Robert Mercer. Photo by Oliver Contrera/ Getty Images

Prominent Trump backer Bob Mercer will step down as co-CEO of investment firm Renaissance Technologies at year-end, according to a memo viewed by Bloomberg.

Why it matters: Renaissance is known in financial circles as a quantitative hedge fund pioneer, and reportedly has around $45 billion in assets under management. But Mercer arguably has become better known in political circles for his deep support of President Trump, which is an outgrowth of his existing relationship with Steve Bannon and Breitbart News.

Succession plan: Mercer and Peter Brown were named co-CEOs of Renaissance in 2010, following the retirement of firm founder James Simons. Brown will run the firm solo beginning January 1, while Mercer plans to remain on the firm's technical staff.

Mercer also released a statement on Breitbart, Steve Bannon and Milo Yiannopoulos:

"The press has also intimated that my politics marches in lockstep with Steve Bannon's. I have great respect for Mr. Bannon, and from time to time I do discuss politics with him. However, I make my own decisions with respect to whom I support politically. Those decisions do not always align with Mr. Bannon's.
"Without individuals thinking for themselves, society as a whole will struggle to distinguish the signal of truth from the correlated noise of conformity. I supported Milo Yiannopoulos in the hope and expectation that his expression of views contrary to the social mainstream would promote the type of open debate and freedom of thought that is being throttled on many American college campuses today. But in my opinion, the actions and statements by Mr. Yiannopoulos have caused pain and divisiveness undermining the open and productive discourse that I had hoped to facilitate. I was mistaken to have supported him, and for several weeks have been in the process of severing all ties with him.
"For personal reasons, I have also decided to sell my stake in Breitbart News to my daughters."

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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 5 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.