Morgan Stanley public finance co-head Zach Solomon leaves for TD – Bloomberg
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Investing.com — Morgan Stanley (NYSE:MS) co-head of public finance investment banking Zach Solomon has left the Wall Street firm to join TD Securities, Bloomberg reported exclusively, citing people familiar with the matter.
Solomon departed Morgan Stanley this week, according to the report. He confirmed his departure when contacted Friday but declined to comment further.
A Morgan Stanley representative also declined to comment, and a TD Securities spokesperson did not respond to Bloomberg’s request for comment.
During his time at Morgan Stanley, Solomon served as the firm’s lead banker on more than $5 billion of bond sales for Brightline, the privately owned Florida passenger railroad connecting Miami and Orlando.
His move comes as TD Securities expands its municipal bond operations. The firm has been adding sales employees from JPMorgan Chase (NYSE:JPM) and Cantor Fitzgerald and building its public finance banking presence in Texas.
Solomon’s departure also coincides with financial difficulties at Brightline, which filed for Chapter 11 bankruptcy protection on Thursday after years of revenue falling short of expectations left the company unable to repay billions of dollars borrowed to finance its Florida railroad.
Brightline’s financing had attracted attention in the municipal bond market for its structure. Solomon discussed the importance of “telling the Brightline story” when marketing the company’s financing in a 2024 interview with The Bond Buyer.
The bankruptcy filing does not include Brightline’s operating company, allowing its passenger trains to continue running during the restructuring process.
TD Securities’ hiring of Solomon adds an experienced municipal finance banker as the Canadian bank builds out the business. The move follows its recruitment of municipal bond sales staff and broader push to strengthen its U.S. public finance operations.
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