Top Stories
Top Stories

Cramer doesn't care for Sloan's comments until more details about accounts surface

Cramer: Wells Fargo 'weakest of the big banks'

CNBC's Jim Cramer was critical Friday about Wells Fargo's new President and CEO Tim Sloan after the chief commented on restoring trust to stakeholders.

The scrutinized bank on Friday reported its third-quarter earnings, the first since the accounts scandal, which resulted in Wells Fargo paying $185 million in penalties for opening roughly 2 million consumer deposit and credit card accounts without customer authorization.

Sloan said in the earnings release that he is "deeply committed" to restoring trust to all stakeholders and said it will take time and work for the bank to earn back its reputation.

Cramer said that until the bank offers more details about its phony accounts, he doesn't care for the executive's comments.

"I think until that we hear about what the scam was and how it was perpetrated and how [they] did it and which branch offices did it ... we're going to continue to say, I don't care," Cramer said on "Squawk on the Street."

Wells Fargo's stock was trading slightly lower in mid-morning trade Friday. The stock is down more than 17 percent year to date.