U.S. Banks Face Up to US$320 Billion in Credit Write-offs in 2020 Due to COVID-19, Accenture Report Finds

NEW YORK, LONDON and HONG KONG; July 28, 2020 – As many countries across the globe shift from public-led stimulus to private-led debt to reduce the impact of COVID-19 on the financial system, the burden to keep the economy running will largely fall to private lenders. U.S. banks will set aside up to $320 billion to cover potential credit losses in 2020 due to the financial strain of the pandemic, according to a new report from Accenture (NYSE: ACN).

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