Cramer's Morning Take: Goldman Sachs & Wells Fargo 5/30/25

Jim Cramer (0:00)

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SPEAKER_2 (0:13)

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Jim Cramer (0:17)

I'm Jim Cramer, and you're about to hear a sample taken directly from today's CNBC Investing Club morning meeting.

Jeff Marks (0:25)

Diamondback lowered their capex when they reported Cotara did as well for oil. So you're seeing a little bit of a move there. At the same time, there was actually a deal today in the oil patch, EOG, paying 5.6 billion to buy Encino. This is in the Utica basis. I only pointed out because Goldman was a financial advisor.

Jim Cramer (0:47)

I went to there. I mean, you got not guessed. Now the interesting thing about EOG, they are very disciplined. They have not done deals. So this is a very significant piece of paper you're talking about.

Jeff Marks (0:56)

Well, I bring it up only also because Goldman was the advisor on the deal. They're also going to be providing the financing on the debt. So we continue to track this nice little rebound we're seeing in M&A activity. Of course, the big deal was Salesforce Informatica. IPO is improving as well.

Jim Cramer (1:13)

My friends at Goldman, I still have a substantial number, because I did work there in the 80s. But believe it or not, there's great loyalty among Goldman people. I'm hearing many deals after the, went back to 10%.

Jeff Marks (1:26)

The reciprocal tariff.

Jim Cramer (1:27)

Yeah, deal chat really, really picked up. Nothing yet, nothing yet. But we saw this, this is important.

Jeff Marks (1:33)

And we heard that from Waldron yesterday at a conference, we heard about this in the home stretch, that 2Q may be a little bit lighter than Q1. But if you look forward in the strong pipeline what they have and the pen of demand and deals, we're starting to see that play out. So it certainly could be stronger if you're a new member. Yeah, look, if you don't own any, yeah, it's interesting. We own a lot, obviously. It's one of the largest positions in the portfolio.

Jim Cramer (1:59)

Jeff and I go back and forth. I want to be bigger in Capital One. I want to be bigger in Goldman. And I want to be bigger in Wells Fargo.

Jeff Marks (2:07)

Yeah, Wells Fargo. Good news. Yesterday, I confirmed the termination of the 2015 OCC agreement. So this is the 13th consent order closed since 2019 and the 7th since the start of the year. Just incredible progress that they've made. There's only one left, and that is the 2018 consent order with the Federal Reserve. So all this progress, really good sign that maybe it gets lifted this year. RBC's Gerard Cassidy wrote in a note, he thinks it could be lifted in the second quarter, end quote, and possibly very soon, this would be a huge win for them.

Jim Cramer (2:38)

I think this bank has been tainted by that. I think the buyback, as aggressive as it has been, can get even more aggressive. I think the actual core business is good. Don't forget he brought in some serious people on M&A. I think Charlie Scharf is a fantastic banker, and if you just joined, buy it. Start your day with my outlook on the daily market every morning at 10:20 a.m. Visit cnbc.com/morningtake to access all the benefits of being a CNBC Investing Club member.

SPEAKER_2 (3:12)

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Jim Cramer (3:55)

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