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Cramer: Wells Fargo should not have 'gotten away as easily as they did'

Key Points
  • "I do not think that Wells Fargo should have gotten away as easily as they did," Cramer says.
  • Cramer speaks just before the start of CEO Tim Sloan's appearance before Senate Banking Committee.
  • Cramer says Americans will move on from the Wells Fargo accounts scandal.
VIDEO3:2003:20
Time to move on from Wells Fargo?

CNBC's Jim Cramer said Tuesday that Americans will move on from Wells Fargo's accounts scandal after the bank chief's Tim Sloan hearing on Capitol Hill.

Speaking just before Sloan's testimony at a Senate Banking Committee hearing, Cramer said there should have been more consequences for the bank.

"He will do a fabulous job," Cramer said of Sloan's appearance. "And then there will be some more articles. ... and then we'll move on because it is America."

"I do not think that Wells Fargo should have gotten away as easily as they did," The "Mad Money" host added on "Squawk on the Street. "

In prepared testimony, Sloan apologized for the creation of unauthorized accounts and said the bank has hired back more than 1,000 workers who were wrongly fired or left under a cloud.

Cramer has been critical of Wells Fargo since the bank admitted that as many as 3.5 million accounts were created for customers without their permission. The scandal led to the departure of multiple executives, including former CEO John Stumpf.

"I thought the report was outrageous," Cramer said Tuesday. "Did anyone else say it was outrageous? What happens when they issue a report and I'm the only guy who says it's outrageous."

Billionaire investor Warren Buffett told CNBC earlier Tuesday that he still has "faith" in Wells Fargo. Buffett's is Wells Fargo's largest shareholder, holding a 9.4 percent stake.

"Somebody messed up, and the job is to find out who messed up," Buffett said on "Squawk Box."

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