Morgan Stanley public finance co-head leaves for TD

Morgan Stanley co-head of public finance investment banking Zach Solomon has left the bank to join TD Securities, Bloomberg reported on Saturday, citing people familiar with the matter.

Solomon left Morgan Stanley during the week and confirmed his departure on Friday, September 25, while declining to comment further. A Morgan Stanley representative declined to comment, and a TD Securities spokesperson did not respond to requests for comment.

During his tenure at Morgan Stanley, Solomon served as the lead banker on more than $5 billion of bond sales for Brightline, the privately owned Florida passenger railroad connecting Miami and Orlando. His exit coincides with financial troubles at the rail operator, which filed for Chapter 11 bankruptcy protection on Thursday, September 24, after years of revenue shortfalls left it unable to repay billions borrowed to fund the route. Brightline's operating company is excluded from the filing, allowing passenger trains to run during restructuring.

The hire comes as TD Securities expands its municipal bond operations and U.S. public finance business. The Canadian firm has recently added sales staff from JPMorgan Chase and Cantor Fitzgerald while building out its public finance presence in Texas.