Social Distancing Has to End Before Jim Cramer Buys Bank Stocks

Katherine Ross

This week we'll get earnings from all of the major banks. 

So far, we've heard from Wells Fargo and JPMorgan. 

Wells Fargo (WFC) - Get Report reported a net income of $653 million, or 1 cent a share, for the first quarter vs. $5.9 billion, or $1.20 a share, in the comparable year-earlier quarter.

That number, however--TheStreet's M. Corey Goldman noted--included the impact of building up a $3.1 billion war chest, the equivalent of 56 cents a share, and so-called impairment of securities of $950 million, or a hit of 17 cents a share, “driven by economic and market conditions,” the bank said in a statement. 

And then there's JPMorgan.

JPMorgan Chase & Co (JPM) - Get Report said earnings for the three months ending in March were pegged at 78 cents per share, down nearly 63% from the same period last year and firmly south of the last Street forecast of $1.99 per share. 

And then we'll hear from other bank stocks later this week.

Jim Cramer weighed in on the banking industry as a whole.

Watch the full video above for more. 

Want more information about the big banks? Jim Cramer and his Action Alerts PLUS portfolio own some of the big banks. You can read more about how they're approaching those stocks here. 

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