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Pedro Offenhanden

Research Analyst at Leading Securities

Pedro Offenhanden is a Research Analyst at Leading Securities, specializing in equity research with a focus on Latin American financial institutions. He has covered companies such as Banco Macro and Macro Bank, actively participating in earnings calls by asking targeted questions on topics like net interest margins, asset quality, cost of risk, and portfolio performance. Offenhanden has recorded at least one earnings call question on these firms as documented on platforms like Fintool, though specific performance metrics such as success rates or rankings are not publicly detailed. His career details at Leading Securities are confirmed through recent Q4 2025 earnings interactions, with no prior firm history or professional credentials like FINRA registrations available in current sources.

Pedro Offenhanden's questions to Macro Bank (BMA) leadership

Question · Q4 2025

Pedro Offenhanden inquired about the remaining impact of additional personnel expenses in upcoming quarters, seeking to understand how much of the total restructuring cost was recognized in Q4 2025.

Answer

Jorge Scarinci, CFO of Banco Macro, stated that of the ARS 82 billion in restructuring costs booked in Q4 2025, ARS 36 billion will benefit 2026 through personnel exits. Juan Parma, CEO of Banco Macro, added that similar restructuring costs are expected in subsequent quarters, emphasizing that these expenses are defined as those that permanently reduce operational costs, such as headcount reductions without replacement. This strategy aims to lower the recurrent cost base and compensate for anticipated margin compression.

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