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May 28, 2012

Vatican bank board fires president, citing neglect of duties

Ettore Gotti Tedeschi, president of the Vatican bank, was fired May 24 by the bank's board of directors, who censured him for neglecting his duties amid worsening management problems. Tedeschi is pictured in a 2010 photo in Rome.

VATICAN CITY - Ettore Gotti Tedeschi, president of the Vatican bank, was fired May 24 by the bank's board of supervisors, who censured him for neglecting his duties amid worsening management problems.

The board of the bank, formally known as the Institute for the Works of Religion, issued an unusually blunt statement through the Vatican Press Office, noting that members had repeatedly expressed concern to Gotti Tedeschi about the bank's "governance," but that the "situation has deteriorated further."

Published in International
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