Most of the major advertising holding companies — like WPP, Omnicom, Publicis Groupe, IPG, Dentsu Aegis Network and Havas — posted little to no growth in 2017, AdExchanger reports.

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Data: Yahoo Finance; Chart: Lazaro Gamio / Axios

Our thought bubble: Ad agencies, which bill a significant amount of their time to digital services, are facing the same pain on the media buying side as publishers are on the selling side. Tech has gobbled up the once-lucrative margins from traditional advertising, like print and TV, on all sides.

The pain points:

  1. The decline in ad spending in the consumer package goods category, one of the more traditionally steady ad spend verticals.
  2. The rise of digital practices in consulting firms, like Accenture and PwC, which attributed to strains on the traditional agency model.
  3. The fall of the traditional "agency of record" model, as a result of bringing programmatic and digital teams in-house.

The bright side:

  • Ad spending cuts can be cyclical, and clients reenergize their ad budgets to boost spending again once the market strengthens.
  • Training and consulting opportunities exist for agencies to help clients set up in-house digital shops.
  • An emphasis on brand safety this year will force clients to think more strategically about high-impact, custom executions that tend to be the specialty of traditional agencies. (See item #7.)

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Jeff Sessions loses Alabama Senate primary runoff

Jeff Sessions. Photo: Michael DeMocker/Getty Images

Former Attorney General Jeff Sessions has lost the Republican nomination for Senate to Tommy Tuberville in Alabama in Tuesday night’s primary runoff, AP reports.

Why it matters: Sessions had been the underdog in the race against former Auburn University head football coach Tommy Tuberville, who had the backing of President Trump. Tuberville will now face off against Sen. Doug Jones (D-Ala.) in November, who is considered to have one of the most vulnerable Democratic Senate seats in the country.

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 9 p.m. ET: 13,273,537 — Total deaths: 577,006 — Total recoveries — 7,367,106Map.
  2. U.S.: Total confirmed cases as of 9 p.m. ET: 3,424,304 — Total deaths: 136,432 — Total recoveries: 1,049,098 — Total tested: 41,764,557Map.
  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.