Cramer: European banks have a plan

Cramer: European banks have a plan
Cramer: European banks have a plan

Telling investors not to worry may have unintended consequences, CNBC's Jim Cramer said Tuesday.

"I was speaking to someone in sports. A guy told me listen, 'don't worry about the defense.' I said, 'oh, was I supposed to be worried?'" Cramer said on "Squawk on the Street."

Cramer's analogy was referring to a note that Deutsche Bank co-CEO John Cryan wrote Tuesday to reassure investors and staff on the bank's stability, saying that the lender remained "absolutely rock-solid" and that he did not share the market's concern over the adequacy of its balance sheet.

Dennis Gartman
Dennis Gartman: Why the Fed needs to shut up

"You know, Deutsche Bank puts out a note saying, 'listen, don't worry, all good.' Reminds me of JPMorgan saying if you have to say that you're creditworthy then it's already too late," added Cramer.

Investor concerns over the health of Europe's financial sector have ramped up over the past week, with Deutsche Bank selling off sharply as market watchers detailed concerns over energy sector exposure and a possible cash crunch.

After a 9.5 percent drop in the bank's share price Monday Cryan wrote to reassure staff, aware that clients may ask about how the marketwide volatility was impacting Deutsche Bank.

Cryan's comments failed to soothe investor nerves, however, with shares in the bank down about 4 percent midmorning Tuesday.

Still, Cramer added that at least European banks are now more prepared to respond to investor concerns.

"The European banks have a plan. The government has a plan," said Cramer. "This is not 2008, because they learned from 2008."

— CNBC's Antonia Matthews contributed to this report.