Jim Cramer Digs Into Bank Earnings, Says This Stock Still Has Some Issues

On CNBC’s “Mad Money Lightning Round," Jim Cramer said the upbeat third-quarter earnings released last week from big banks have changed the tone of the stock market, which has recently seen some sharp volatility.

Although Citigroup Inc’s C numbers came in better than expected, the quarter still had “some issues,” he said. While the bank didn’t make much progress last quarter, there were no “real setbacks either.”

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Cramer pointed out that Goldman Sachs Group Inc GS reported a blowout quarter on Friday, with earnings and sales coming in much better than expected. The bank’s stock also jumped around 4% following the results. Even if the bank doesn’t make a single penny in the current quarter, this would still be its best year on record, he added.

Price Action: Shares of Citigroup gained 2.1% to close at $72.29 on Friday, while Goldman’s stock rose 3.8% to settle at $72.29.