CNBC’s Jim Cramer on Tuesday praised Goldman Sachs for its ability to course-correct after making mistakes, citing a new report about a possible exit of a challenged business. Goldman Sachs is in discussions to sell its credit card partnership with General Motors to Barclays, according to The Wall Street Journal. A move in this direction would be part of the bank’s multiyear effort to step away from consumer banking. Last year, the Journal reported Apple and Goldman were winding down their credit card relationship. GS YTD mountain GS year to date performance. “I continue to like the stock of Goldman Sachs because … they make mistakes and then they change,” Cramer said on ” Squawk on the Street .” Shares of Goldman, where Cramer worked early in his Wall Street career, were modestly lower Tuesday. “If Goldman comes down [more], you buy the stock because when you get out of these things that are not your core competence, your stock’s going to go higher,” he said. Cramer’s Charitable Trust, the portfolio used by the CNBC Investing Club, doesn’t own Goldman but does own Morgan Stanley and Wells Fargo . The Trust also has a position in Apple.
Jim Cramer: Buy Goldman Sachs on big dips because it’s willing to correct mistakes
