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 behavior. Now he’s fighting back.
D.E. Shaw fired Daniel Michalow, a senior portfolio manager in the firm’s discretionary macro group, after the $50 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 behavior, 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.
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.
In markets news:
- Elon Musk just dished out millions of his own money as part of his war against Tesla haters
- BlackRock’s $1.8 trillion bond chief shares an epiphany he had that reshaped his entire economic outlook
- Wall Street is getting nervous about a red-hot part of the market
- BANK OF AMERICA: There are 2 key levels everyone should be watching in the stock market right now
- A Wall Street strategist explains how much tech you should have in your portfolio
- The former CFO of Netflix is in another ‘knife fight,’ but this time he’s trying to help Spotify do something that’s never been done before
- Disgruntled Amazon customers are complaining that their packages keep arriving late, and it could be an ominous sign for Prime
- Microsoft CEO Satya Nadella’s ‘revelation’ led to a $100 million database business that’s taking on Google, Oracle, and Amazon
- New research shows Netflix’s big bet on the future is working, as it continues to outpace its competition