Re: QA's Fault?
Programmer, QA, Audit...? It's not unheard of that the specifications that the techies get do not entirely reflect what the business needs or wants - unit tests might not pick that up. Someone on the business side, however, must have tested the bloody thing and signed off UAT results.
Although, having worked at the UK headquarter of one of the major banks at that time (later known as G-SIBs) I'm not surprised by Bob's experience - both the code and the manager's resonse.