Highlight of the Week
Banks Prepare for Losses as Consumers Default
- With unemployment still high, many banks are setting aside millions to prepare for credit losses.
- Regions reported a provision for credit losses of $882 million, up from $92 million in this quarter last year, and UBS reported $272 million in credit loss expense.
Coronavirus updates (as of Monday night)
- COVID-19 has registered 14.8 million cases and 614,124 deaths worldwide. There are over 8.9 million recovered cases.
- The US has accounted for over 3.96 million cases and has surpassed 143,000 deaths. The US has registered over 1.8 million recovered cases.
- Georgia has almost 145,000 cases and 3,176 deaths.
Adobe and IBM Announce Marketing Software for Banks
- The two tech giants are teaming up to create a marketing software that will be easier to use for banks, which face strict regulations surrounding customer data.
- Adobe will create the software, and it will run in IBM’s cloud system, which has received regulatory approval.
First Trial of Moderna’s COVID-19 Vaccine Shows Promise
- The Phase 1 trial of biotech Moderna’s COVID-19 vaccine has shown positive results. The report of the trial, published in the New England Journal of Medicine, revealed that all 45 participants developed neutralizing antibodies that would combat the virus. This opens the door for Moderna to begin the next phase of testing on July 27.