The announcement took Piepszak out of the running in the closely-watched JPMorgan succession race. For a few years, the former firm CFO had served as co-CEO of consumer and commun

JPMorgan Chase & Co. on Tuesday named Jennifer Piepszak its new chief operating officer, but the company’s four major department heads remain more likely successors to Chief Executive Jamie Dimon to head up the largest U.

Piepszak, who currently serves as co-CEO of the commercial and investment bank, will succeed Daniel Pinto, a top lieutenant of Dimon and a four-decade veteran at JPMorgan.