NEW YORK (TheStreet) -- Shares of Wells Fargo (WFC) are up nearly 15% since Donald Trump was elected president on November 8, as he is expected to rollback regulation in the banking sector. Wells Fargo is still dealing with a scandal that broke in September, in which some of its employees opened millions of fake accounts to meet aggressive sales goals.
"Then you have these really serious strictures put on Wells Fargo. I mean really serious strictures. So let's see, how much is Wells down? Oh, well, look at that. It's not down. Isn't that something? What does that tell you?" TheStreet's Jim Cramer said with a smile on CNBC's "Squawk on the Street" this morning.
That tells you that we're going to see "a little easing" of bank regulation, he explained.
Wells Fargo will also benefit from the Fed's expected rate hike in December, since it owns such a large share of the mortgage market, Cramer noted. That "kind of trumps" opening fake accounts.
Cramer doesn't want to "minimize" the illegal practices that happened at the bank, but notes that there are simply "a lot of interesting things happening out there" since Trump was elected president instead of Democratic candidate Hillary Clinton. Banks were projected to take a hit under Clinton, but "that's not playing out."
Last week, analysts downgraded a number of banks, but that still didn't weigh on the stocks. "The downgrades were so fast and furious and they didn't do anything," Cramer commented.
"If banks continue to run, get out of the way. Get out of the way. That's a fabulous leadership," he said.