Morgan Stanley public finance co-head Zach Solomon joins TD Securities

Investing.com··US·Read original
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Summary · why it matters

Morgan Stanley co-head of public finance investment banking Zach Solomon has left the firm to join TD Securities, Bloomberg reported, citing people familiar with the matter. Solomon departed Morgan Stanley this week and confirmed his departure Friday, declining further comment; a Morgan Stanley representative also declined to comment, and a TD Securities spokesperson did not respond to Bloomberg's request for comment. At Morgan Stanley, Solomon served as 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, adding sales employees from JPMorgan Chase 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 it unable to repay billions of dollars borrowed to finance its Florida railroad; the filing does not include Brightline's operating company, allowing its passenger trains to continue running during the restructuring.

Impact on assets 3

Financials± Mixed · 2 stocks
Toronto Dominion Bank
TD
▲ PositiveCapitalrelevance

TD Securities hires Morgan Stanley's public finance co-head and expands its municipal bond and public finance operations.

Morgan Stanley
MS
▼ NegativeCapitalrelevance

Morgan Stanley loses its co-head of public finance investment banking, Zach Solomon, who departed the firm.

Digital Finance & Tokenization▲ · 1 stocks

Off-coverage companies 1

Cantor FitzgeraldPrivate± Mixed
relevance

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