BMO Hires U.S. Ambassador to Canada Jacobson as a Vice Chairman

Bank of Montreal, Canada’s fourth-largest lender by assets, hired David Jacobson, the U.S. ambassador to Canada, as a vice chairman.

Jacobson, 61, will start in October and be based in Chicago, the Toronto-based bank said today in a statement. He’ll be responsible for building and reinforcing customer relationships and business development, the company said.

Jacobson was a special assistant to the president for presidential personnel prior to becoming an ambassador. Before working in the White House, he spent 30 years as a lawyer in Chicago.

Bank of Montreal (BMO) said April 17 it hired Brian Tobin, a former Newfoundland and Labrador premier, as vice chairman of its BMO Capital Markets investment-banking unit. The lender also hired former Canadian bureaucrat Kevin Lynch in March 2010 for a new role as a vice chairman. Lynch, a former Clerk of the Privy Council, spent 33 years working with the government.

Canadian Imperial Bank of Commerce, the fifth-biggest bank in the country, hired former federal Environment Minister Jim Prentice in January 2011 as a vice chairman. Toronto-Dominion Bank, the second-largest lender, hired Frank McKenna, a former New Brunswick premier and ex-Canadian ambassador to the U.S., as a deputy chairman in May 2006.

To contact the reporter on this story: Doug Alexander in Toronto at dalexander3@bloomberg.net

To contact the editors responsible for this story: David Scheer at dscheer@bloomberg.net; David Scanlan at dscanlan@bloomberg.net

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