Antonio Altoviti's son Bindo Altoviti was appointed as Depository General, the leading banker of the Papal States and chief commissioner for collecting taxes, mainly allocated for the reconstruction of the St. Peter's Basilica. After the death of Agostino Chigi and the sack of Rome in 1527, only a few wealthy banks had the capital to prevent economic chaos. Competing with fierce Genoese bankers and the Germans Fugger and Welser; the Strozzi, Salviati and Altoviti became the leading Florentine and curial bankers, given the chance to participate in massive credit transactions, controlling an enlarging sphere of papal finance.