The Capital Services Corp. has saved more than $3 billion on operating costs over the past year thanks to a series of changes to its management structure.
Its latest quarterly financial report, released Thursday, shows that the company reduced spending by $3,051 million and earned $3 million in revenue from its core business of providing capital services.
Capital Services Chief Executive David Guggenheim said in a statement that the move to a new management structure helped the company “focus on the critical business challenges we face and the opportunities and opportunities presented by emerging technology.”
Capital Services’ core business has expanded significantly over the years, as its clients have expanded their financials to include many more sectors, including healthcare, consumer finance, consumer technology, and education.
The company’s revenue has also increased from $5.3 billion in 2017 to $8.5 million this year, according to its latest earnings report.
The number of clients has also risen by roughly 4 million, to about 2.6 million.
The move to the new management model is part of Capital Services CEO David Gegenheim’s plan to focus on the core business, he said in the statement.
He also pointed out that the new structure will allow the company to better manage its expenses, which he expects will allow for better efficiency and better outcomes.
The new management group will work to address challenges in the capital market and expand Capital Services as a company, he added.
The Capital Service Corp. will continue to support the companies and customers it serves, and will be a strong partner for all of the businesses we serve.
Capital services is a financial services company that manages money for clients across the world, including the United States.
Its services include asset management, insurance, tax preparation, and legal services.
Its most recent financial results were announced on Wednesday.