Gerald Herbert / AP

Ascension, the largest Catholic not-for-profit health system in the country, will become even larger after agreeing to acquire Presence Health, the largest Catholic hospital system in Illinois.

The numbers: Ascension — with 141 hospitals and more than $22 billion in annual revenue — has had decent profit margins while Presence Health has been losing a lot of money on its 12 hospitals and $2.7 billion in annual revenue. Financial terms of the deal were not disclosed, but based on Presence Health's financial statements and recent going rates for hospital transactions, the deal could be worth at least $1 billion — and possibly a lot more.

Why it matters: Hospital and health system consolidation is a continuing trend and almost always results in higher prices for patients.

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Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 6 p.m. ET: 13,203,571 — Total deaths: 575,201 — Total recoveries — 7,331,068Map.
  2. U.S.: Total confirmed cases as of 6 p.m. ET: 3,407,798 — Total deaths: 136,252 — Total recoveries: 1,031,939 — Total tested: 41,004,275Map.
  3. Politics: Biden welcomes Trump wearing mask in public but warns "it’s not enough"
  4. Public health: Four former CDC heads say Trump's undermining of agency puts lives at risk — CDC director: U.S. could get coronavirus "under control" in 4–8 weeks if all wear masks.

Bank CEOs brace for worsening economic scenario

JPMorgan CEO Jamie Dimon. Photo: J. Lawler Duggan/For The Washington Post via Getty Images

Wells Fargo swung to its first loss since the financial crisis — while JPMorgan Chase and Citigroup reported significantly lower profits from a year earlier — as the banks set aside billions of dollars more in the second quarter for loans that may go bad.

Why it matters: The cumulative $28 billion in loan loss provisions that banks have so far announced they’re reserving serves as a signal they’re preparing for a colossal wave of loan defaults as the economy slogs through a coronavirus-driven downturn.

2 hours ago - Health

Moderna's vaccine spurred immune system response to coronavirus

Moderna's stock rose 16% after hours on this news. Photo: Jakub Porzycki/NurPhoto via Getty Images

Healthy volunteers who took Moderna's coronavirus vaccine candidate appeared to generate an immune system response to the virus, and there were "no trial-limiting safety concerns," according to a new study published in the New England Journal of Medicine.

Why it matters: The phase one trial is still small and does not definitively determine how effective the vaccine is. But Anthony Fauci of the National Institutes of Health, which is running the trial, told the Wall Street Journal that these data make it "pretty clear that this vaccine is capable of inducing quite good [levels] of neutralizing antibodies."