(Reuters) - JPMorgan Chase's Jennifer Piepszak, long seen as a strong contender to succeed CEO Jamie Dimon, exited the race on Tuesday and opted to become the chief operating officer of the biggest U.S. bank instead.

JPMorgan Chase on Tuesday promoted insider Jennifer Piepszak, seen as a strong contender to succeed CEO Jamie Dimon, as its chief operating officer in a sweeping executive reshuffle. Piepszak will succeed Daniel Pinto,

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.