(Reuters) - Goldman Sachs Group Inc on Thursday announced its biggest management shakeup since naming David Solomon as Chief Executive Officer Lloyd Blankfein’s successor.

The logo of Goldman Sachs is displayed in their office located in Sydney, Australia, May 18, 2016. REUTERS/David Gray/File Photo

Long-term insider John Waldron will take over as president and chief operating officer. Waldron, who currently runs investing banking, will become Solomon’s No.2 when he takes the CEO role in October.

Stephen Scherr will replace Martin Chavez as chief financial officer. Scherr, who has been with the bank for more than two decades, will take over on Nov. 5. (bit.ly/2MrpEda)

Chavez will become vice chairman and co-head of the securities division, the company said.

Analyst Stephen Biggar of Argus Research was surprised by the announcement, but said Solomon was trying to put together his team.

“It is unexpected. But the timing kind of says the story.”

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

In its latest reported results, the bank lagged rivals such as JPMorgan Chase & Co, Citigroup Inc and Bank of America Corp in equity trading.

On a call with analysts after the results, executives, including Chavez, were pressed for details on the bank’s strategy and disclosures on new businesses.

“John and Stephen will work closely with me to develop and execute our strategy, grow our client franchise, ensure strong risk and capital management and safeguard our unique culture,” said Solomon.

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