The war in ukraine naturally dominates Our thinking we took around 250 million Dollars of additional provisions for Russia exposures the horrible events we Saw Begin and to unfold in the first quarter They naturally affected business Confidence we see it really In all the businesses whether it's on an Investment banking side whether it's in Wealth manager or asset management the Biggest second round effect will Continue to be a pressure on commodity Prices which will cause further Inflation uh pressure and that will of Course reduce confidence that will lead To some at least some some time in the Coming quarters where we will expect to See lower growth we also stand in front Of what will be a relatively historic Rate rise cycle to manage either Stagflation or possible even a recession And that adds to the uncertainty
