Cramer Calls Goldman Sachs A Standout, Bank Of America The 'Amazon Of Bank Stocks'

Big bank earnings season continued Wednesday with every bank showing impressive results thus far, Jim Cramer said during CNBC's "Squawk Box" segment.

Standouts

Investors who hate the big bank sector should recognize the group was "already hated" heading into earnings season, Cramer said. Many big bank stocks have "come down so much" from their highs to the point where it's now "too cheap." The banking sector as a whole reported impressive reports and have "done great things."

Among the standouts in the big bank sector is Goldman Sachs Group Inc GS, which reported an impressive 15.3-percent increase in its full year tangible book value per share at $207.36, Cramer said. But the company needs to demonstrate a change of tone in its conference call and exclaim to investors it is in good shape. This would mark a contrast from prior conference calls where the tone was the company "didn't do well and we aren't in good shape."

Amazon Of Banks

Bank of America Corp BAC showed it's a "growth stock" after its earnings report and reported "the best so far," Cramer said. In fact, the company's recent success in digital initiatives makes it the Amazon.com, Inc. AMZN of banks since it's "making so much money off the digital customer and the digital customer is happy."

Bank Of America is "far more forward" looking than any other bank and it's "doing so much right" and looking forward the stock will command a premium multiple to the group.

Bank of America traded up more than 7 percent Wednesday to $28.49 per share.

Goldman Sachs traded up 8 percent to $194.47 per share.

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