Vatican Restructures Scandal-Hit Bank, Vows Transparency

The Vatican on Wednesday said it would separate its bank's investment business from its Church payments work to try to clean up after years of scandal, and vowed to become a "model of financial transparency". French businessman Jean-Baptise de Franssu was named as the new head of the bank, officially known as the Institute for Works of Religion (IOR), succeeding German lawyer Ernst Von Freyberg, who has run the bank since February 2013.

Related Videos


  • Vatican Restructures Scandal-Hit Bank, French Financier Is New Head

    The Vatican on Wednesday said it would separate its bank's investment business from its Church payments work to try to clean up after years of scandal, and vowed to become a "model of financial transparency". Australian Cardinal George Pell, head of the Vatican's recently formed Secretariat for the Economy, told a news conference that the move was necessary in order for his department to "exercise its responsibilities of economic control and vigilance" over all Vatican departments.

  • Restructuring Scandal-Hit Vatican Bank

    Child abuse allegations have rocked the Catholic Church in recent years. And the Vatican bank - which handles church funds - is also being cleaned-up. The accounts of more than 2,000 clients have been blocked and 3,000 "customer relationships" ended. The clean-up has almost wiped out profit at the bank - officially known as the Institute for Works of Religion. In 2012 it made almost 87 million euros, last year the figure was less than 3 million.

  • Vatican Overhauls Scandal-Hit Bank

    Extensive reforms of the scandal-hit Vatican bank have been announced with the entire senior management team being replaced.

  • Restructuring Scandal-Hit Vatican Bank

    Child abuse allegations have rocked the Catholic Church in recent years. And the Vatican bank, which handles church funds, is also being cleaned-up.

  • Davos 2014: Ernst & Young Talks Growth

    One of the world's biggest accounting firms, Ernst & Young says it is hiring 50,000 new employees this year and another 60,000 next year. CEO, Mark Weinberger spoke to Reuters Axel Threlfall about the companies recruitment plans and how to achieve sustainable growth.

  • UK Lawmakers Set Date for Google, Ernst & Young Tax Grilling

    A panel of UK lawmakers will next week grill representatives from Google Inc and its auditor, Ernst & Young, following a Reuters report that highlighted inconsistencies in Google's statements about its UK activities. In the meantime, Facebook is planning to buy Waze.

  • Pope Francis Offers Condolences On Szoka's Death

    Pope Francis says he offers his "heartfelt condolences" to the Detroit archdiocese over the death of Cardinal Edmund Szoka (SHAH'-kuh). The pope sent a note to Detroit Archbishop Allen Vigneron on Thursday, a day after Szoka's death. In it, Francis says he recalls "with gratitude the late cardinal's tireless episcopal ministry." In addition to leading Detroit's Catholics, Szoka later served as the governor of Vatican City.

  • How the Vatican Bank's Embrace of English May Change Everything

    The Catholic Church's Vatican Bank already is making sweeping changes, including replacing the all-Italian panel.

  • Spain's Bankia Vows Transparency

    The head of Spain's fourth-largest bank, Bankia, has promised more transparency, a day after announcing huge losses and asking for a bailout.

  • Deadline for Swiss Banks' Transparency

    Switzerland's private banks must declare on Monday whether they will sign up to a US transparency agreement aimed at ending tax evasion. Imogen Foulkes reports.

  • Vatican Bank Faces Fresh Money-Laundering Scandal As JP Morgan Closes Account

    The Vatican bank is facing a possible money-laundering scandal after it emerged JP Morgan was closing one of its accounts due to a lack of information about the source of deposits, Italian newspapers report.

  • 'Cash Only' at the Vatican

    Visitors to the Vatican should come prepared - with lots of cash. Italy has blocked the use of credit and debit cards in the tiny city state. Rome's concerned about a lack of financial transparency there. The move is a blow for the Holy See, as sales of souvenirs, stamps and admission tickets to people visiting attractions like the Sistine Chapel is one of its biggest sources of income. In 2011, 5 million visitors brought in over 91 million euros.

Other Advice Videos


  • Louise Langheier on Two Ways to Give Better Career Advice

    In Chapter 7 of 21 in her 2014 Capture Your Flag interview, social entrepreneur Louise Langheier answers "How Have You Learned to Give Better Advice When People Ask You For Help?" Langheier shares two ways she has learned to give better advice. The first is honing in on the specific question the person seeking advice is really trying to answer. The second is appreciating the learning experience that comes with being asked to give advice.

  • Rihanna's Creative Director Got Career Advice From a Horse

    Think of the best career advice you ever received. Who gave it to you? Your mom? Your mentor? Ahem, your favorite website? Well, Ciarra Pardo, best known as Rihanna's creative director, got her best advice ever from her horse.

  • Conrad Doucette on Giving Better Advice When Asked for Help

    In Chapter 17 of 17 in his 2013 Capture Your Flag interview, musician and digital strategist Conrad Doucette answers "How Have You Learned to Give Better Advice When People Ask You For Help?" Doucette puts himself in the shoes of the person asking for advice. In his younger years he would have dispensed advice based on his point of view rather than the perspective of the person asking for advice. Conrad Doucette is a Brooklyn musician and the drummer for the band Takka Takka.

  • Most Advisers Aren't Afraid of "Robo" Advice

    Online investment services aren't just for young clients and low-balance accounts; "robo" advice can help any wealth advisory firm grow, says Bernie Clark, the head of Schwab Adviser Services. "Robo" advice is complementary and an opportunity, Mr. Clark says.

  • The Making of Me: Life Advice from Successful and Inspiring Women

    5 remarkable women share their stories in Glamour’s new series, “The Making of Me.” Whether you’re starting over or starting your own business, trying to balance work and motherhood, or searching to uncover your true passion in live, you’ll find inspiration and advice as these women reveal their journey to becoming who they are today.

  • Mark Graham on Essential Advice Every Intern Needs to Know

    In Chapter 14 of 15 in his 2013 Capture Your Flag interview, media executive Mark Graham answers "How Have You Learned to Give Better Advice When People Ask You For Help?" Graham shares what he does to counsel interns on how to build career skills in an internship and get a full-time job working in media and entertainment. He shares the importance of making connections and keeping in touch with your professional network. Additionally, he shares the importance of saying yes and taking initiative.

  • 'The Daily Show’s' Samantha Bee and Jessica Williams Share Workplace Advice

    You know them from Comedy Central’s The Daily Show with Jon Stewart, and now Glamour’s Editor-in-Chief Cindi Leive sits down with the hilarious (and super-smart) Samantha Bee and Jessica Williams for a few workplace Dos and Don’ts.

  • The Best Money Advice from Your Mom

    What was the best money advice you ever got from Mom?