Barclays expands distressed credit team

Barclays has appointed Michael Khouri from Morgan Stanley.

UK investment bank Barclays has expanded its distressed credit team with the appointment of Michael Khouri, Reuters has reported.

Khouri joins Barclays following 10 years at US bank Morgan Stanley, where he served on the senior distressed credit team. Before that he held posts at Jefferies and the now-defunct investment bank Lehman Brothers.

In his latest role, Khouri will work with Dan Friedman, the head of Barclays European high yield and distressed credit trading at the team. According to Reuters, he is expected to start his new job in September. A source at the bank said that the appointment is a demonstration of the strength of the credit business and optimism at the bank.

The news follows Barclays’ statement that it will not “break our stride” amid the UK’s decision to leave the European Union in a vote held last Thursday.

“Barclays has stood in service of our customers and clients for over 325 years,” the bank said in a statement issued 24 June.

It continued: “That does not change today. And through the uncertainty of the months ahead, be in no doubt that we are ready to do whatever it takes to uphold that promise.”