For a landlocked nation, it may be inappropriate to liken the boardroom changes announced this morning by Swiss bank UBS to the reorganising of the deckchairs as the Titanic went down. But as the bank’s share price sunk to its lowest level since April 1997, it is clear that it will take more than a radical shake-up of the UBS board to prevent the bank sinking further.

The changes to the board and to the governance structure are welcome, overdue, and, for a big Swiss institution, radical.