Photo by Richard Levine/Corbis via Getty Images

BlackRock is laying off 500 employees around the world, or about 3% of its workforce, as the world's largest asset manager grapples with "market uncertainty" and evolving "investor preferences," according to an internal memo obtained by Axios. It's unclear in which units within BlackRock the job cuts will occur.

The big picture: BlackRock and other asset managers had a tough 2018 with market volatility and pressure from lower-fee options across the industry, with shares of BlackRock falling more than 20% last year. In the memo, BlackRock President Rob Kapito said the cuts will allow the firm to continue to reinvest in high-growth markets and technology.

Go deeper

Updated 56 mins ago - Politics & Policy

Former Trump campaign manager Brad Parscale hospitalized

Brad Parscale, the former campaign manager for President Trump's re-election campaign, at Drake University in January in Des Moines, Iowa. Photo: Tom Brenner/Getty Images

Fort Lauderdale police arrived at former Trump campaign manager Brad Parscale's home on Sunday after his wife called and said he was threatening to harm himself, Florida officials confirmed to Axios.

Details: Fort Lauderdale Police Sgt. DeAnna Greenlaw told Axios officers responded to a report of "an armed male attempting suicide" just before 4 p.m. local time.

Updated 3 hours ago - Science

California wine country wildfire prompts evacuations

The scene of the Glass Fire in St. Helena, in Napa County, California, on Sunday. Photo: Josh Edelson/AFP via Getty Images

Firefighters in the western U.S. were facing "critical fire weather conditions," as a rapidly spreading new wildfire in Northern California prompted fresh evacuations Sunday.

Why it matters: Wildfires have burned a record 3.6 million acres in California this year, killing 26 people and razing over 7,600 structures, per Cal Fire. Utility provider Pacific Gas & Electric cut power to 11,000 customers early Sunday and planned outages for 54,000 others later in the day because of fire risks.

Dan Primack, author of Pro Rata
3 hours ago - Politics & Policy

Judge temporarily blocks Trump's TikTok ban

Illustration: Sarah Grillo/Axios

A federal court judge on Sunday granted TikTok's request for a temporary restraining order against a ban by the Trump administration.

Why it matters: Americans will be able to continue downloading one of the country's most popular social media and entertainment apps — at least for now.