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Cramer on John Stumpf: Go in abject, continue to say 'I'm sorry'

CNBC's Jim Cramer said that Wells Fargo CEO John Stumpf should continue to apologize for the company's alleged account opening practices throughout a hearing before the Senate Banking Committee Tuesday.

"You must go in abject," Cramer said on "Squawk on the Street." "And you have to say, 'Listen, if the board wants my salary ... put it on the board.' But say 'I apologize,' and say 'I'm sorry.' "

Stumpf is meeting with the Senate committee following findings that Wells Fargo employees opened accounts on behalf of customers without their consent. Last week, Stumpf said he holds himself accountable, but does not plan to resign.

Stumpf prepared a testimony that said he is "deeply sorry" that the bank failed to meets its responsibilities and didn't act sooner.

Wells Fargo's stock was trading higher at $46.77 a share mid-morning Tuesday. The stock is down more than 13 percent year-to-date.