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Cramer: Wells Fargo will bounce back from its sales practice settlement

A woman passes a Wells Fargo sign.
Charles Mostoller | Reuters
A woman passes a Wells Fargo sign.

CNBC's Jim Cramer said on Thursday Wells Fargo will bounce back from its sales practice settlement reached earlier this year.

"The American people forget, okay. But it takes time for them to forget," Cramer said on "Squawk on the Street." "I think you're going to see a series of numbers that are going to be more difficult, but at the same time you get Fed rate hikes ... We'll be looking at this number and saying, who cares?"

The bank reported Wednesday numbers on its customer activity in retail banking for October. President and CEO Tim Sloan said Wells continued to see declines in new account openings. Mary Mack, head of community banking, added the data found was expected considering its sales practice settlement was reached in September.

In September, Wells Fargo paid millions in penalties after regulators said customers were pushed into fee-generating accounts that they never asked for. The bank received intense scrutiny from regulators and lawmakers such as Sen. Elizabeth Warren.

Wells Fargo's stock was trading slightly higher in intraday trade Thursday.