Efforts to fix the Vatican’s broken finances helped restore confidence among big givers. But the work isn’t finished.

World leaders and pilgrims descended on St. Peter’s Square this morning to bid an emotional farewell to Pope Francis. Next, the hard work of selecting a new pope begins. And whomever the 135 cardinal electors select will inherit not only a church divided by politics but a financial basket case.

Donor groups tell DealBook that they’ll be watching closely — and praying.

The Roman Catholic Church presides over an enormous portfolio of real estate, art and other investments; the so-called Vatican bank manages roughly $6 billion in assets, but has been rocked by a string of corruption scandals over the years.

Francis worked to restore confidence in the Vatican’s finances, a push that succeeded in drawing in donors. But with a succession fight about to begin, big questions loom over whether those efforts will continue

Keep reading this article on Andrew Ross Sorkin - DealBook Section Business New York Times.

Leave a Reply