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American Ambassador David Jacobson.Sean Kilpatrick/The Canadian Press

Editor's note: This post has been updated to include Mr. Jacobson's remarks.

Current U.S. ambassador to Canada David Jacobson will join Bank of Montreal as vice-chairman once he returns to the U.S.

Mr. Jacobson is originally from the mid-west, where BMO is growing its U.S. operations following its acquisition of Marshall & Ilsley Corporation in 2010, and he will work out of Chicago.

Before becoming an ambassador, Mr. Jacobson worked in the private sector and was a partner at law firm Sonnenschein, Nath & Rosenthal LLP.

He is also a Chicago Cubs fanatic (poor guy) and has been writing about his life in Ottawa on his personal blog.

Mr. Jacobson was first named ambassador in 2009. His replacement is speculated to be Bruce Heyman, a partner at Goldman Sachs in Chicago.

The new hire comes after BMO's capital markets arm announced last month that it hired former Newfoundland and Labrador premier Brian Tobin as vice-chair as well.

Mr. Jacobson will step down from his functions as Ambassador to Canada on July 15, the U.S. embassy said in a statement. His deputy chief of mission, James Nealon, will serve as chargé d'affaires until a new ambassador is confirmed.

In the statement, Mr. Jacobson thanked U.S. President Barack Obama for entrusting him with the post, and said he will "treasure this experience forever."

(Tim Kiladze is a Globe and Mail Reporter.)

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