Regulators criticise banks over Uber loan: sources

A photo illustration shows the Uber app logo displayed on a mobile telephone, as it is held up for a posed photograph in central London, Britain October 28, 2016. REUTERS/Toby Melville/Illustration

Federal regulators criticised several Wall Street banks over the handling of a US$1.15bil (RM5.14bil) loan they helped arrange for Uber Technologies Inc this past summer, according to people with knowledge of the matter. 

Led by Morgan Stanley, the banks helped the ride-sharing network tap the leveraged loan market in July for the first time, persuading institutional investors to focus on its lofty valuation and established markets rather than its losses in countries such as China and India.