TORONTO – The U.S. ambassador to Canada will become vice-chairman of one of Canada’s largest banks after his diplomatic appointment ends in July.
BMO Financial Group (TSX:BMO) says Ambassador David Jacobson will join the bank’s board of directors in October.
Jacobson will be based in Chicago, where BMO’s main U.S. operations are centred, and he’ll help build and strength relationships with the bank’s key customers.
BMO president and chief executive Bill Downe says Jacobson’s knowledge of U.S.-Canada relations make him qualified for the role.
Before being appointed ambassador by President Barack Obama, Jacobson worked as a special assistant to the president for presidential personnel.
Jacobson is leaving the diplomatic post on July 15 after more than four years on the job.
In a statement, he said he was “profoundly grateful” to Obama and also thanked Prime Minister Stephen Harper for allowing him to “make a difference for our two countries.”
Jacobson also praised “the kindness, the graciousness, and the generosity of spirit for which Canadians are famous.”
A new U.S. ambassador to Canada has yet to be announced, although a reported frontrunner is Bruce Heyman, a partner at the investment firm of Goldman Sachs and a major Obama fundraiser from Chicago.