Jim Cramer on Wells Fargo: “I Think That Stock’s Trying to Bottom Here”

Wells Fargo & Company (NYSE:WFC) was among the stocks Jim Cramer discussed on Mad Money as he addressed investors’ recent overblown worries and growth stocks stuck in bear-market territory. Cramer showed his disappointment in the stock, as he commented:

I feel the same way about Wells Fargo. I was surprised, like so many others, to see how much private credit they own. I didn’t like it… But they missed a quarter. But I think that stock’s trying to bottom here. It’s the worst of the major banks, though. We own it for the Trust. We’re real disappointed. Stock can come back a little, but only because it’s inexpensive.

Photo by Erol Ahmed on Unsplash

Wells Fargo & Company (NYSE:WFC) provides financial services, including banking, lending, investment, and wealth management solutions. Cramer mentioned the company during the April 10 episode and said:

Tuesday’s the first chock-full day of earnings season. It’s got three major banks: JPMorgan, Wells Fargo, and Citigroup. Now, they each have their own characteristics… As for Wells Fargo, we own it for the Charitable Trust. This is not an earnings story; it’s a long-term turnaround story, orchestrated by CEO Charlie Scharf, a fantastic bank exec who wants that stock price higher, is willing to buy back a lot of stock to do so.

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