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 Bank Scandal: Accounts Frozen

    The Vatican Bank is no stranger to scandal. The latest - two of its former bank managers and a lawyer are under investigation for suspected embezzlement. It relates to property deals between 2001-2008. 29 Vatican-owned buildings were sold, mostly to Italians. The accused have had their bank accounts, containing 16 million euros, frozen. It's all part of a bid by the Holy City to try and improve the transparency of the Vatican's finances and administration.

  • 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.

  • Vatican Bank Sees Heavenly Earnings

    The Vatican bank, officially known as the Institute for Religious Works, has seen a sharp jump in its profits for 2014.The bank earned €69.3m last year, compared to just €2.9m in 2013, when it was hit by bad investments and clean-up costs.Last year the management was replaced as part of an overhaul ordered by the Pope to stamp out corruption.

  • Ernst & Young: 'Corporate Deals Set to Return to Pre-Crisis Levels'

    After a year that's been awash with multi-billion dollar deals, the number and value of mergers and acquisitions looks set to return to pre-crisis levels over the coming 12 months, consulting firm EY said Monday.

  • 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 Demotes Outspoken American Conservative Cardinal

    Pope Francis on Saturday demoted an outspoken conservative American cardinal who has been highly critical of the pontiff's reformist leadership of the Roman Catholic Church. Cardinal Raymond Burke was removed as head of the Vatican's highest court and appointed to the ceremonial post of chaplain of the charity group Knights of Malta. Burke said last month he had been told he would move to a new job but did not know when.

  • Pope Sacks Paraguayan Bishop Accused Of Protecting Abuser Priest

    The Vatican said on Thursday, Pope Francis has dismissed a conservative Paraguayan bishop who was accused of protecting a priest suspected of sexually abusing young people in the United States. The Argentinian-born pontiff has vowed zero tolerance against Roman Catholic clerics who sexually abuse minors after a series of scandals hit the Church in a number of countries around the world over many years.

  • 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.

Other Advice Videos

  • BrightScope Brothers Talk Advice and Money Mistakes

    BrightScope Brothers give their best money advice.

  • Jack Bogle's Father's Day Advice

    Vanguard founder and former CEO John C. 'Jack' Bogle tells MONEY the advice he gives his kids about managing their money.

  • Unsolicited Advice for Penny and Leonard from 'The Big Bang Theory'

    Penny and Leonard are getting married, but how do their finances stack up to where they should be?

  • Mom Knows Best: Financial Advice from Mothers

    The Money staff shares the best financial advice their mothers ever gave them.

  • Jason Anello on How to Give Better Advice When Asked for Help

    In Chapter 13 of 20 in his 2014 Capture Your Flag interview, creative director and marketing agency co-founder Jason Anello answers "How Have You Learned to Give Better Advice When People Ask You for Help?" Anello shares how giving better advice is to spend more time truly understanding the question you are asked rather than simply sharing what you did when faced with a similar situation. He finds putting himself in the other person's shoes - showing empathy - helps the advice conversation.

  • Listening to Mother's Financial Advice

    With Mother’s Day right around the corner, it is a good time to remember your mother’s tips for a better financial future. We review six suggestions that still serve as reliable advice.

  • Financial Advice for College Grads

    Here are a few money mistakes graduates should avoid and some advice they may want to follow.

  • Andrew Hutson on Finding Sources for Life Advice and Career Coaching

    In Chapter 19 of 23 in his 2014 Capture Your Flag interview, environmental advocate Andrew Hutson answers "At This Moment in Your Life, Where Are You Seeking Advice and Coaching?" Hutson shares three resources he uses for advice and coaching. First and foremost, he relies on his wife for advice giving and attentive listening. Second, he builds mentor relationships in and out of work to provide role modeling and feedback. Third, he works with an executive coach to gain insight on management.