The Vatican taps French financier to head its bank in wake of 97% drop in profit

According to the Financial Post:

Jean-Baptiste de Franssu, the former head of Invesco Ltd.’s European business, was named president of the Vatican Bank as Pope Francis continues his reorganization of the Catholic Church’s scandal-tainted financial operations.

Franssu replaces Ernst von Freyberg, who was appointed by Francis’s predecessor, Benedict XVI, at the head of the Institute for Religious Works, or IOR, as the bank is known.

View article →