Alex Hardiman. Photo: Burhaan Kinu/Hindustan Times via Getty Images

Alex Hardiman, head of news products at Facebook, is joining The Atlantic as Chief Business and Product Officer, where she'll lead product, audience experience, and consumer revenue efforts for the magazine turned digital enterprise.

Why it matters: Hardiman, a New York Times product veteran of ten years, led the team that built dozens of news products at Facebook. She joins The Atlantic not only with one of the strongest news product backgrounds in the market, but also with a unique sense of how to manage the difficult balance of business and editorial needs.

The details: In a note to staff, The Atlantic president Bob Cohn says Hardiman will be dedicated to "elevating the user experience on desktop and mobile, newsletters, podcasts, video, apps, virtual reality, and smart speakers."

  • Hardiman will also be responsible for helping to shape and expand The Atlantic’s digital consumer business, which includes its recently-launched membership program, The Masthead.

Hardiman's hire is part of a larger expansion at The Atlantic. In February, the company announced it would be adding 100 new staff across various departments, including in product, engineering, data, audience development, and consumer marketing — departments Cohn says have doubled in staff in the past year.

Our thought bubble: This is a sophisticated hire for Atlantic, which is pushing to invest more heavily in product and technology under the leadership of its new majority owner, Emerson Collective.

Note: Emerson Collective is an investor in Axios.

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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 4 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.