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6 ways to trade the big banks

JPMorgan Chase's spending cut plan impressed some CNBC "Fast Money" traders.

The bank outlined details of the $1.4 billion in drawbacks planned for this year at its annual investor day conference on Tuesday. Moves, including bank branch closings, reaffirmed the stock's value at around $61 per share, where it closed on Tuesday, said trader Karen Finerman.

"I like it right here," said Finerman, who has a long stake in JPMorgan.

Read MoreJPMorgan CFO: Bigger is better...for now

Trader Pete Najarian also saw upside for the bank on the trimming news. Other "Fast Money" traders, though, looked elsewhere in the financial sector.

A sign hangs on One Chase Plaza in lower Manhattan.
Getty Images
A sign hangs on One Chase Plaza in lower Manhattan.

Shares of Goldman Sachs have been mostly flat on the year. Still, trader Steve Grasso said it provides a solid buy option at around $192 per share, where it closed Tuesday.

Trader Guy Adami would choose U.S. Bancorp for "slow and steady" growth. He also noted that Blackstone Group has "stealthily" climbed to nearly $38 per share.

"I think it's still cheap," Adami said.

Najarian also noted that KKR could be a good play in the financial sector.

Disclosures:

Pete Najarian

Pete Najarian is long AAPL, AMAT, BABA, BAC, BMY, BP, CSX, DISC, GE, JPM, KKR, KO, LLY, LOCO, MRK, PEP and PFE. He is long calls CAM, COP, DAL, GE, GS, GT, HPQ, IAG, ISIL, JNJ, JPM, KNDI, MCD, NEE, SPY, SYY, UAL, UFS, WFC, WMB and ZIOP. He is long puts BHP. Today, he bought GE calls and HPQ calls.

Steve Grasso

Steve Grasso is long AAPL, BA, CLVS, EVGN, FB, GDX, GOOGL, IMMR, KBH, KDUS, MHY, MJNA, NVIV, PFE, POT, SO, T, TMUS, TWTR and YHOO. His firm is long FCX, NE, NEM, VALE, RIG, OXY, USO and AMZN. His kids are long EFG, EFA, EWJ, IJR and SPY. His firm Stuart, Frankel and Co. Inc. and some of its partners are long AMD, AMZN, BOIVF, CUBA, FCX, FNMA, HSPO, IBM, ICE, KDUS, KO, MAT, MCD, MJNA, NE, NEM, OXY, RIG, SALT, STAG, TAXI, TITXF, TSE, USO, VALE and ZNGA.

Karen Finerman

Karen Finerman is long BAC, C, GOOG, GOOGL, JPM, M and KORS. She is short DIA. Her firm is long AAPL, BAC, C, FBT, GOOG, GOOGL, IBB, JPM, M, KORS, SUNE, VRSN and XBI. Her firm is short IWM, SPY and USO. Karen Finerman is on the board of GrafTech International.

Guy Adami

Guy Adami is long CELG, EXAS and INTC. Guy Adami's wife, Linda Snow, works at Merck.