Jim Cramer Tells Viewers Goldman Sachs and Morgan Stanley Are “In a Club of Their Own”

Jim Cramer said Goldman Sachs has moved into a “club of their own” with Morgan Stanley, framing the call around the idea that investors are once again willing to buy bank stocks. In comments reported from CNBC’s Mad Money segment, Cramer connected the renewed attention to a broader bounce in financials and to what he described as momentum in deals and trading tied to large technology and AI-related themes.

Cramer’s remarks linked the move in banks to a wider market rotation. He said “the banks went up,” calling financials one of the most important sectors and also one that had been among the worst performers of the year. He added that Goldman Sachs and Morgan Stanley were “winning big” in a “hyperscaler stock derby,” and he pointed to recognizable peers including JPMorgan, PNC Financial Services, and Citigroup as part of a announcement, in his view, that the economy could be healthier than markets had priced in.

In a separate set of comments attributed to a Mad Money episode from June 2, Cramer described an approach to finding bargains among stocks in the S&P 500 that had been heavily neglected. He said the “most miserable part” of the market was banks, and he argued that investors had lost faith in bank equities because of credit worries. He then focused specifically on investment banks, saying firms like Goldman Sachs and Morgan Stanley have “relatively little exposure to consumers,” and he characterized them as “monstrously good stocks to own,” while saying he had a big position for “the Trust.”

Goldman Sachs is organized around investment banking and capital markets activities, alongside asset and wealth management. The firm describes its Global Banking & Markets franchise as including investment banking, trading and risk capabilities through fixed income, currencies and commodities as well as equities, and transaction banking. It also runs Asset & Wealth Management, which the company presents as spanning asset management and private wealth management, plus Platform Solutions businesses such as Marcus and enterprise partnerships.

Morgan Stanley operates in a similar set of lines, with an Institutional Securities segment focused on investment banking and sales and trading for institutional clients, along with wealth and investment management businesses. On its website, the firm outlines products and services such as underwriting and financial advisory (including mergers and acquisitions and restructurings), prime brokerage, and corporate lending and credit products in its Institutional Securities unit. Those distinctions are relevant to the argument Cramer made about consumer credit exposure, although he did not provide details or numbers in the reported excerpts.

The exchange matters because Cramer’s framing aligns with a common investor divide within banking. Investment banks and trading-focused firms often perform differently than banks whose earnings depend heavily on retail lending. When markets swing toward financials, attention can shift quickly to whether credit conditions are stabilizing and whether dealmaking and markets activity are supporting revenue.

Still, important parts of the story are unclear from the available reporting. The original Yahoo Finance article that carried the item was not accessible during research due to rate limiting, so the televised remarks were taken from a secondary write-up that quotes and paraphrases Cramer’s comments. That secondary account did not specify what, exactly, “hyperscaler stock derby” refers to, how Cramer defined “relative” consumer exposure, or the size and timing of his “Trust” position. What to watch next are upcoming disclosures from the firms around credit quality, investment banking fees, and markets performance, which are the areas investors typically monitor when Cramer’s thesis is tested by quarterly results.