Question · Q4 2025
Brandon Berman asked for a breakdown of the drivers behind the faster expense growth rate implied for 2026, particularly if profit sharing is excluded, and whether delayed investments are a primary cause.
Answer
Jorge García, EVP and CFO, explained that 2025 saw an overperformance in efficiency with some non-repeatable benefits. This, combined with continued investments in technology (which can incur double costs when supporting both old and new platforms) and investments in people and talent, are the main drivers of the year-over-year expense growth expectation for 2026.
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