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Vatican Bank Gets New Management and Marching Orders From the Pope

Pope Francis
Pope FrancisPhotograph by Franco Origlia/Getty Images

Cleaning up the Vatican Bank is turning into a multi-year chore for Pope Francis.

The bank will now replace its supervisory board and top executives in the latest move by the pope to overhaul an institution tainted by allegations of mismanagement, corruption, and money laundering. The move comes ahead of an announcement, expected on Wednesday, that the bank will no longer provide asset-management services and will instead focus on financing church-related work.