JP Morgan (JPM) (BAC) (GS) (MS) (C) Face Crunch Time

With the earnings season kicking in today with the results of Alcoa (NYSE:AA) being released after the close of the market, the big financial institutions like JPMorgan (NYSE:JPM), Bank of America (NYSE:BAC), Citigroup (NYSE:C), Goldman Sachs (NYSE:GS) and Morgan Stanley (NYSE:MS) are all expected to get crushed.

The best of the bunch is expected to be JPMorgan, even though the numbers are looking dismal, with revenues projected to fall by 12.2 percent to $23.47 billion for the latest quarter. Earngings are also estimated to fall from $1.12 to $0.93 a share, although that could even be optimistic for the giant bank.

Even though financials have been doing pretty good lately, it's likely that will quickly change once earnings reports begin. Possibly getting hit the worst will be shares of Morgan Stanley and Goldman Sachs, which have recently been again downwardly revised.

Lots of bad news has already been included with the share price of Bank of America and Citigroup, but there could just as easily be some surprise there as well.