The long haul back starts here. UBS has hired Jerker Johansson to head its investment bank and has increased the unit’s representation on the main board. The Swiss bank wants to sort out the division after an estimated $18.4bn of subprime and other writedowns, rather than get shot of it, as some critics have advocated. For UBS this is an urgent matter. The ultimate nightmare is that the fallout from the catastrophe could damage its prized private banking franchise.