Jim Cramer on Wells Fargo: “This Is Not an Earnings Story, It’s a Long-Term Turnaround Story”

Wells Fargo & Company (NYSE:WFC) is among the stocks on Jim Cramer’s game plan as he shared his take on the market post Iran-U.S. ceasefire talks. Cramer praised the company’s CEO during the episode, as he remarked:

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.

Photo by Erol Ahmed on Unsplash

Wells Fargo & Company (NYSE:WFC) provides financial services, including banking, lending, investment, and wealth management solutions. Cramer highlighted the company’s integration of AI during the February 25 episode, as he commented:

My favorite, the banks, Wells Fargo, Goldman Sachs. The former because it’s doing the best job of integrating AI. Just hired a wiz from Amazon Web Services. The latter because it’s the closest we have to a pure play of investment banking at a time when investment banking is on fire. These are entrenched companies. They’re not going to blow up. Many of these will use AI to cut costs, perhaps better than a Salesforce, or a ServiceNow, or Workday could. Maybe not, though. Maybe these software companies can do it cheaper to stay competitive and just make less money in the process.

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