This week marks the official opening of earnings season for the fourth quarter, and this will also mark a prelude and guidance factory for what investors are to expect in 2015. 24/7 Wall St. previews many top earnings reports so that investors have a very clear picture of what to expect each earnings season. On Wednesday morning we will see earnings from the two banking giants JPMorgan Chase & Co. (NYSE: JPM) and Wells Fargo & Co. (NYSE: WFC).

The first thing investors need to know is that the sentiment for the money center banks has more or less become a sentiment that goes against them rather than for them in 2015. Our 2015 bullish and bearish case for J.P. Morgan showed a slight premium to book value, while Wells Fargo trades at the steepest premium to its book value of all major too-big-to-fail banks.

What is happening at the start of 2015 is that money center banks are gradually becoming excluded from the trading arenas that have generated so much profit in the past. They are still trading, but not as much and not as profitably as in the past. Also, more and more capital requirements also have put a shadow over banks, and where they are going to find new avenues of earnings growth ahead remains a bit of a mystery. Another cloud over banks is the growing notion that the Federal Reserve may start raising interest rates later than expected in 2015 — and some even fear that the Fed’s interest rate hikes may not occur until 2016.

So, here is what to expect from J.P. Morgan and Wells Fargo for the fourth quarter earnings of 2014.

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Thomson Reuters has recent consensus estimates for Wells Fargo of $1.02 in earnings per share and $21.20 billion in revenue. The previous year had $1.00 in earnings per share on $20.66 billion in revenues. Shares of Wells Fargo were down about 0.5% at $58.56 in the last half of Tuesday’s trading session. Most recent stock trading trends:

• Perf. YTD: -5%
• Perf. past month: -4%
• Perf. past year: 16%

The 50-day moving average is currently at $53.89. It briefly acted as support in mid-December but has since crossed over in early January. The 200-day moving average is currently at $51.14, and it has yet to be seen if it will act as support or will cross over.

The stock has a consensus analyst price target of $54.74 and a 52-week trading range of $44.17 to $55.95. Wells Fargo trades at over 1.6 times its September 30 book value per share.

J.P. Morgan had consensus estimates of $1.35 in earnings per share on $24.06 billion in revenues. The fourth quarter from the previous year had $1.30 in earnings per share and $24.11 billion in revenues. Shares of J.P. Morgan were down over 1% at $51.33 in the last half of Tuesday’s trading session. Most recent stock trading trends:

• Perf. YTD: -5%
• Perf. past month: -3%
• Perf. past year: 3%

The 50-day moving average is currently at $60.56. It acted as support when shares briefly crossed under it in mid-December. However shares crossed under the 50-day moving average in early January. The 200-day moving average is currently $57.63.

The stock has a consensus analyst price target of $67.86 and a 52-week trading range of $52.97 to $63.49. It trades at 1.05 times its September 30 book value per share.

ALSO READ: The Bullish and Bearish Case for Goldman Sachs in 2015

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