Out-of-control wildfires are ripping across parts of Los Angeles, leading to at least five deaths, burning down hundreds of buildings, and prompting more than 130,000 people to flee their homes in America's second-largest city.

By Jorge Garcia and Lisa Richwine LOS ANGELES (Reuters) -Firefighters on Wednesday confronted persistently strong and dry winds fueling two giant wildfires that have terrified Los Angeles for eight days,

With the immediate threat of the deadly Palisades and Eaton wildfires over, attention now turns to the seemingly immeasurable cost of the recovery. “This turns into a money story,” says KTLA consumer reporter David Lazarus.

The Los Angeles area is home to large industry players like Capital Group, TCW Group and hedge funds Oaktree Capital and Ares Management. In total, firms in Los Angeles manage more than $4 trillion of the $132 trillion in global assets managed in the United States.