a member of his or her household) owns shares of the common stock of Citigroup and JPMorgan Chase.