Here’s what’s been happening on Wall Street overnight

BRENDAN SMIALOWSKI/AFP/Getty ImagesElon Musk, CEO of SpaceX and Tesla.

Welcome to Finance Insider, Business Insider’s summary of the top stories of the past 24 hours. Sign up here to get the best of Business Insider delivered direct to your inbox.

A longtime D.E. Shaw portfolio manager says he was unfairly terminated after an investigation into allegations of inappropriate behaviour. Now he’s fighting back.

D.E. Shaw fired Daniel Michalow, a senior portfolio manager in the firm’s discretionary macro group, after the $US50 billion fund conducted an investigation into the high-profile portfolio manager in March. The investigation was sparked after Michalow allegedly said to a former assistant that one of the requirements for hiring a new assistant was someone that he could “call sugar tits,” people familiar with the matter told Business Insider.

The firm’s human-resources department launched a formal investigation during which several women came forward with complaints about his behaviour, the people said. Michalow was then temporarily suspended before his firing.

Michalow wrote a five-page letter to firm founder David Shaw on May 7 that was obtained by Business Insider. Michalow confirmed to Business Insider by email that he had sent the letter to Shaw, but declined to comment further on his departure from the firm.

Here’s our story. And here’s the memo D.E. Shaw sent to employees in the fallout from the firing.

Elsewhere in finance news, a leaked internal document shows that changes are coming to the Chase Sapphire Reserve that will devalue its famously generous perks.

And in deal news, pharma dealmaking is starting to heat up with Takeda’s $US62 billion Shire deal – here’s who likely to get acquired next.

In markets news:


NOW WATCH: Money & Markets videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.