The 10-year Treasury yield hit 3% on Friday for the first time in months, which sent shares of bank stocks higher.

"I do see a lot of bifurcation today,"said TheStreet's founder and Action Alerts PLUS Portfolio Manager Jim Cramer.

Cramer likes the recently announced executive changes at Goldman Sachs (GS) because the bank needs to get away from trading. 

 

More from Video

Here's One Reason Why the Markets Have Become Resilient to Trade Worries

Here's One Reason Why the Markets Have Become Resilient to Trade Worries

Jim Cramer: Walmart, Nike and FedEx Point to a Strong US Economy

Jim Cramer: Walmart, Nike and FedEx Point to a Strong US Economy

Jim Cramer: The US Has Leverage Over China

Jim Cramer: The US Has Leverage Over China

Jim Cramer Talks China, Walmart, Nike, FedEx and More

Jim Cramer Talks China, Walmart, Nike, FedEx and More

Wall Street Is Probably Too Optimistic on Stocks, Sell Now

Wall Street Is Probably Too Optimistic on Stocks, Sell Now