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Pope Replaces Vatican Bank Managers as Profit Drops 97%

Pope Francis plans to replace the board and executives at the Vatican Bank after a year of reorganization at the scandal-plagued institution in which more than 2,000 accounts were blocked and profit dropped 97 percent.

“With the support of the Holy Father and the Council of Cardinals, we are creating simpler, more efficient structures for those serving the mission of the Catholic Church,” Cardinal-Prefect George Pell said today in an e-mailed statement. Net income at the bank, known as the Institute for Religious Works, or IOR, plummeted to 2.9 million euros ($3.9 million) from 86.6 million euros in 2012.