Drawing upon a pool of qualified financial personnel, Pope Francis has turned to veteran specialists from Goldman Sachs, Deutsche Bank AG, and Invesco to help curb rampant corruption and effectively overhaul the Vatican Bank.
Drawing upon a pool of qualified financial personnel, Pope Francis has turned to veteran specialists from Goldman Sachs, Deutsche Bank AG and Invesco to help curb rampant corruption and effectively overhaul the Vatican Bank.
The Vatican has been immersed in a bout of financial turmoil, dealing with an internal crisis and a pantheon of accusations warning against Money Laundering and corruption – this culminated in a series of resignations. Alternatively, both Deutsche Bank and Goldman Sachs have also been in the regulatory crosshairs recently, having each been subjected to a global string of probes regarding Forex fixing and manipulation.
Allegations of Money Laundering Despoiling Bank’s Image
The Vatican Bank itself provides financial services and advises the Catholic Church and the Holy See – however in recent years critics have pointed to the bank’s arcane infrastructure, which makes it vulnerable to money laundering given its muted nature of transaction reporting, high volumes of cash transactions, and an overall global reach.
However, despite the Pope's staunch opposition to outright capitalism, three financial industry veterans are being appointed to help remedy the deteriorating situation. The man tasked with leading the Vatican Bank as its new Chief is the former CEO of Invesco’s European operations, Jean-Baptiste de Franssu. In addition, the Bank has also brought in former Goldman and Credit Suisse Execuive Michael Hintze – joining these men will be former Deutsche Bank Chairman, Clemens Boersig.
Their collective task will be the introduction and implementation of a new model that will attempt to arbitrate the responsibilities of the Church itself, while disaggregating finances towards a new Vatican body, which will deal with asset management functions.
According to Vatican economics chief Cardinal George Pell in a recent statement on the shift in management, "Uur ambition is to become something of a model for financial management rather than a cause for occasional scandal.”
Drawing upon a pool of qualified financial personnel, Pope Francis has turned to veteran specialists from Goldman Sachs, Deutsche Bank AG and Invesco to help curb rampant corruption and effectively overhaul the Vatican Bank.
The Vatican has been immersed in a bout of financial turmoil, dealing with an internal crisis and a pantheon of accusations warning against Money Laundering and corruption – this culminated in a series of resignations. Alternatively, both Deutsche Bank and Goldman Sachs have also been in the regulatory crosshairs recently, having each been subjected to a global string of probes regarding Forex fixing and manipulation.
Allegations of Money Laundering Despoiling Bank’s Image
The Vatican Bank itself provides financial services and advises the Catholic Church and the Holy See – however in recent years critics have pointed to the bank’s arcane infrastructure, which makes it vulnerable to money laundering given its muted nature of transaction reporting, high volumes of cash transactions, and an overall global reach.
However, despite the Pope's staunch opposition to outright capitalism, three financial industry veterans are being appointed to help remedy the deteriorating situation. The man tasked with leading the Vatican Bank as its new Chief is the former CEO of Invesco’s European operations, Jean-Baptiste de Franssu. In addition, the Bank has also brought in former Goldman and Credit Suisse Execuive Michael Hintze – joining these men will be former Deutsche Bank Chairman, Clemens Boersig.
Their collective task will be the introduction and implementation of a new model that will attempt to arbitrate the responsibilities of the Church itself, while disaggregating finances towards a new Vatican body, which will deal with asset management functions.
According to Vatican economics chief Cardinal George Pell in a recent statement on the shift in management, "Uur ambition is to become something of a model for financial management rather than a cause for occasional scandal.”
FM's Editor-in-Chief Yam Yehoshua on how the newsroom evaluates stories.
FM's Editor-in-Chief Yam Yehoshua on how the newsroom evaluates stories.
FM's Editor-in-Chief Yam Yehoshua on how the newsroom evaluates stories.
FM's Editor-in-Chief Yam Yehoshua on how the newsroom evaluates stories.
Matthew Smith, Group CEO at EC Markets, speaking at FMLS:24
Matthew Smith, Group CEO at EC Markets, speaking at FMLS:24
Matthew Smith, Group CEO at EC Markets, speaking at FMLS:24
Matthew Smith, Group CEO at EC Markets, speaking at FMLS:24
Finance Magnates Annual Awards 2024 | FM Awards 2024 Highlights
Finance Magnates Annual Awards 2024 | FM Awards 2024 Highlights
🎥Catch the best moments from the Finance Magnates Annual Awards Gala Dinner!
An evening where top names in finance came together to celebrate achievements, enjoy live music, and connect over a memorable dinner. Watch the highlights and feel the energy of our first gala in Cyprus!
Congratulations to all the winners for their dedication to excellence and leadership in the financial industry, including XM, Trading PRO, FP Markets, Deriv, FxPro, LATAM, Headway, ATFX, FBS, AMEGA, EC Markets, Axi
For more information about the 1st Finance Magnates Annual Awards, visit https://bit.ly/3Zb7wNz
#FinanceMagnatesGala #IndustryExcellence #GalaHighlights #FinanceMagnatesAnnualAwards #FinanceMagnatesAwards #CelebratingSuccess #FinanceCommunity
🎥Catch the best moments from the Finance Magnates Annual Awards Gala Dinner!
An evening where top names in finance came together to celebrate achievements, enjoy live music, and connect over a memorable dinner. Watch the highlights and feel the energy of our first gala in Cyprus!
Congratulations to all the winners for their dedication to excellence and leadership in the financial industry, including XM, Trading PRO, FP Markets, Deriv, FxPro, LATAM, Headway, ATFX, FBS, AMEGA, EC Markets, Axi
For more information about the 1st Finance Magnates Annual Awards, visit https://bit.ly/3Zb7wNz
#FinanceMagnatesGala #IndustryExcellence #GalaHighlights #FinanceMagnatesAnnualAwards #FinanceMagnatesAwards #CelebratingSuccess #FinanceCommunity
FMLS:24 | Shaping the Next Era of Financial Evolution
FMLS:24 | Shaping the Next Era of Financial Evolution
Welcome to FMLS:24 – the premier event where influential brands and leaders in trading, payments, fintech, and digital assets come together!
Join over 2,500 industry professionals, engage with 150+ expert speakers, and discover endless opportunities with 70+ top exhibitors. FMLS:24 is where senior executives and decision-makers gather to close deals, forge new partnerships, and strengthen connections with long-term clients.
Whether you’re in finance, technology, or payments, this summit is your gateway to future growth, meaningful collaborations, and industry-leading insights.
👉 Don't miss out – secure your ticket now at https://events.financemagnates.com/ZQEYy0?utm_source=youtube&utm_campaign=fmls24-awareness&utm_medium=video&RefId=MLS%3A24+Video+Promo
#fmls #fmls24 #fmevents #financemagnates #forex #payments #crypto #events #london #fintech #ai #generativeai #technology #onlinetrading #forex #investing #investors #tech
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Welcome to FMLS:24 – the premier event where influential brands and leaders in trading, payments, fintech, and digital assets come together!
Join over 2,500 industry professionals, engage with 150+ expert speakers, and discover endless opportunities with 70+ top exhibitors. FMLS:24 is where senior executives and decision-makers gather to close deals, forge new partnerships, and strengthen connections with long-term clients.
Whether you’re in finance, technology, or payments, this summit is your gateway to future growth, meaningful collaborations, and industry-leading insights.
👉 Don't miss out – secure your ticket now at https://events.financemagnates.com/ZQEYy0?utm_source=youtube&utm_campaign=fmls24-awareness&utm_medium=video&RefId=MLS%3A24+Video+Promo
#fmls #fmls24 #fmevents #financemagnates #forex #payments #crypto #events #london #fintech #ai #generativeai #technology #onlinetrading #forex #investing #investors #tech
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!