Wells Fargo software bug penalises mortgage holders


In 2018, Wells Fargo disclosed that due to a computer bug that remained undiscovered for nearly five years 600 customers were granted more expensive mortgage loans than they could have qualified for. About 400 of them went on to lose their homes. The announcement reignited the public anger and distrust created by the bank's 2016 fake accounts scandal, which was attributed to a hard-driving, aggressive, pervasive sales culture that is difficult to change.

tags: banks, Wells Fargo, algorithms, bugs, flawed technology, corporate culture

writer: Ben McLannahan
publication: Financial Times

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