While the financial sector took the biggest hit after the U.K. voted to leave the EU, the fallout and disruption in the global markets does not necessarily provide a buying opportunity in the sector.
"Financials are not a buy," said Jim Cramer, adding that he is most concerned about the big international banks. "These are not the opportunities I've been waiting for to get people to buy stocks," said Cramer, TheStreet's co-founder and portfolio manager of the Action Alerts Plus portfolio.
The S&P 500 dropped 3.08% lower to right around 2,050 midday Friday and financials saw a 4% decline.
The Dow Jones Industrial Average dropped more than 500 points in mid-day trading.
Lloyds Banking Group's (LYG) New York-listed shares were down 24.74% at 3.27. Barclays (BCS) traded down 20.13% at $8.93 per share midday Friday. Royal Bank of Scotland (RBS) traded down 22.76% at $5.78.
Cramer advises holding off on buying or selling in the current market conditions.
The executives of several financials responded on Friday morning in attempts to reassure their workers and the public that they should remain confident in the banks' relationship with the UK.
CEO of Barclays Jes Staley told his staff earlier that his company was not straying from its course, writing that "the strategy we announced on 1 March was not conditional on the U.K. remaining in the E.U. We are a transatlantic consumer, corporate and investment bank, anchored in the U.K. and the U.S. That remains the core of our strength and the Barclays of the future."
Lloyds CEO Antonio Horta-Osorio told his employees Friday that the bank will "work at pace" on its contingency plans in an attempt to quell fears over Brexit.
"As one of the U.K.'s best capitalised banks we remain committed to helping Britain prosper, continuing our support for the U.K. economy, and providing banking and insurance services that our customers rely on," he wrote.
Douglas Flint, chairman of HSBC, stated that "our commitment to British businesses, customers and staff in the UK remains undiminished."
See full Brexit coverage here.