UBS Group CEO Sergio P. Ermotti said that the global political turmoil may continue for years and tech stocks need to be recalibrated.

He said that geopolitical and macroeconomic uncertainties are creating volatility and  this situation will last for the next decade or so, he said. In response to the recent global sell-off of software and tech stocks, Ermotti indicated that some recalibration of valuations is necessary.