Former PIMCO president joins Citi's board

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Citigroup has added a former Pacific Investment Management Co. executive to its board.

Jay Jacobs, previously the president of the global investment management firm PIMCO, was appointed as an independent director at Citi effective immediately, the company said Friday.

“We are pleased to have Jay join Citi’s board of directors,” Citi Chairman Michael O’Neill said in a press release. “Not only does he have deep operational, administrative and business experience in the financial services industry, but he also brings to Citi’s board insights gained from being an institutional investor and a client. I’m confident Jay’s perspective from these various viewpoints will prove immediately valuable to Citi.”

Jacobs worked at PIMCO for 19 years in various positions, including as president from 2014 to 2017. He chaired PIMCO’s global risk committee and served on its executive, compensation and audit committees. Jacobs, who retired from PIMCO last year, still serves as an outside consultant to the firm. He is also a board member and president of the $137 million-asset Commercial Trust Company of Fayette, a family-owned bank in Missouri.

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