Miller of FBR Capital Markets told "Squawk Box" that major banks have already experienced "tempered loan growth," in the wake of Wells Fargo's $185 million phony accounts settlement with regulators.
The Wells scandal has resulted in two heated hearings on Capitol Hill and CEO John Stumpf forfeiting about $41 million in unvested equity. Stumpf has agreed to forgo his salary while the board investigates the matter.
The banking industry has faced increased government scrutiny recently. "I just hope they're not on a witch hunt," Miller said.
Deutsche Bank has been talking with the Justice Department about settling investigations into mortgage-backed securities sales in the lead-up the 2008 financial crisis. The DOJ has said it wants the German lender to pay a $14 billion fine.
With headwinds like these facing the industry, Miller said, it's unlikely that any one bank will beat earnings expectations.