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Sergio Ermotti, CEO of UBS Group, stated that the Iran war may force UBS to reduce expenses, but it will not fundamentally change the overall strategy of the bank. When asked if the uncertainty brought by this conflict will affect UBS's expansion plans, Ermotti answered "no". However, he also mentioned that "we may have to slow down certain investments strategically." He did not specify what this would mean exactly. Ermotti stated that as investors digest the impact of the Middle East conflict, energy prices are likely to remain high. He has not yet seen "any significant changes in asset allocation" but he pointed out that "this economic shock will start to affect the markets."