Jim Cramer Says "Charlie's Turned Wells Fargo into a Hub of Commerce"

Wells Fargo & Company (NYSE:WFC) is one of the stocks Jim Cramer recently discussed. Cramer made some positive comments about the CEO, Charlie Scharf, as he said:

“But do you know Charlie Scharf? Well, you should. He runs Wells Fargo. In fact, he saved Wells Fargo after one of the worst non-existential scandals in banking’s history. Charlie’s all about reliable positive earnings. He’s about delivering, but he hasn’t been able to deliver because seven long years ago, the Federal Reserve slapped an asset cap on Wells Fargo. It was devastating, and Charlie had to redo everything about this bank, top to bottom.

The Fed’s now lifted the cap, and lo behold, Charlie’s turned Wells Fargo into a hub of commerce, including corporate finance with a huge amount of stored-up capital. Today, he told an amazing story about a bank with tremendous earnings power. Wells can buy back stock, he can grow the institution, and it stands as a perfect metaphor for the real economy. And that’s why that stock led the entire S&P 500. It’s been a long time since I’ve seen a bank stock lead the S&P 500 with a 7% gain. That’s right. A bank stock had the biggest advance, making me look like a genius for once because we own Wells Fargo for the Charitable Trust.”

Wells Fargo & Company (NYSE:WFC) provides banking, lending, investment, and wealth management services.

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Disclosure: None. This article is originally published at Insider Monkey.