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.”
MarketAxess, HSBC,Beeks Group: Executive Moves of the Week
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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