Preliminary data last month showed a 1.5 percent increase. Mining production, which includes oil drilling, increased 0.4 percent, reflecting stabilization in the price of oil and other commodities. Last month, industrial production was supported by a 0.2 percent rise in manufacturing output, which followed a 0.5 percent drop in August. The utilities index fell 1.0% in September after falling 0.3% in August.
Oberhelman in the CEO role, effective January 1. Current board member Dave Calhoun will become non-executive chairman when Oberhelman retires. The company experienced the highest sales and revenues in 2012 under Oberhelman's tenure. Since then, trends have been decidedly more challenging, as revenue has fallen by almost one third over the past four years, and Oberhelman has been tasked with multiple lay-offs and reorganizations.
The scheme resulted in a $185 million settlement with federal regulators in September and the termination of about 5,300 employees. The company initially attempted to play down the problem, noting that the 5,300 employees fired over five years totaled only a small portion of its workforce.
Customer checking-account openings fell 25% during September, while credit-card applications sank 20% and customer visits with branch bankers were down 10%, the company said. Buried underneath all of the discussion of the scandal, however, was a solid quarter. Total revenue increased 1.8 percent to $22.3 billion, exceeding analysts' expectations.
But the gains faded as the day wore on. Banks and technology companies are falling the most. Uncertainty over the US presidential race as the November 8 vote looms and the chance for extra bank regulation could be adding to weight for financials, he said.
The split of the CEO and chairman roles had been called for by regulators, and it should be viewed as a positive move by investors, as far as accountability is concerned. The revelations tarnished the lender's reputation and upended a successful focus on cross-selling - the practice of pitching additional products to legions of customers.