Morgan Stanley brings on former Citi, J.P. Morgan employees to enhance banking team


Morgan Stanley continues to beef up its muni team with two more key hires.

Dan Tomson, Citi’s former co-head of Municipal Banking and Public Finance, and David Stephan, a former J.P. Morgan executive director, have joined the firm.

These hires come a few months after Morgan Stanley hired four former Citi public finance employees, three of whom are group heads in key public sector and structured finance businesses.

Tomson joins Morgan Stanley as a senior banker and strategic advisor where he will provide coverage for public and private sector infrastructure issuers and guidance for various department initiatives.

Over his career, he has worked as a senior banker on financings in various sectors, including general government, transportation, project finance, real estate, housing, and power.

Stephan, who has more than 23 years of experience in the healthcare industry, joins Morgan Stanley as an executive director. He will be co-head of the not-for-profit healthcare group with Adam Bryan.

At J.P. Morgan, he worked on transactions for health systems, hospitals and academic medical centers nationwide.

Dan Tomson (left) and David Stephan have joined Morgan Stanley.

“We are excited to welcome Dan and David to Morgan Stanley. Over Dan’s multi-decade career and through his work leading a top municipal franchise, he has established himself as one of the most well-respected bankers in public finance. Similarly, David brings over two decades of experience guiding clients through complex deals in the not-for-profit healthcare sector and will be a tremendous asset co-leading that team. Their combined expertise will elevate our ability to provide best-in-class solutions to our clients,” said David Gallin, co-head of Public Finance at Morgan Stanley in a statement.

Morgan Stanley ranks fifth among top underwriters year-to-date, underwriting $15.263 billion with an 8.9% market share.

The largest deals include the Florida Development Finance Corp. with $3.1 billion of $3.1 billion of low investment-grade and non-rated revenue refunding bonds for the Brightline Florida Passenger Rail Project, the California Community Choice Financing Authority with $1.1 billion of Clean Energy Project revenue bonds, the California Health Facilities Financing Authority with $1 billion of Scripps Health revenue bonds, and the Florida State Board of Administration Finance Corp. with $1 billion of taxable revenue bonds.

Morgan Stanley was among the top five underwriters last year, falling to fourth in 2023 from third in 2022. The firm accounted for $26.988 billion and a market share of 7.4%, a decrease from $27.489 billion and its market share of 7.6% in 2022.

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