Wells Fargo said it will sell Wells Fargo Asset Management for $2.1 billion to the private equity firms GTCR and Reverence Capital Partners.
The company noted that after the deal closes, it will continue to own a 9.9% equity interest in the asset-management unit and continue to serve as a client and distribution partner.
While Cramer said he doesn't quite understand the move, he said sometimes it's important to trust that a bank CEO knows what he's doing.
"In Charlie we trust, is that fair? Sometimes we say yes," Cramer said.
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