According to Pro Wrestling Sheet, Jimmy Jacobs is no longer working for WWE and made his exit last week. Apparently, there was heat on Jacobs because he took a photo with The Bullet Club during their "invasion" of Raw, late last month. It wasn't confirmed though if he was officially released from the company. Here's the photo he took with the group, which was considered the "final straw."
As noted, The Bullet Club appeared outside of the Citizens Bank Arena in Ontario after doing a signing at a Hot Topic store in the area earlier that day. The "invasion" was filmed for their Being the Elite series on YouTube as a continuation of recent storylines they had been doing on the show.
Since then, The Young Bucks revealed that they received a "cease and desist" letter the next day from WWE, who claimed The Young Bucks were using their intellectual property, mainly the "Too Sweet" hand gesture. The letter threatened legal action for damages up to $150,000 per item, any profits made on the sale of those items and legal fees. WWE claims ownership of the hand gesture due to their purchase of WCW's intellectual property. The Bucks have removed all references to "Too Sweet" from T-shirts for sale on their YoungBucksMerch.com website and on their ProWrestlingTees.com store. They have since released a "cease and desist" T-shirt, which quickly became a top seller.
Source: Pro Wrestling Sheet