Jim Cramer on Wells Fargo: In Charlie Scharf 'We Trust...Sometimes'

Author:
Publish date:
Video Rating:
TV-G
Video Duration:
2:21

Wells Fargo  (WFC) - Get Report is making some moves.

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.

Recap TheStreet Live: Everything Jim Cramer Is Watching in the Markets Tuesday