"The issue that I have is that the bank stocks, if you give them price-to-earnings multiple, they're the cheapest of any group in the stock market. I would sell Procter & Gamble and buy JPMorgan right now, " Cramer said on "Squawk on the Street."
Cramer said, "JPMorgan is a totally defensible buy because it doesn't sell at a high multiple to earnings."
Bank stocks have rallied in recent months on expectations that President-elect Donald Trump will eliminate regulations put in place after the 2008 financial crisis.
On Friday, JPMorgan's quarterly earnings pushed well past analysts' expectations, helped by double-digit growth in deposits and record credit card sales. Its stock price was up 1.4 percent in early trading Friday.
Chairman and CEO Jamie Dimon said in a earnings release there is an opportunity this year for "good, rational and thoughtful policy decisions to be implemented."