After a 31-year career with the bank, Sloan said he felt like he had become a distraction at the company because of the "endless harangues from Washington [D.C.] about his leadership," the "Mad Money" host said.
The stock closed up 0.66 percent on the session, and jumped as much as 3.3 percent after the announcement. Sloan became CEO in 2016.
"I wouldn't chase this stock now though. It is a bank. It has gone up after he resigned," Cramer said. "But in the end it's a bank, and bank stocks are awful, no matter who runs them. Sorry."