VATICAN CITY, July 8 (UPI) -- Pope Francis will appoint a new chief banker to the Vatican Bank, with the bank reporting minimal profits for 2013 as it attempts to clean up its accounts.
The Institute for the Works of Religion, the official name for the Vatican Bank, reported a meager €2.9 million profit for 2013 as compared to a €86.6 million profit in 2012. The drop in profits is a result of the bank cleaning up its accounts and winding up investments before reforms are introduced.