Goldman Sachs names David Solomon as CEO, Stephen Scherr finance chief

Goldman Sachs Group Inc on Thursday announced its biggest management shakeup since naming David Solomon as Chief Executive Officer Lloyd Blankfein's successor earlier in the year.

The bank named Stephen Scherr as its new finance chief, replacing Martin Chavez. John Waldron was named president and chief operating officer. 

Waldron's appointment will be effective Oct. 1 once Solomon takes over, while Scherr will take over the reins from Nov. 5.

Chavez, the company's CFO for the past 16 months, will become vice chairman of the firm and co-head of the securities division, the company said.

The bank, once considered the most savvy Wall Street trading house, has suffered because of tougher regulation since the financial crisis of 2007-2009 and low market volatility crimping revenues.

In a call with analysts after its second-quarter results, executives, including Chavez, were pressed for details on the bank's strategy and disclosures on new businesses.

Shares of the bank were nearly flat in afternoon trading. The stock has been the worst performing among the top six US banks.